August 15, 2008

Australia borrows billions to build railways to move low value iron ore from the Pilbara to the coast, but can''t find enough money to build a half decent railway from Sydney to Melbourne; by the time the overseas investors take their cut there is nothing left. Australia is just a cash out machine for the rest of the world and China is now elbowing its way in to get it''s cut. The so called "partners" involved in the North West Shelf gas are now laying down the law to the govt. about what taxes the govt. can impose, there is not a peep out of Dr.Chaney at Woodside, good to see him going in hard to protect Australia''s interests, (Australia can be an energy supa-power). Foreign investment is the biggest problem facing the Australian economy, if we kept more of the wealth generated in Australia here, we would be able to wreck the dirty old power stations and build modern replacements as the SEC in Victoria used to do. Japan and China are using dirt cheap Australian gas to lower their emissions, while Australia relies on brown coal.

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