AUSTRALIA Institute executive director Dr Richard Deniss says conventional economics show the Carmichael mine project could lose money.
He said there had been no cost benefit analysis completed to see if Queensland will actually benefit from the mine, and what it could cost the community in tax breaks and subsidies.
"The government is effectively flying blind on the economics of the Carmichael project," he said.
"Analysis by the Institute for Energy Economics and Finance says it will cost $84 to get each tonne of Carmichael coal on to a boat.
"Coal of the quality Carmichael will produce is currently worth only $60 per tonne.
"At current prices, Carmichael will lose money with every tonne. A mine that is losing money won't provide benefits to Queensland, won't clean up after itself and won't provide jobs."