Australia has a long history of its resources being exploited with little benefit for the common good. In the early days in the Northern Territory , large tracts of land were held by British pastoral companies who paid a peppercorn rental , almost nothing . In the 1930s, a former Federal Minister and NT Administrator , Aubrey Abbott , was critical of these landholders-Vestey’s in particular- who had control of vast areas of country , some bigger than European countries, employed few white staff , made almost no improvements and their managers lived in primitive dwellings.
Then when it came to the bauxite deposits at Gove , the Swiss pulled a swifty on us by engaging in transfer pricing . By this they sold the ore to themselves on the high seas at a low price , so the book profits were accordingly little, as were the payments to Australia. The bauxite was shipped to Iceland where the geothermal power was tapped at low cost to produce aluminium,described as a metal consisting almost entirely of electricity, at vast profits for the Gnomes of Zurich.
Then when it came to the bauxite deposits at Gove , the Swiss pulled a swifty on us by engaging in transfer pricing . By this they sold the ore to themselves on the high seas at a low price , so the book profits were accordingly little, as were the payments to Australia. The bauxite was shipped to Iceland where the geothermal power was tapped at low cost to produce aluminium,described as a metal consisting almost entirely of electricity, at vast profits for the Gnomes of Zurich.
The Icelandic people increasingly came to the conclusion that the alumina company was getting the benefit of the cheap electricity, not the community . Current plans to expand alumina production there has residents up in arms over the likely damage to the countryside.
In the days when Japan was our main market for coal , Australian companies flew to Tokio to renew contracts. Each company received the Nippon equivalent of being duchessed and they were then played off against each other for the lowest price. In this way our resource went cheaply. The Federal government eventually woke up and insisted on a central price fixing mechanism for our coal.
Recently a CFMEU spokesman in WA said a resources tax was essential in Australia because the mining companies were making “ squillions” and much of this was going overseas . Company heads could be expected to squeal , but the government had to act. The windfall profits for some Australian mining companies in recent years had been astronomical.
In the days when Japan was our main market for coal , Australian companies flew to Tokio to renew contracts. Each company received the Nippon equivalent of being duchessed and they were then played off against each other for the lowest price. In this way our resource went cheaply. The Federal government eventually woke up and insisted on a central price fixing mechanism for our coal.
Recently a CFMEU spokesman in WA said a resources tax was essential in Australia because the mining companies were making “ squillions” and much of this was going overseas . Company heads could be expected to squeal , but the government had to act. The windfall profits for some Australian mining companies in recent years had been astronomical.
