Coal-fired plant shifted $1bn offshore while pocketing $117m from Australian taxpayers

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Payment to owner of Loy Yang B – one of country’s dirtiest plants – was compensation for short-lived carbon tax

The owner of one of Australia’s dirtiest coal-fired power plants quietly moved $1bn offshore within days of pocketing $117m from taxpayers in compensation for Labor’s now-defunct carbon tax.

Tsem 3cThe revelation, contained in the Paradise Papers, has prompted renewed criticism of the “chronic failure” of Australian climate policy and warnings against future cash handouts to multinational polluters.

It also comes in the final stages of the looming sale of the…

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