Home > Investing in the Galilee Basin on the agenda of the QIC

Investing in the Galilee Basin on the agenda of the QIC

27 June 2017

June 2017

A Market Forces Freedom of Information (FOI) request has revealed that the Queensland Treasury has held talks with Queensland Investment Corporation regarding the prospect of QIC investing in proposed Galilee Basin coal export projects.

The request, which was for “records of correspondence between the Queensland Treasury and QIC pertaining to the prospect of QIC investment in projects that would mine, transport or export coal from the Galilee Basin region of Queensland”, revealed one heavily redacted document, indicating that this topic has been discussed between the two parties.

It follows reports from March suggesting that QIC could invest in the infrastructure required to unlock the Galilee Basin and get Adani’s coal from 400 km inland to Abbot Point.

QIC responded to media coverage of the FOI documents stating “QIC does not invest directly in mines and has not been approached to invest directly in the Adani mine.” But this does not categorically rule out investment in the mine’s associated infrastructure, including the 400km coal railway Adani wants to build between the Carmichael mine site and the company’s Abbot Point coal terminal on the edge of the Great Barrier Reef World Heritage Area.

QIC is a government owned corporation, with Premier Annastacia Palaszczuk and Treasurer Curtis Pitt among its key shareholders.

Having been elected on the promise of not using taxpayer funds to support the Adani Carmichael mine, it seems Ms Palaszczuk is determined to find every way possible of breaking this promise short of handing over a giant cheque directly to Adani.

This latest developments follows news of a royalty holiday offered by the Queensland government, which could mean the state doesn’t see any royalties from the Carmichael project for over a decade. Now Queensland taxpayers could be forced to invest in this environmentally disastrous project through their super.

QIC manages investments for millions of Queenslanders, predominantly public sector employees. It manages the investments of QSuper and SunSuper members, while also managing infrastructure investments for hospitality fund HOSTPlus.

For Queensland public sector workers, and members of SunSuper, QSuper and HOSTPlus, they could not just be forced to invest in an unpopular and environmentally damaging project, but also have it sitting there among their retirement savings.

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Find out which other companies might be involved in Adani’s plans to open up the Galilee Basin to coal mining