It should be clear by now to Andrew Forrest that his campaign for a political inquiry into the iron ore industry has done the company he runs, Fortescue Metals Group, more harm than good – and might even have stirred up trouble for another local billionaire, Gina Rinehart.
Almost 60 Western Australian businesses were declared insolvent in February 2015, an increase in the state’s share of national insolvencies compared with recent years.
While the economic wisdom of the state and federal budgets is still being debated, it’s clear the authors of both documents had one eye on their own political futures.
Western Australia’s resources boom drove asset values too high, just as the bust is driving asset values too low; but to best understand that point it’s worth taking a trip to Canada, where the sale of a machinery distributor contains an interesting message for Australian investors.
Mathematically it’s impossible, but in about 11 days Australian investors will discover whether one plus one can add up to more than two – because that’s the day the son of BHP Billiton, South32, lists on the ASX.
Reported activity for primarily the first week of May was encouraging with overall sales up 38% for the week to 770, the highest level since late March.
Universities deserve more freedom than they get, especially now as we transition from a mining boom that generated much wealth but left us inefficient.