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Adani wants Future Fund handouts for its Galilee mine

A FINANCIAL think tank wants the Federal Government to clarify whether the Future Fund will be used to help subsidise the Adani mine in the Galilee Basin.

Researcher Market Forces made the call after Indian media outlets reported that their country’s Finance Minister, Arun Jaitley, would ask Future Fund boss Peter Costello for “easy funding” during a meeting this week.

The Federal Government deposits money into the fund and that is in turn invested in a range of areas so the Commonwealth has enough money to meet its public service superannuation liabilities.

The fund is worth about $117.83 billion.

Market Forces executive director Julien Vincent CORRECT on Monday called for the Federal Government to rule out any Adani subsidy coming from the fund.

“Over a dozen banks worldwide have either backed away from the environmentally disastrous Carmichael mega coal mine, ruled out funding for it, or dismissed it as financially unviable,” Mr Vincent said.

“Does Prime Minister Turnbull really want to take a proposal to the election that Australian taxpayers subsidise a controversial mine labelled ‘unlikely to stack up’ by the Queensland Treasury and which would result in shipping coal through an already-bleaching Great Barrier Reef?”

Adani has been mired in environmental controversy for years over its $16 billion Carmichael coalmine.

After several legal delays, the Indian energy giant could soon receive a mining lease from the Queensland Government.

A spokesman for Treasurer Scott Morrison said, “Questions relating to Future Fund investments are a matter for the Future Fund, which makes its investments independently.”

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