News Wrap

IN THIS morning’s wrap: government risk agency warns that China's economy may suffer a “hard landing”; banks buy up carbon permits; and anti-coal pitch spurs calls for legal review.
News Wrap News Wrap News Wrap News Wrap News Wrap


Lou Caruana

Government risk agency warns that China's economy may suffer a “hard landing”

The chief economist of the Australian government's risk agency is warning that the export and investment bias in China's economy makes it "prone to a correction that could turn into a hard landing", according to The Australian.

This risk is exacerbated by "the funding platform problem", Roger Donnelly says in the latest World Risk Developments report by the Export Finance and Insurance Corporation.

Banks buy up carbon permits

Major banks are offering to buy some of the 27 million carbon permits given to Australia’s biggest emitters by the federal government, as companies look to increase cash flow or pay off higher electricity costs, according to the Australian Financial Review.

It is understood that at least four banks – the Commonwealth Bank of Australia, the National Australia Bank, Macquarie and Westpac – are looking to snap up the free permits given to emissions-intensive, trade-exposed companies at rates higher than available through the government.

The companies can then buy them back at their full price when they need to pay off their carbon liabilities next year.

Anti-coal pitch spurs calls for legal review

A publicly funded environmental law agency in New South Wales helped draft a secret plan to cripple Australian coal exports by disrupting and delaying key projects and infrastructure, according to The Australian.

Chief executive of the Environmental Defenders Office Jeff Smith allegedly helped draft a document titled "Stopping the Coal Export Boom: Funding Proposal for the Australian Anti-Coal Movement".

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