Pursuit of CSG for export leads to $21 billion hit to NSW economy

The Greens NSW spokesperson on mining Jeremy Buckingham today said blame for an up to $21 billion loss to the NSW economy due to a massive gas price hike lay firmly at the feet of multi-national gas companies pursuing coal seam gas for export as LNG.  

A NSW specific breakdown of analysis in the Deloitte Access Economics report release today, shows:
. a cumulative loss of  $32 billion over 2014-2021 in manufacturing, agriculture, construction and other industries;
. an associated increase of up to $11 billion in the gas and services industries;
. an overall hit of $21 billion to the NSW economy;
. 12,000-14,000 jobs losses in manufacturing nation-wide.

"The pursuit of coal seam gas for export is now being felt by our vital manufacturing industry and agriculture as it sends the price of gas skyrocketing.  Coal seam gas will be a major drag on the Australian economy," said Greens MP Jeremy Buckingham.

read more

What are your thoughts about this?