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Coal's death would not kill economy: Australia Institute

The ABC's Peter Ryan reports (16.9.16) on the release of an Australia Institute report outlining how the cessation of coal exploration or mine expansion in Australia would not adversely affect the nation's economy, besides shorter-term impacts felt in some regional parts of the country.

'Australia's economy would not be hurt by a gradual phasing out of coal production across the country, research suggests.

'The Australia Institute-commissioned study found there would be minimal economic impact if the Government imposed a moratorium on new coal mines or the expansion of existing ones.

'It also concluded that the managed winding back of coal production as existing mines are depleted would be an economic blip, given the industry's share of employment which represents 0.04 per cent of the Australian workforce.

'It estimated the economy would grow regardless of a phasing out, with a difference of just 0.06 per cent in 2040.

'... However, the study conceded that while the national economic impact would be minimal, the phasing out from coal would be painful for regional areas relying on the industry.

'Australia Institute chief economist Richard Dennis said the research was a wake-up call for the coal industry and the Federal Government.'

 

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