As we are so often reminded, Australia has abundant reserves of high quality coal. Mining magnates, industry lobbyists and politicians all talk up the value of coal for the Australian economy, with exports worth $44 billion in 2012. As delegates in Rio discuss the future for fossil fuel subsidies in a carbon constrained world, it’s time for Australia to ask itself the hard questions. What is the real cost of energy from coal? How should we weigh up the costs and the benefits of the resources boom in which coal exports play a major part?
The Reserve Bank has argued that, while the importance of the resources boom has provided a positive impetus for the Australian economy, our over-reliance on minerals is a “resource curse” that looms ominously over our economic future.
The Conversation
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