Traffic Accident

Nothing to see here

We will get the US Auto sales figures out tonight for March. They will be dreadful. The US has run a 17m seasonally adjusted annualized rate (SAAR) for some time now. March will probably be in the 11-12m SAAR category. Post GFC car sales were in the 9-10m SAAR area.

The market will expect a smacking. It is just a case of whether it beats/misses expectations.

Note China’s car sales fell 79%YoY in February. The highest number on record. China’s car sales have been sliding for the last 2 years so the relative fall is meaningful.

A gem on how to work our way out of the coming economic crisis

Image result for truck nitroglycerin movie

Jonathan Rochford of Narrow Road Capital has written a gem on the role of central banks in spawning this current crisis. An excerpt here:

The rapid and widespread sell-off over the last four weeks is a textbook systemic deleveraging. Whilst the culprits are many; hedge funds, risk parity strategies and investors using margin loans have all been caught out, the underlying cause is excessive leverage across the economy and particularly the financial system. The timing of the unwind and the economic damage from the Coronavirus wasn’t predictable, but such a highly leveraged system was like a truck loaded with nitroglycerin driving down a road dotted with landmines.

Frustratingly, this inevitable deleveraging was clearly predicted. Rather than act to reduce systemic risks central banks encouraged governments, businesses and investors to increase their risk tolerances and debt levels.

Naturally, it fits our own long-held view on central banks.

Jonathan adds some sensible actions which are contained in this link. The question remains whether governments will put principle ahead of expediency in the cleanup?

Boeing’s negative equity & prospect of zombie lending

We should have seen this earlier. One sign of trouble in industrial businesses can be seen through the lens of the cash conversion cycle (CCC). A CCC that is positive essentially means that payables are being executed way before receivables are being banked. Rising CCC is never a good thing. Amazon is at the other end of the spectrum with negative CCC which means they receive payment before delivery.

Note Boeing has seen its CCC blow out from around 124 days in Dec-2010 quarter to 344 days in Dec-2019. Effectively Boeing is sucking up a year of net receivables before collecting them. What escaped us is that the company is trading in negative equity at present and it will be a hard balancing act to let such CCC get much larger to a group that is so under the fiscal pump.

We recall the difficulties the supply chain had under the delayed 787 program in the early 2000s. Parts suppliers were bleeding because they’d invested and prepared for an expected ramp-up that ended up arriving 3.5yrs later than anticipated. All that high fixed capital formation and inventory that needed to be paid for by a client that couldn’t take delivery. Boeing tried to muddle through but was ultimately forced to rescue suppliers to keep them alive after some faced the brink. Boeing bought some suppliers in house.

One imagines the 737MAX delays will exacerbate the CCC again although Boeing contends it is in cash conservation mode. Coronavirus can only add to the misery of airlines reluctant to add to fleets where capacity is being slashed aggressively. Just look at the self-isolation bans being put in place in recent days. Who wants to holiday abroad if told they’ll spend two weeks in their hotel room feasting on room service? Airlines get the efficiency of new aircraft helping operating performance but at the same time running any planes at 20% capacity won’t help.

This is only going to get worse. For all of the pain of a much higher unit volume plane yet to be approved for flight, Boeing cash flows are being tortured. It is incredible that the shares had held on so well during the MAX crisis.

It is interesting to note that Boeing is trading in a state of negative equity. Liabilities are greater than assets. Where is the press on reporting this? It is hardly trivial for a business that hasn’t even faced the worst of its struggles.

Just like we wrote two years ago about GE, Boeing went straight down the line of monster share buybacks. $43bn to be exact since 2013. Over half of the buyback has been conducted at share prices above the current level. The goodwill and intangibles on Boeing’s balance sheet total $11.398bn. Equity at minus $8.3bn. So negative $20bn.

bA

We did the following infographic some 3 years ago but the trend has deteriorated further. As we can see AAA-rated (top) stocks in the US have dwindled while BBB+ and below has surged. It is estimated that over 50% of US corporates have a rating below BBB. That is the result of artificially low-interest rates which have lured companies to borrow big and splurge on buybacks. Our biggest worry is if the market starts to reprice corporate debt accordingly, such as what happened to Ford when it was dropped to junk.

IMG_0523.PNG

So the question remains how does Boeing manage to get out of this pickle? Even if MAX gets certified, airline cash flow is being crippled. How big will discounts need to be in order for airlines to take on new planes? At the moment one imagines many airlines are deferring deliveries (787, 777 etc) until they get a clearer picture.

Boeing has delivered 30 aircraft in the first two months of 2020. At the same time last year, Boeing had delivered 95 planes. A lot of MAX impact but we imagine March will be even worse.

Airbus delivered 86 aircraft so far in 2020. At the same time last year, Airbus delivered 88 planes.

Think of the major gateway that is Hong Kong International Airport. It’s passenger flow for February 2020 – minus 68%! 6 months of this type of crippling volume would be catastrophic for airlines. 9-11 was a watershed moment for the aviation industry where the confidence to get back on a plane turned quickly after the terror attacks. Now we have a situation where passengers would be more than willing to fly again but governments simply aren’t letting them. The problem is whether they will be in the same financial position to fly if the virus isn’t contained rapidly

One sweet spot for Boeing is that it is a major defence contractor which means that government bailouts are a given. Sadly, shareholders shouldn’t think this current share price collapse has finished. Boeing feels a lot like mimicking GE when it sunk to $6 from over $30.

It is probably worth referencing AerCap Holdings which owns International Lease Finance Corporation (ILFC) one of the big two commercial aircraft leasing companies. Its share price has cratered from a high of $64.79 to $24.50. Moody’s affirmed the “Baa3” ILFC this month.


AerCap

The company has 3.1x leverage. $36bn of property (mostly planes) on its books. The shares are trading at 0.35x tangible book value presumably because the market is forecasting the value of the tin is going to fall through the floor if leased planes return from airlines that have been forced to cut costs or go bankrupt.

The only crux is the future appetite of investors to support AerCap in the debt markets. It has $17.5bn in unsecured notes and $9.8bn in secured debt with a further $2.3bn in subordinated, mostly via a 2079 maturity bond issue. The maturity profile is still comfortably beyond 2028. No problems just yet but times are only just starting to get challenging.

Of note, AerCap is paying $1.295bn in interest charges on $29.5bn of debt. Leasing rents from its airline customers total $4.281bn. It all comes down to the assumption that its multiple airline customers can keep honouring those payments or whether the leasing companies are forced to renegotiate their deals in order to keep the customer alive. The last thing a leasing company needs is a flood of aircraft to return because customers go belly up. Fingers crossed there is no zombie lending to avoid having to mark-to-market the value of the fleet (assets) which would flip the ratings and refinancing prospects considerably. The balance sheet would be slammed.

With so many financial excesses built into the global economy, a prolonged spell of coronavirus containment will come at the expense of a crippling economic armageddon which will undo so much of the disastrous can-kicking we’ve become accustomed to. You can’t quarantine the world for 6 months and expect a tiny ripple.

CLies IT

It is not the disease we need to worry about per se. It is government and central bank incompetence over the last 20 years which has created a situation where we are out of ammunition to rescue the situation because expediency is so much easier for voters – comforting lies are easier to take than inconvenient truths.

Be sure to reference our thoughts on

Aussie banks,

Aussie government debt,

central banks and the

pension crisis ahead.

Heathrow jettisons reality for religion

Forget economic planning for the next 20-30 years. Drag up the non-binding Paris Climate Accord (of 2015) and use it as an excuse to hobble economic growth by claiming the third runway at Heathrow Airport is illegal. Forget the fact that passenger growth is a true underlying reflection of travellers’ true feelings about climate change. When it comes to offsetting one’s own carbon footprint by electing to pay a penalty, the truth is that 98% of people couldn’t care less.

Stopping Heathrow’s 3rd runway follows a dangerous path. Surely councils can see airport expansion benefits the community more than impedes it. Why do councils fall for tales of doom spewed by activists who often haven’t the first clue about what they are protesting about other than what they have read in The Guardian or heard from Hollywood star Emma Thomson who flew in from NY to tell them to panic?

Officers at Uttlesford District Council in Essex had recommended the approval of proposals to increase London Stansted Airport’s passenger cap to 43mpa in 2018 from 35m. However, the council’s special planning committee members rejected the scheme in January 2020.

Bristol Airport applied to the North Somerset Council to expand capacity by 30% in 2017, to keep up with the faster than expected demand. It was recommended for the jobs that would be created but the council rejected it, despite assurances the airport itself would be net-zero emissions in its operations.

While the activists may well rejoice at stopping the expansion, some fast facts about Heathrow Airport should send chills down the spines of Westminster:

  1. Currently operating at 98% capacity with 473,000 flights a year (capped at 480,000). It was 350,000 in 1991.
  2. Civil Aviation Authority notes Heathrow handled 80.9m passengers in 2019 up from 63m in 2002 and 40m in 1991. 
  3. Heathrow handles 50% of all London’s flights and 27% of all UK flights.
  4. Heathrow estimates 30% for business, 35% for holidays and 35% for visiting friends and relatives.
  5. 65% of passengers are going to the UK. 35% use Heathrow as a hub to connect.
  6. 76,000 are employed at Heathrow Airport.
  7. Heathrow is the 7th busiest airport in the world.

Demand is growing. Moreover, Britain’s population is expected to swell from 66m today to over 73m by 2045, the largest country in Europe.

The simple thing is facts don’t matter. Despite today’s modern fleet of aircraft burning 15-20% less fuel and spewing far lower emissions of planes even 10 years old, hysteria wins the day.

By the International Air Transport Association’s (IATA) own admission, global air travel in totality is only 2% of man-made CO2 emissions. That is to say that all air travel is responsible for 0.00003% of CO2 in the atmosphere. Heathrow makes up 0.1% of all commercial flights globally.

Not to worry, IATA has got behind the movement to do its bit for climate change too. In a two page flyer, it covered the idea that we reckless passengers must consider our carbon footprint but at the same time help the U.N. raise $40bn in taxes, sorry ‘climate finance,’ between 2021 and 2035.

The Carbon Offsetting & Reduction Scheme for International Aviation (CORSIA) is the vehicle which the UN’s International Civil Aviation Organization (ICAO) intends to liberate us from our sins and help fund the waste so endemic in the NY based cabal. Wherever the UN is involved expect a sinister agenda behind the virtue.

All airlines have been required to monitor, report and verify their emissions on international flights since Jan 1, 2019. Operators will be required to buy “emissions units” from the UN. If one asked the UN would it prefer emissions to be cut or taxes to be raised, it would select the latter every time.

What of the UN IPCC summits going forward? How will activists, government officials and observers manage to get to upcoming climate conferences if their ability to fly is curtailed? Best allow for expansion to ensure their vacuous jollies remain uninterrupted, especially after Greta Thunberg’s efforts caused a 50% rebound in attendees at Madrid.

Forget fears of Brexit hurting the economy. Just let green councils run amock based on religion. The ultimate irony will be when airlines, bursting at the seams, request to put on larger aircraft to cope with the growth that has been restrained by the infrastructure.

XPT – Facts and Figures

Image result for xpt trains

While the media has been quick to point fingers, are there any data buried inside the annual reports and releases from NSW Trains/Transport NSW in the lead up to the tragic derailment at Wallan yesterday that point to problems?

On Feb 18, 2020, several days before the accident, Transport for NSW made the following statement:

The NSW Government is replacing the ageing NSW regional rail fleet of XPT, XPLORER and Endeavour trains, which includes trains that are up to 37 years old.”

A contract with Momentum Trains for the $2.8 billion project to design, build, finance and maintain the new regional rail fleet, along with a new purpose-built maintenance facility in Dubbo. This is an artist’s impression of the new rolling stock.

In the 2013/14 Annual Report,

Around 65 new state-of-the-art trains, including some 520 new carriages, will carry passengers to the Central Coast, Newcastle, Blue Mountains and Illawarra. The first train is expected to be in service by 2019 and the new fleet will be progressively rolled out through to 2024.” was announced. Unfortunately, 2023 is the realistic time frame for the first trains to arrive.

The 2017/18 AR also discussed the announced fleet upgrades. 
According to the 2016/17 Annual Report, “Sydney Trains is responsible for the maintenance of the rail assets. Sydney Trains charges NSW Trains for the maintenance of rolling stock, infrastructure and stations utilised by NSW Trains, and recovers associated costs.

Problems with the existing fleet were revealed relatively frequently in press releases and annual reports.

On page 25 of the NSW Trains 2018/19 Annual Report, it clearly states,

Temporary speed restrictions impacted services to Moree, Brisbane and Melbourne during the year. Trains were required to travel at reduced speeds due to extreme weather conditions and infrastructure issues. In addition, trespass and copper wire theft in the Victorian ARTC network also affected our ability to meet the punctuality target.

The reliability of the ageing XPT fleet has affected punctuality and we are working closely with the fleet, maintainer to minimise the impact on customers.

XPT Reliability

As we can see XPT punctuality vs the other regional services it compares to shows a marked drop off to 55.7%.

In the 2017/18 Annual Report, NSW Trains noted,

Signals passed at danger (SPADs) continued to trend upwards during the reporting period. There were 39 SPADs in 2017–18, which is 15 per cent higher than the previous year.

Note in 2018/19 that had climbed again to 42.

SPAD

Lost Time Injury Frequency Rates (LTIFR), which is a combination of physical and psychological stress revealed the following. A more than doubling of the previously recorded peak. Were staff feeling the pressure of the ailing fleet and infrastructure?

LTIFR

In the 2016/17 AR further problems were flagged with infrastructure problems.

Temporary speed restrictions put in place by the Australian Rail Track Corporation (ARTC) were imposed periodically throughout the financial year and the number of these increased from January to June 2017. The speed restrictions significantly affected Intercity services on the Southern Highlands line and Regional services on the Melbourne and Canberra lines between Campbelltown and Goulburn

Copper wire theft from the ARTC network affecting signal operation on the main South line during February 2017 and June 2017 caused delays to Southern Highlands Intercity and South Regional services. To improve reliability and reduce customer delays, NSW TrainLink worked closely with ARTC and John Holland to better track work possession planning, prioritise rollingstock projects with Sydney Trains, the maintainer of the NSW TrainLink fleet, and develop plans for extreme weather conditions.

In August 2013, a big push had been rolled out to improve reliability of the rolling stock.  Rob Mason, CEO of NSW Trains said in the statement:

In addition to daily maintenance and our already high standards, there have been a number of measures implemented aimed at reducing the likelihood of faults on our XPT fleet.”

These measures include:

  • frequent replacement of components such as wheel bearings
  • an anti-corrosion program, including examinations for corrosion and minor repairs communication systems upgrades
  • establishment of a Reliability Improvement Program Team tasked with investigating incidents and creating solutions for future issues.”

In the 2017/18 AR, on p. 19 NSW Trains note,

Automatic Train Protection (ATP) is being installed on trains and tracks to boost safety across the electrified network. The ATP system monitors train speed and will alert the driver if the train has exceeded the permitted speed. It will also automatically apply the emergency brake if necessary…The first stage of the ATP System implementation (Newcastle Interchange to Cockle Creek) is planned for March 2019.

In defence of NSW Trains, the annual reports all point to the acknowledgement of the problems with rolling stock and infrastructure.  Sabotage and theft of crucial safety systems seem to have played a role. Was that responsible for the increase in SPAD incidents? Is this a factor for the crash at Wallan?

It seems that V-Line train drivers had been warned (on advice from the Australian Rail Track Corporation) on Wednesday in a memo which stated that some of its trains would be diverted through the 15km/h Wallan Loop on Thursday. Apparently, the signal hut at Wallan had been damaged by the bushfires. In December 2019, Infrastructure Australia knocked back a proposal to upgrade the line from Melbourne to Albury as a national priority.

Plenty more tales will be told as the result of the investigation but it appears that these problems have been well flagged by NSW Trains since 2013/14.

Cancel culture puts holes in Swiss chocolatier

Featured Image

Cancel culture. Weak corporate. Gutless response. Repeat.

It seems that Swiss Airlines will remove Swiss chocolatier, Läderach from its supplier list in April over the owner’s affiliation with a pro-life/pro-family Christian organization.

Who is this supposed to help? Passengers have a hard enough time consuming airline meals at the best of times to have the only edible certainty banned. To be honest, how often do passengers actively look through the list of suppliers of crackers, chocolates or packaged cheese and demand a boycott? Why don’t corporates truly work to understand their customers?

For over 10 years, Läderach had supplied Swiss Airlines with small boxes of chocolates that were given to some passengers as a token of appreciation. The company was aware of the CEO’s stance. Why didn’t it conduct proper due diligence 10 years ago?

According to an article published by Swiss magazine “Beobachter,” the airline has a significant number of homosexuals among its employees.

CEO Johannes Läderach denied being against homosexuals.

We have homosexuals working for us, too. We don’t ask them. I attended a gay network event because I wanted to hear what the LGBTQ movement has against Läderach. There I explained that I may have a different opinion on same-sex marriage or on the question when life begins. But this does not mean that I have anything against homosexuals. Läderach has zero-tolerance for discrimination.

Jürg Läderach, the owner of the chocolatier, is president of ‘christianity for today‘ (cft), a Swiss-based group. Johannes Läderach is a board member. cft advocates pro-life and calls for Christian values to be instilled in children.

In October 2019, left-wing activists attacked the Basel Läderach store using butyric acid which causes respiratory irritation, nausea and vomiting. 7 stores were attacked and forced to close for two days to clean the mess. A lot of lost business. Protestors surely broke the law. Repercussions? Probably not. It only emboldens more radical activism.

One has to wonder why Swiss Airlines doesn’t stand up against this form of terrorism instead of giving in to it. The majority of Swiss Airlines passengers probably pay little mind about the views of a chocolate owner. Is everything up for debate? Will something said 20 years ago surface?

As it turns out. Swiss Airlines buckled to a German homosexual lobby group which suggested,  “One way of protesting would be, for example, if hotels or restaurants decided to eliminate Läderach’s products from their range of goods and clearly mark the reason.

Are you noticing a pattern? The list is longer than FNF Media thought.

Greyhound Australia chickened out to a bunch of truants over Adani.

Gillette told its customers to mind their toxic masculinity but was forced to wipe off $8bn in market value as a result of alienating its core clientele. 

Extinction Rebellion inspired protestors are actively trying to bankrupt Shell through willful property destruction.

NFL ratings plunged on the back of the kneeling saga.

Cricket Australia and Tennis Australia were targeted by the ACF over risking violating the Corporations Act if they didn’t address climate change. This was despite the average temperatures during both events being below the long term average.

John McEnroe & Martina Navratilova protested Margaret Court holding different views and pushed Tennis Australia to rename a stadium named after the 77yo sports star after someone they hadn’t consulted who actually loves and admires Court.

Greta Thunberg slammed Roger Federer for having a sponsor which financed the fossil fuel industry. He folded with an utterly spineless response.

Nike cancelled a sneaker on the back of advice from a woke social justice warrior Colin Kaepernick who still can’t make the cut.  

Recall Starbucks forcing its staff to undergo compulsory training to understand their ‘white privilege’ over the legitimate arrest of two people freeloading in the restaurant.

Reebok told us about compelled speech. 

The plastic bag boycott movement which in reality only proved substitution rather than reduction.

NY Times hired an editor who openly said she hates “dumbass f*cking white people“. She has since been fired.

San Francisco Mayor London Breed told her staff that she will no longer conduct business with 22 states that have laws limiting the ability of women to obtain abortions, specifically late-term. Sadly for Breed, Coca-Cola, WalMart, AT&T, Aetna, Pfizer & Eli Lilly have donated to politicians who have advocated for abortion bans in some of those 22 states. Will SF City Council vending machines be stripped of Diet Coke?

Multiple corporates folded to Mad F*cking Witches over radio presenter Alan Jones’ remarks over Jacinda Ardern. One has to question the corporate PR departments to flake out over a group who has that as a name. Companies like Koala Mattresses proudly dumped Jones despite promoting its brand via profanity-laced man-hater, Clementine Ford.

The Code of Conduct from the Nursing and Midwifery Board of Australia has some interesting clauses regarding nurses acknowledging our colonialist past and check our white privilege.

The University of Texas  started the  “MasculinUT” programme. It was organized by the school’s counselling staff and most recently made a poster series encouraging students to develop a “healthy model of masculinity.” The program is built around “restrictive masculinity” and tries to encourage men to drop traditional gender roles to “act like a man”, be “successful” or “the breadwinner.”

11,000 signatories attached to the non-peer reviewed paper which the media made absolutely zero attempts to question the validity of included Mickey Mouse, Aminta Aardvark and Albus Dumbledore. Typical drip-feed brainless and contemptable reporting.

An open letter supporting the Extinction Rebellion threw up some very enlightening facts. Read it and weep. Not the letter – the stats. Perhaps the most hilarious signatory to the letter is Matthew Flinders of Flinders University. Unless the university website has another Matthew Flinders listed as an active member, our esteemed explorer seems to have navigated his way back to life…simply adding to the total lack of credibility of the cabal of 268 academics who believe they have some sort of intellectual superiority over us. If one ever wanted proof of our judiciary leaning hard left, 12% of the people that signed this document were in law-related fields. Eerily, over 90% of the signatories do not appear to be renowned experts in teaching science, much less climate science.

The Inclusive Communications Task Force at the Colorado State University has introduced an appropriate language guide and it has deemed the words “America” and “Americans” might prove offensive to some and have discouraged their use on campus.

Dr. Aaron Brough of Utah State University conducted the study to see if there is a correlation between toxic masculinity and climate change. His assumptions ran the line that men see environmentalism as more feminine and get triggered if forced to make ecological choices if they feel threatened.

The government-funded University of Melbourne allows an artistic performance that requires “paying” white customers access on the basis of signing an acknowledgement of white privilege.

Don’t miss the posters put up by the University of San Francisco which pointed out how to spot privilege.

A Michigan State University religious studies professor Shreena Gandhi has claimed that white people who do yoga contribute to a “system of power, privilege, and oppression… White Americans should learn yoga’s history, acknowledge the cultural appropriation they engage in and possibly reduce the cost of yoga classes for poor people, a group that often includes people of colour and recent immigrants, such as Indian women to whom this practice rightfully belong.”

According to the BBC, it was. The UK taxpayer-funded broadcaster is buying into this hypothesis that the CIA may have been too “white” and not diverse enough to spot the terrorist activity around September 11, 2001. Weren’t the whites that founded the agency in 1947 the same thinkers who had the nous to use “diversity” (Navaho Native Americans) to devastating effect to transmit sensitive information during WWII?

We could go on and on – but you get the drift.

There have been some good wins from those that have stood up for their beliefs.

Chik-fil-A, refused to back down on its Christian beliefs that the store was founded on.  It is now the fastest-growing fast-food chain in America.

Adani has said things are progressing just fine.

FedEx told customers that it didn’t like guns but wasn’t getting involved in boycotting NRA loyal customers after the Parkland shooting.

NRA membership searches surged 4900% the week after the Parkland shooting as people valued their 2A rights.

What a surprise in today’s academia. Three scholars—James Lindsay, Helen Pluckrose, and Peter Boghossian—wrote 20 fake papers using fashionable politically correct jargon (wrt gender equality, white supremacy, LGBTQI) and developed ridiculous conclusions with the aim of placing these ‘peer-reviewed’ pieces in high-profile journals. At the time of exposing the hoax 7 journals succeeded in being published, 7 were in the approvals process

This growing intolerance and failure to respect alternative opinions. Instead of openly debating Läderach on how normal the overwhelming majority of LGBT people are, do lobby groups honestly believe shouting them down, using acid, shaming and boycotting will somehow win them over? Not in a million years.

Worryingly, a CIS study in Australia showed that 58% of millennials had a favourable view of socialism. Unfortunately, 51% did not know who Chairman Mao was. Another 32% did not know Stalin and 42% hadn’t heard of Lenin. If we combine with “know but not familiar” with “don’t know” we see almost 80%, 66% and 74% respectively. Oh, how wonderful to learn in school about three men whose social policies led to the deaths of 10s of millions.

Silence is consent. As Orwell said, “In times of universal deceit, telling the truth is a revolutionary act!

Greyhounded into submission by striking school kids

When will Australian authorities realize that allowing the intimidation of corporates who are running legitimate businesses must stop? If we allow activists to bully companies into bending to a socialist ideology, will we be the least bit surprised when foreign investment dries up in the future? Because that will be the outcome.

It isn’t enough that activist environmental departments wrap businesses up in so much red tape in order to get approvals. We have to tolerate a small band of student protestors too.

Bus company, Greyhound Australia (GA), is the latest company to fold to activist pressure. It has rejected a contract to ferry workers to construct the Adani mine after being all for it.

SchoolStrike4Climate launched a campaign to boycott travel with GA until it publicly ruled out working on the mine. So now we have brainwashed teenagers dictating school transport policy even though they don’t pay a cent to fund it.

We’re somewhat surprised these kids aren’t dictating the school curriculum while they’re at it. Seriously, where are the schools in their quest to teach discipline? We already saw what happened to Newington College which proudly wilted to student pressure. Note it’s 2019 HSC rank fell from 98th to 176th. No connection, surely?

What our continued PISA education ranking slump tells us is that the teaching faculties have a lot to answer for to surrender to this garbage. It only suggests they’re willing accomplices rather than disciplinarians.

It is bad enough when adults push agendas. It is worse when they manipulate children to do their bidding for them.

Going back to GA, Had these children and teachers done their homework they would have realized that this wasn’t the first time the company has had ties with fossil fuel companies. Had their laser quick smartphone skills led them to the history page of Greyhound Australia they would have learned that,

in conjunction with the Shell Company, undertook a survey of the route from Adelaide to Perth – a distance of over 3,200 Kilometres – in 1957.

How could they have let this company transport them in the first place?!? It should have never been on the list. Common sense would prevail that the school only opened the yellow pages to hire a bus charter company. At no stage did the school demand a full audit on corporate carbon footprints.

Had it occurred to these kids that these buses that ferry them on school excursions run on diesel? While the per passenger carbon footprint might be smaller than alternative modes of transport, these kids should demand that the schools ban them outright, or doesn’t that count when they are having fun? Maybe the lesson should be that they don’t get to go on excursions to save the planet and will now have to walk or cycle to school instead of hitching a ride in mum’s SUV.

Although GA does list a pretty pithy section on lowering emissions

Limit the size of your luggage by packing only what you need – the more a bus or plane weighs, the more carbon emissions it produces. Enjoy local food and drink which haven’t been imported from far away – not only will you help the environment, you’ll also experience new flavours (and maybe find a new favourite). And finally, avoid plastic bags and bottled water – take your own reusable shopping bags to the local farmers markets, and refill your bottles throughout the day. Every little bit helps!

Had GA truly believed in this garbage, they would have never bothered to entertain the Adani contract in the first place.

Looking forward to seeing the private bus company that steps up to fill the void for Adani. Surely the same Queenslanders that voted for Adani’s go ahead in the last federal election will back GA’s replacement to transport workers, many of whom probably have kids at school.

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