Coal? It’s Over | The Global Mail

Back in August, when Australia’s Resources and Energy Minister Martin Ferguson said the country’s resources boom was over, the government went straight into damage-control mode.He misspoke, they told us. What he meant was that the investment part of the cycle was slowing. Nothing to worry about, folks, we’ll be digging it up in bigger quantities than ever, and the rest of the world will keep on paying us the big bucks for the foreseeable future.Ten weeks later, the government releases its mid-financial year update on the budget, and we find there is a $4 billion shortfall in revenue for this year, and a $22 billion projected shortfall over the four-year budget forecast.Here’s the treasurer, Wayne Swan, explaining and spinning it, in part of his statement announcing the bad news:“Global growth has slowed in recent months, with the recession in the Euro area and the subdued recovery in the United States weighing on growth in our region,” he said.

via Coal? It’s Over | The Global Mail.


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