Ken Henry, fmr Treasury secretary says the mining boom hollowed out Australian manufacturing leading to:

-abysmal productivity
-lower wages
-Lower living standards
-damaged Australia’s egalitarianism -worse intergenerational inequity

1/8 Great quotes🧵👇

afr.com/policy/tax-and… 2/8 “The damage done to Australian manufacturing by a 70 per cent appreciation of the real exchange rate in the first decade of the 21st century could have been avoided; for example, by levying a tax on the exports of non-renewable natural resources,”

Let me try and explain the monumental incompetence of the mismanagement of Australia's gas resources.

Vast amounts of gas is exported from Australia, but not by Australians. Its exported by a handful of predominantly foreign owned multinational gas corporations, 🧵👇1/10 The interests of these foreign owned gas giants are diametrically opposed to the interests of Australians.

Australians want a reliable supply of gas at reasonable prices, while the foreign gas giants want to export as much as possible and charge Australians as much possible. 2/10

Just as everyone was knocking off for Xmas, the Australian Government approved a massive new gas field that will provide free gas to notorious tax cheats Shell, and add half a BILLION tonnes of emissions to our atmosphere. 🧵👇1/5
info.nopsema.gov.au/environment_pl…
Royalties are the payment gas companies should make for gas. The Australian Government does not levy any royalties on Crux gas, meaning Shell will get the gas for free. 2/5

New Australia Institute analysis of ATO shows that key @Appea members, gas giants Exxon, Santos, Senex, Arrow and APLNG, , paid no income tax over last 7 years on $138 billion income.

Santos paid just $6 million on $27.8 billion income.

More in thread
nationaltribune.com.au/appea-members-… Table shows key members of gas lobby group @Appea paying little or no tax over the period data is available from the ATO corporate tax transparency program.

Worried about the cost of living and rising electricity bills?

See why AEMO's Quarterly Energy Dynamics (QED) report released today shows PM's plan to keep coal power stations running "as long as they possibly can" guarantees more unreliable and expensive power🧵#auspol 1/11. AEMO says wholesale electricity prices in the NEM have risen 67% since the December Quarter and 141% since this time last year
The two most black coal dependent states, QLD and NSW are the worst hit, with $150 MWh electricity prices compared to the NEM average of $87 MWh

NSW Government assessment recommending approval of Narrabri Gas project riddled with obvious errors. This thread lists just a few:
tai.org.au/content/narrab… Assessment assumes Narrabri could supply up to 50% of NSW gas, overlooking the obvious fact that Santos can just send equivalent amount less gas from Cooper Basin, and export it instead