From Russia with love

Coal profits from war in Ukraine
by Matt Saunders and Rod Campbell

Australian coal export revenue increased by $73b, or 186% in 2021-22. Between $21b and $39b of this is directly attributable to the Russian invasion of Ukraine.

Between $39b and $45b of the total increase went to company profits, while just $25b to $28b will go to governments, despite economic theory suggesting 100% of this windfall gain could be taxed without affecting industry incentives.

Full report