Adani - NO to Aust Government billion-dollar subsidised loan

1st November, 2017

With news Adani is in discussions with Chinese state-owned enterprise, China Machinery Engineering Corporation ("CMEC") to obtain the finance needed for its Carmichael Coal Mine in North Queensland, it's also been reported that to help the project get the green light that our Australian Federal Government has agreed to a billion-dollar subsidised loan, and the Queensland Government has also agreed to a $600 million royalty holiday.

Furthermore at a senate hearing we learnt that officials from the Department of Foreign Affairs and Trade (DFAT) confirmed Australian government ministers had written to the Chinese Government in support of the Adani mine and confirmed it had all the necessary approvals in a bid to also help the mine secure its finance.

This, along with the news that the Australian Taxation Office ("ATO") has now confirmed that 732 companies paid no tax in Australia during the 2015/ 16 financial year http://www.philipcouper.com.au/news/article/index.php?articleID=20 and Adani is one of those companies that had no taxable income, and likewise paid no tax in Australia, then I am not in agreement with this project proceeding.

If Adani can earn $723,997,514 in Australia (see below) and then pay no tax on the income it generated here, then something is seriously wrong. Whilst I understand that there are allowable deductions, etc under the tax act, I equally understand the frustration of the Australian people especially when they see our country's resources being used and the benefits are not flowing back to its citizens, and furthermore the country's scepticism when the government states (and has advertised) that you earn income in Australia then you pay tax in Australia.

I'm am also against our federal and state governments effectively funding an Indian Billionaire and a Chinese state-owned enterprise, especially when we have so many problems here at home and this money can be better spent, i.e. funding tax cuts, national security, energy, infrastructure, agriculture (and our farmers). Medicare, health, education, family law (including child support), social and support services, NDIS and most importantly, fund a desperately needed increase to our pensioners.

Source: http://www.abc.net.au/news/2017-12-07/corporate-tax-data-released-by-ato/9236878?pfmredir=sm

Australia is not for sale Adani, and likewise nor will the Australian people continue to provide you support, especially when the support already provided is not being repaid to the Australian people. Nor will we continue to fund and support your billionaire owner, and its time you take the $723,997,514 you have already earned within this country, and use that to fund your future projects.

Australian's really do deserve better, and let me be very clear when I say this, only Australians will decide the future of this country, and equally Australian's are very disappointed in your company's expectation that it continued to fund your expansion.

Its time for change Australia, and together we can do it.

Philip Couper