War in Ukraine increases coal exporters’ profits

Written by: Ned K. on 10 April 2023

(Above: "Destroyed city - Russia's war on Ukarine"     Source: Freepik)

The Australia Institute continues to conduct important research which exposes who benefits in Australia from the imperialist war in Ukraine.

Earlier this year the Institute's Executive Director Richard Denniss pointed out that it was not just gas exporters who increased profits from the war in Ukraine

He said coal exports from Australia in 2021-22 increased by 186%. The increased profits directly attributed to the war in Ukraine in 2021-22 were between $38billion and $45 billion according to a report titled "From Russia with love. Coal profits from war in Ukraine".

The report was authored by Rod Campbell and Matt Saunders.

Richard Denniss said that the Australian Government should have taxed this spike in coal export profits to contribute to cost-of-living relief for struggling low-income families in Australia.

This trend of increased profits for coal exporters is likely to continue as there are signs the war in Ukraine is intensifying. 

The Murdoch owned Australian reports on Easter Monday that NATO is inviting Prime Minister Albanese to a Summit in July to strengthen NATO ties with Asia - Pacific nations. The aim of the Summit is to lock Australia and New Zealand in to more support for the NATO war in Ukraine as it claims China is increasing ties with Russia on the military front. 

No doubt the coal exporters in Australia will rubbing their hands with glee at the prospect of another year of profiteering from imperialist war.

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