WA has banned the pokies, and pays a price. Photo: iStockphoto

Settling foundations for GST change

I am feeling a bit self-righteous this month. Having analysed much of the debate around the Productivity Commission’s inquiry into horizontal fiscal equalisation, two key messages (from very different players) are echoing views I have expressed many times in the pages of this publication.

One is how Treasurer Scott Morrison poked the bear on states that have locked their gas resources away from exploitation; the other is how various voices from around the country are understanding that this gas issue is just one of the many perverse incentives created by the way our Commonwealth Grants Commission applies HFE, the mechanism by which the GST is distributed to the states.

Like all good theories, its practical implementation leaves much to be desired.


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Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 30/06/17

1 year TSR5 year TSR
131stAtlas Iron67%-62%
154thFortescue Metals Group58%5%
317thWoodside Petroleum15%5%
434thNorthern Star Resources-2%48%
711 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

$52k Bought
$6.9m Bought
$0 Other
Total value as at the date of the transaction
Source: Morningstar


1st-Fortescue Metals Group$9,806.1m
3rd-Woodside Petroleum$5,715.9m
4th↑Atlas Iron$803.7m
5th-Northern Star Resources$787.2m
492 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Fortescue Metals Group

4thNev Power$5.324m
674thMark Barnaba$223k
795thSharon Warburton$170k
Ranked by total remuneration from all listed WA companies

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