Architects have a saying about ‘less being more’. The mining industry has flipped that around with ‘more being less’, as shown in this week’s production reports and share prices of Fortescue Metals and BHP Billiton.
Total sales recorded by REIWA member have fallen by 2% to 557 for the week ending 21 July 2015. This fall was due to land and house sales dropping with Units remaining strong.
Retail, not mining, has borne the brunt of the slowdown in Western Australia during the past 12 months, with a study of the state’s economy by the investment bank Goldman Sachs revealing a startling decline in retail jobs of more than 20 per cent.
Indonesia’s decision to slash the import quota for Australian beef cattle to 50,000 for the third quarter has little to do with the tense relationship between the two countries.
A small batch of bauxite sent overseas for refining may signal the start of a much bigger play by Alcoa, which would have major consequences for WA’s South West.
To best understand what’s gone wrong with Western Australia’s iron ore industry you need to start by looking back 12 years, to 2003, when an ambitious Andrew Forrest created Fortescue Metals Group.
The financial year finished with sales recording their highest level in the June quarter, with this week’s total activity up 3% to 723, the highest since the pre-Easter surge of 876.