This document summarizes the restructuring of the Australian coal export industry due to changes in Chinese and Indian coal markets. It discusses: 1) Demand from Asia, especially China and India, for high-quality Australian coal. 2) How China, as the largest coal producer, drives market volatility through domestic production policies. India is now Australia's largest market for metallurgical coal. 3) Factors boosting coal industry profits, including rising prices, lower costs, and a lower Australian dollar. 4) Restructuring of ownership from large miners to new players, but risks from mine closures. Uncertainty around new projects in NSW and QLD due to approvals challenges.