Lighter note: Different view from Woolies chief

AFTER reading the transcript of a speech given recently by Woolworths chief Michael Luscombe, The Note reckons the supermarket, petrol and liquor store boss is in dire need of a visit out west. In a detailed speech covering issues confronting the retail sector, Mr Luscombe let slip that apparently Australia’s good economic times has nothing to do with the mining sector. While discussing the retailer’s $1 billion investment in its operations, Mr Luscombe went on to say: "Most are also aware that it has been business investment, not the popularly-held view about the minerals boom, that has underwritten growth in the Australian economy over the last half decade". Well, The Note prefers the popular point of view. For instance, WA Business News revealed earlier this month that about $50 billion is slated for investment in major resource and infrastructure projects. BHP has seven major projects on the go worth $10 billion, Rio has six worth about $5.7 billion while Woodside is committing $12 billion to develop the Pluto gas project. Where would Australia be economically without that kind of growth?

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