Bullshit and bluster over Westpac’s refusal to fund the Adani mine.

The Age reports that: Resources Minister Matt Canavan has blasted Westpac as spineless for refusing to fund Adani’s proposed Carmichael mine in the face of climate change protests.

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Resources Minister Matt Canavan

On Monday, Mr Turnbull said he was  “disappointed” with Westpac. “I think these projects should be examined on their merits,” he said.

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Malcolm looking disappointed in the banks

The Prime Minister did not comment on the fact that Australia’s four largest banks have now all ruled out funding the Adani mine.

Now, of course the four major banks would have made this decision by judging the Adani coal mine on its merits.  Pretty much everybody thinks that it doesn’t stack up economically and most of the world is turning away from coal.

The reason there is so much bullshit and bluster about this decision is that it shows that the government’s continued support of the coal industry is now not only out of step with the major economic trends around the world but is also out of step with the major financial institutions within Australia.

So the government is taking punitive action. Malcolm Turnbull and Matt Canavan are closing their Westpac accounts.

Take that.

The continued support for the Adani mine has political consequences for the Federal government.  If the coalition loses the seats it holds in this area, it will lose government.

The six reef seats are already reeling from two destructive bouts of cyclones and floods and see their long-term future horribly compromised by coral bleaching on the Great Barrier Reef.

Five of these are marginal Labor holds Townsville-based Herbert by just 0.02 per cent and the LNP holds Capricornia by just 0.63 per cent. Three others are held by the LNP by under 4 per cent: Flynn on 1.04 per cent; Dawson on 3.34 per cent; and Leichhardt on 3.95 per cent. Bob Katter holds the other.

The small businesses in this area rely on tourism, and it is tourism, not mining, that generates jobs in this area. The small businesses in the can see much better ways of using the money that the government is promising Adani for its rail link.

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