So Virginia, the next time you decide to have a "good whinge about things" - spare a moment for the big players in the Australian resources sector. This info via Crikey today.
The Australian iron ore industry is probably second only to Apple in terms of the world's richest business.
One was built on the intellect of it's founders and the other was built on the stupidity of its regulators. I will let you work out which is which.
If Rio Tinto and BHP aren’t making superprofits then no one is and they never will.
Rio is achieving gross profit margins of 75%; BHP is close at 65%, compare that with the gross margin of 38% for Telstra in its latest half-year profit, issued yesterday.
Something is seriously *broken* if our Government can't or won't subject these industries to a real *super profits* tax - given their obscene profitability.
I guess we now know how Gina is rampaging her way through our media. We are paying her to do it ;-)
For a so-called clever country we are dumb as.
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