Australia's $200bn LNG white elephant

Key Points Seven large LNG projects are under construction in Australia This has pushed up pushed costs well past budget in several cases The seven projects will produce the most expensive gas in the world It’s barely an exaggeration to say that in the years since the global financial crisis, Australia’s liquefied natural gas boom has saved the nation. As other developed economies have seen their business investment chase collapsing consumer wealth and demand down the drainpipe, Australia has enjoyed a once-in-a-century investment boom. This, above all other factors, has so far helped Australia avoid the kind of growth-devouring...

It’s barely an exaggeration to say that in the years since the global financial crisis, Australia’s liquefied natural gas boom has saved the nation. As other developed economies have seen their business investment chase collapsing consumer wealth and demand down the drainpipe, Australia has enjoyed a once-in-a-century investment boom.

This, above all other factors, has so far helped Australia avoid the kind of growth-devouring deleveraging that has hobbled other developed markets.

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