#annastaciapalaszczuk

Don’t the left embrace the policies of compassion?

Queensland Premier Palaszczuk is up to her double standards again.

Four children living south of the Queensland border are not being given group access to see their dying father who is hospitalized there.

Actor Tom Hanks can freely come and self quarantine in style, but these children may miss the chance to say good bye to their old man.

We don’t begrudge the Hollywood star’s ability to chill on his own dime, but how low is the contagion risk of young kids living in an area where there are few coronavirus cases? Where is the risk?

AFL stars from the most infected state in the country were given an all expenses paid jolly courtesy of the Queensland taxpayer. Never mind that some got into a 3am brawl outside a strip club. Forget social distancing. Just punish a family coping with the traumatic future that lies ahead by wrapping them in red tape.

Queensland Health responded as follows:

We understand and sympathise that this a very difficult time and there are challenges. Queensland’s current border restriction are in place for one purpose – to save lives.

(Except if you’re a celebrity or a footy player).

We thought that Victorian Premier Dan Andrews was heartless. Palaszczuk is vying for that prize.

Aren’t the left wing parties supposed to be the ones that preach human compassion at all costs?

We sincerely hope that the good people of Queensland turf her government at the election next month.

Uninformed bash ScoMo thanks to media which loves to misinform

The optics were awful. Residents of Cobargo, in the Labor held electorate of Eden-Monaro, hurled expletives at PM Scott Morrison. People shunned handshakes and the PM, in hindsight was a little daft trying to force a few for the cameras. It just made a bad situation worse. It was almost Malcolm Turnbullesque in its awkwardness. Still the media got exactly what they wanted – clickbait.

Most of us can’t fathom losing a home to raging bushfires. Yet the media beat up is bordering on Morrison Derangement Syndrome (MDS). Do the press corps honestly believe that Morrison’s popularity would suffer a blow from those assembled? Nary a Coalition voter in that mob.

The reporting has been pathetic. Little or no attempt to point out how the fire services are financed and funded. Next to no coverage of the voices of the volunteer fire fighters who have blamed years of green tape preventing them from mitigating the damage we’re experiencing now. Just feeding narratives and worse incorrectly apportioning blame.

How eerily silent the media has been over Queensland Premier Annastacia Palaszczuk’s two week holiday during these bushfires. Where was the demand for her to come back? No, just kick the PM for having a holiday. Don’t forget to take a swipe at his faith for added mileage.

Like most crises, it’s easy to become an armchair expert when hindsight is 20-20. The simplest thing to do is criticize whoever is at the helm. So MDS reigns supreme on social media as people seek moral preening.

How many are aware that in order to conduct hazard reductions, a combination of local councils, fire authorities and state governments (Dept of Planning, Infrastructure & Environment) need to issue permits? Not the federal government. See below:

NSW

Queensland

Victoria

South Australia

Western Australia

Tasmania

Northern Territory

ACT

So in short, most of this bushfire hazard reduction system is out of the ‘legal’ remit of the PM. What leadership can he truly provide without running roughshod over the state premiers? Even if he did so, nothing practical could have been achieved in such a short time. Not as if you buy fire trucks off a dealership floor.

Should he give the states more cash? Speak in platitudes? Promise the world before having completed the due diligence on the shortcomings that has led to the disaster? Hand out water bottles? Buy a whole fleet of water bombers and keep them parked in hermetically sealed hangars at Canberra Airport for states to borrow as needed?

All the decisions surrounding equipping the fire services are state decisions. This makes sense as each state has a different nature portfolio to oversee.

ScoMo has made sensible commentary to the effect that the hazard reduction regulations need serious overhaul. It is still up to the states to legislate the changes.

FNF Media has suggested a full audit over the several decades within the fire services themselves. Find out what went wrong? The management errors. The processes by which terrible equipment and fuel load choices have been made. Listen to the volunteers who are singing an entirely different tune to the fire management. Don’t forget there is nothing more honest than the voice of someone willing to sacrifice time and money to serve their fellow citizens.

When will the media grow up and start some honest reporting?

As Mark Twain once said,

If you don’t read the newspaper you are uninformed; if you do read the newspaper you are misinformed.”

Indeed, it’s been a rough couple of weeks for the PM. He has handled the situation poorly. Albanese has extracted some political mileage at his press conferences.

Yet politics is a strange game. Already the media is chomping at the bit in predicting ScoMo’s downfall.

Morrison already won the unwinnable election. Canadian PM Trudeau won a second term despite a myriad of scandals where he was found guilty, black face, nauseating political correctness and endless hypocrisy.

Morrison may have many shortcomings but he still proves why opposition leaders can’t run campaigns on being less worse than the incumbent. Moreover he has many years left in this term to make amends.

NSW to lose State of Origin 4 (Adani)

Who’d a thunk? The Queensland Labor Government is fighting for its life. If it means trading principle for expediency, they have chosen the latter path. Even throwing on last-minute ‘infrastructure taxes’ couldn’t halt progress. Adani has been approved.

Labor has spent 8 years obstructing Adani Carmichael from going ahead. After the unlosable election result handed to its federal colleagues, Premier Annastacia Palaszczuk saw the light. Political suicide was at stake. It won’t stop the inevitable, especially post QLD Treasurer Jackie Trad’s deeper deficits announced this week.

What Greens Senator DiNatale fails to understand (despite saying every election hereon will be a #ClimateElection) is that Queenslanders couldn’t give a hoot for Victorians complaining about their wish to have jobs. The reality is that Adani Carmichael will likely be open for decades to come. It will employ those working at the mines and the local economies that support them.

What evidence has DiNatale got for thousands of jobs being destroyed? It is that level of economic comprehension that means they will remain such a joke as a credible party. Not least helped by the eloquence of NSW MLC Cate Faehrmann who thinks encouraging a blockade in a neighbouring state seems fair game.

There are only supposed to be three games in the State of Origin.  Faehrmann is guaranteed to lose her suggested matchup, much like former Senator Bob Brown’s convoy pre-election warm-up game concluded. Queensland will run rings around the NSW attack, as always!

Cate Faehrmann.png

Why doesn’t Atlassian lead the charge if it is such a great idea?

Coal.png

Atlassian Co-Founder Mike Cannon-Brookes (MCB) has put forward a vision that is so compelling for Australia to junk its $70bn coal industry, it is a real wonder why he has not decided to deploy the tech giant’s own capital to seize those obvious riches? He believes coal will be worth zero in 15-25 years. If it is such a dead industry, can he explain why China’s coal-fired power (great infographics here) has grown from 200GW in 2000 to over 900GW today? Or India that has grown from 61GW to 221GW of coal-fired power gen? Why would Adani persevere in the face of 8 years of government and regulatory roadblocks in Queensland if coal wasn’t on the menu for India’s future?

The International Energy Agency (IEA) notes the following on coal,

Coal power generation increased 3% in 2018 (similar to the 2017 increase), and for the first time crossed the 10 000 TWh mark. Coal remains firmly in place as the largest source of power at 38% of overall generation. Growth was mainly in Asia, particularly in China and India.

Note in the following map, yellow and red are levels of intensity and in operation. Grey is that idled or shut down.

Coal Fired Power.png

Global wind and solar installations account for about the same as China’s current coal-fired power capacity.

MCB’s idea that we should export the sun and wind is utterly fanciful. The amount of transmission loss over distances in Australia would be massive. Our own energy market operator, AEMO, noted that energy transmission losses for those wind and solar farms located furthest from the main load hubs, in north Queensland, western NSW and some in Victoria could suffer marginal loss factors (MLF) of up to 22%.

To think our closest neighbours – New Zealand, Papua New Guinea & East Timor – are at least 200km away from our extremities. At least 500km to major city centres like Port Moresby. That is assuming our ecomentalist Department of Environment would fast track approval for Cape York and the Daintree Forest to be logged and turned into a wind and solar park to then run some cable to Port Moresby. The problem with MLF is that if Port Moresby demanded 1MW of energy, then it would need to pay for more than it needed to anticipate the MLF which would grow the further the demand was from the main load hubs that could supply it.

To add to the problem, Australia’s ridiculously high power prices would be completely unattractive to the likes of Papua New Guinea. They would be better off ignoring Australia’s transmission and self-supply. That is exactly what it is doing. PNG currently get 30% of its power from hydro, 40% from gas and 24% from oil. Note it has signed a memorandum of agreement to install, you guessed it, a 60MW coal-fired power station in Lae. Energy security is on the menu.

MCB has suggested we set up local manufacturing to harness all of our local resources. Once again, a great idea on paper, but in practice, our prowess in low-cost manufacturing has a terrible track record. The now defunct auto industry is exhibit A on that plan.

As is so often the case for celebrity billionaires, thought bubbles are often free to them but costly to others. Tesla shareholders know that feeling. Who could forget JCB’s retweet of Greta Thunberg at the time of the election, imploring Australians to “not f*ck it up“??

MCB may drive a Tesla and have plans to make Atlassian 100% powered by renewables by 2025 but for the sake of shareholders it best he sticks to his core business unless he plans to divert capital to diversify Atlassian and harness this green future. Perhaps he should put Greta Thunberg on the Atlassian board as an executive director on renewable exports?

Cate Faehrmann plays investor for a day

Investment managers have difficult jobs. They have to forecast a whole plethora of variables from global economic growth, currencies, commodity prices and micro level corporate industries. If governments can provide ironclad policy certainty, investment choices become relatively easier. Unfortunately, perfect information detracts from performance because things get priced almost instantaneously.

It might be nice that 415 funds all call for a ratification of Paris Climate Accord (which means nothing in practice as the US isn’t a signatory and its emissions have fallen while China is a signatory and emissions continue to rise) but truth be told,  it sounds what is commonly termed in financial circles as “talking one’s book.” NSW Greens MLC Cate Faehrmann pretends to understand finance in her latest piece.

While these 415 firms might represent $32 trillion in assets under management (AUM), the truth is not all of those funds are spoken for in terms of climate-related investments. Investment advisors by their very nature have very diverse client bases. They cover basic low-risk pension (i.e. stable income) funds all the way to riskier return profiles for clients that want more exposure to certain themes or countries. If clients aren’t interested in buying climate funds, the asset managers don’t gather fees. Pretty simple.

Much of the fund industry has focused on ESG (environment, social responsibility & governance) since its inception in 2005. ESG represents around $20 trillion of global AUM, or 25% of total professionally managed funds. Therefore the other 75% of monies are deployed without this in mind. In reality, this is done because investment managers must hunt for the best returns, not those which sacrifice profitability for virtue. If NAB offered you a 10% 1-yr deposit and no solar panels on the HQ roof and Westpac offered a 1% 1-yr deposit because it did, would you invest in the latter based on its ecomentalism?

Let’s take the world’s largest public pension fund (2 million members), California Public Employees’ Retirement System (CalPERS) which is a cosignatory to this demand for climate action. Apart from the fact that this $380bn fund has been so poorly managed (marked to market unfunded liabilities are c.US$1 trillion), its portfolio consists of widespread ownership of met coal, petroleum and other mining assets. It owns bonds in fossil-fuel producing nations such as Abu Dhabi, Qatar and Saudi Arabia as well as highly environmentally unfriendly aluminium smelters in the world’s biggest polluter, China. So there goes the rhetoric of “demanding” Paris is ratified, that we shift to a low carbon economy and we force companies to report their carbon commitments.

It is frightening that some members of our political class believe that investment managers which collaborate in groupthink are worthy of listening to. On the contrary, the performance of many must be sub par. It is a sad reality that 80% of large-cap fund managers fail to outperform the index on a regular basis. So praying for governments to backstop investments they deployed capital into shows more desperation than innovation.

Maybe we should think of Adani as a classic example of investment at work. While Annastacia Palaszczuk’s government is backflipping on the Adani Carmichael coal mine after the electoral drubbing handed out to federal colleagues, the voluntary infrastructure tax is a cynical way to try to make the project less financially viable. After 8 years of ridiculous and onerous environmental approvals, Adani probably think it only needs to wait til October 2020 when an election will wipe out Queensland Labor from government and the infrastructure tax will be repealed soon after.

CM has long held that the non-ESG names are the place to invest. Most of the auto-pilot, brain dead, virtue signalling group think money has been poured into ESG. All non-ESG companies care about is profitability, not focusing on all the soft cuddly things they do displayed on the corporate lobby TV screens on a loop. Sadly when markets inevitably implode, investors always seek safe havens to limit the damage. As so much money is collectively invested together, so the bigger the stampede to the relatively attractive values provided by the stocks that have been cast aside by “woke” investors.

If climate scientists were surgeons would you let them operate on you?

Why do our politicians continually recycle and peddle climate experts that have made so many dud predictions? If they were major organ transplant surgeons with this record of failure, would you ask them to operate on you?

Annastacia Palaszczuk’s government has stumped up $142,000 to hire the Brisbane Convention Centre for former VP Al Gore to lecture on a subject where his prophecies have been way off the mark. The Office of Environment has chosen not to release the full costings. Now that Adani is back on, it makes them look even more stupid for inviting a quack.

Gore made ridiculous statements that Arctic sea ice could be completely gone by 2014. It’s still there. Thicker too.

Who could forget his mysterious absence from the 2009 Copenhagen UN COP summit when the Climategate scandal unfolded.

The National Center for Public Policy Research obtained Gore’s electricity usage information through public records requests and conversations with the Nashville Electric Service (NES).

In powering his home, Gore still greatly outpaces most Americans in energy consumption. The findings were shocking:

• The past year, Gore’s home energy use averaged 19,241 kilowatt hours (kWh) every month, compared to the U.S. household average of 901 kWh per month.3,4
• Gore guzzles more electricity in one year than the average American family uses in 21 years.5
• In September of 2016, Gore’s home consumed 30,993 kWh in just one month – as much energy as a typical American family burns in 34 months.
• During the last 12 months, Gore devoured 66,159 kWh of electricity just heating his pool. That is enough energy to power six average U.S. households for a year.
• From August 2016 through July 2017, Gore spent almost $22,000 on electricity bills.6
• Gore paid an estimated $60,000 to install 33 solar panels. Those solar panels produce an average of 1,092 kWh per month, only 5.7% of Gore’s typical monthly energy consumption.

There is an irony in Palaszczuk’s backflip over Adani. Here she was thinking that Shorten would win and that her anti-coal activist environment team could get some status from Gore to kill it off for good.

Now the cost to save her political career far outweighs the planet. Tells us all we need to know.

Palaszczuk backflips on Adani

What a farce. Queensland Labor Premier Annastacia Palaszczuk is about to backflip on the Adani coal mine approval after her federal colleagues were wiped out in Queensland.

Typical. She’ll still lose the next state election in October 2020 for this expediency. She had to weight for the litmus of a federal election to find her missing conviction. Total clown show.

The people have spoken. So all the radical left activists have failed. The bullying of the banks which caved in to this pressure are no better.

This approval process has been 8 years in the making. An Indonesian coal mine took only 18 months.

Queensland Government appointed an advisor, Tim Seelig, to the Dept of Environment. As an anti-coal Greens activist it seems apparent he threw up roadblocks to dissuade Adani from going ahead by unnecessary and overbearing approval processes.

Now Palaszczuk is considering launching an inquiry as to how Seelig was hired into the role despite the applications deadline having ended. Another backflip.

Once again – get woke, go broke!