The Forum > General Discussion > Retractions anyone?
Retractions anyone?
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Posted by Belly, Thursday, 7 June 2012 7:02:15 PM
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*And our continuing economic performance alone would justify reelection.*
Hehe Anthony :) Parts of the economy are doing ok despite the Govt, not because of it. That part is mainly NW WA and parts of Qld. The RBA is not dropping interest rates for no reason. You want to read the economic tea leaves a bit, such as what the head of BHP is saying. You might or might not know it, but coal prices have dropped a great deal and iron ore prices are down. Kloppers made it clear that Australia is becoming an increasingly expensive place to do business. So its all very well if iron ore was at 200$, etc, but with iron ore dropping back to 135$, headed for 100$, BHP is putting 80 billion $ of investment plans on hold. If a few other companies do the same, those figures might not look quite so good. Meantime dairy farmers and others will be bled by the carbon tax, more manufacturers will close due to more nails in their coffins. Unless you live in limited parts of Australia, things really arn't too rosy. Posted by Yabby, Thursday, 7 June 2012 7:59:20 PM
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See Yabby, here's where you get yourself into bother.
You equate Marius Kloppers' comments with the economic tea leaves. Marius Kloppers is paid to represent one and only one constituency - BHP shareholders. Now, I don't have a problem with that, especially as I am a BHP shareholder, but my point is that what he says has no - I repeat - no bearing on the state of the economy other than to the extent that it affects BHP performance. If he spoke differently then he may very well be in breach of his obligations to shareholders as a director, i.e. he is obliged in law to put his shareholders interests first. So, hypothetically, if the economy was doing wonderfully well for Australia generally, but not so good for BHP, Kloppers would do his job, and paint the most negative picture he could in order to create change more beneficial to BHP, even if that meant hurting every other Australian. Because he isn't paid to consider what's best for Australia; he's paid to consider what's best for BHP, and rightly so. That's his job. But you need to factor that in when digesting is comments. You certainly should not take them as being a comment on what is best for Australia, or as a balanced assessment of the state of our economy. Cheers, Anthony http://www.observationpoint.com.au Posted by Anthonyve, Thursday, 7 June 2012 9:48:49 PM
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*You equate Marius Kloppers' comments with the economic tea leaves.*
Anthony, people like Kloppers decide where to invest the next 80 billion $, so they matter. If you can't grasp that they matter, then frankly neither I nor anyone else can help you understand the economy and how it functions. Posted by Yabby, Thursday, 7 June 2012 11:26:24 PM
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Hi Anthonyve,
No retractions from me, sorry. I was told recently man-to-man by a Chinese mining executive that his company wanted to invest in the Australian resource industry but were put off by the mining tax and the implied (sovereign) risk of further punitive changes to that market. Rio Tinto have pulled out of the Abbot Point coal harbour expansion and BHPB look like doing the same. Both these have recently issued statements that they will be keeping their powder dry on future Australian mining project investments. Feasibility studies on mining project costs are almost out-of-date before the ink dries and many investors are getting skittish. I have seen operating costs projections increasing by up to 20% pa. CEO’s of juniors are offering their first-born to secure funding. It would be stupid to suggest that this is all due to the mining & carbon taxes but its death by a thousand cuts. Yabby has is pegged pretty well I think. The devil might be in the detail. Do we know what the “equally unexpected jump in mining investment” means? I haven’t seen the newspaper articles to which you refer – is there any further information? Posted by Peter Mac, Friday, 8 June 2012 3:01:24 AM
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Anthony we have to confront this truth, we spar in our verbal combat's here with all types.
Some are committed to anti Labor paths, and never let the facts get in the way. NO SHORTAGE of investors in our mining exists. We a tiny nation of 23 million are way out in front of? THE DEVELOPED WORLD. Abbott and his team, said our bailout was wrong/wasteful so if in power? we may well be bogged in major unemployment still. Carbon tax is being paid by many country's. Still more will pay. Mining tax is a SUPER TAX, on this country's once only product, other country's are developing them. It is painful! embarrassing! to hear Abbott and Hockey yesterday! More so that they gather followers, so uninformed they chant mindlessly such as Peter Mac and yabby here. History will after shaking its head in disbelief, look favorably on the governments handling of our economy after being way laid by the GFC just months in to its first term. Posted by Belly, Friday, 8 June 2012 4:45:57 AM
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Life can be strange, and age teaches us different lessons.
I feel young, health is back, but understand near 67 is not so.
But I have lived these days before,almost exactly in the 1970,s.
Some follow blindly ,form opinions based on failure to even begin to understand.
Carbon tax is one,extraordinary! that the worlds rich and influential have muddied these waters.
Even here, Rudd's commitment to action in part won him the election, yet now it threatens our wipe out.
And history, with no doubt,will endorse it.
Of greatest concern to me, is my fellow travelers,those around my age, who built the ALP and union movement.
But condemn me,for demanding better.
I yearn to see ALP ministers, confronted by ABC females interviewers, intent on getting their view not the ministers over,HIGHLIGHTING extraordinary bias from these green leaning commentators!