The Lighter Note

Holding Court

It was a long time in the making, but St Georges Terrace finally has a statue of former premier and state development minister Sir Charles Court. 

The cast bronze statue was unveiled last Thursday, on what would have been Sir Charles’ 100th birthday. The unveiling came three years after the concept was announced – a delay Sir Charles would not have tolerated. 

The setting, on the corner of Milligan Street, was very apt, as it overlooks the offices of some of the state’s largest resources companies. In attendance were Sir Charles’ five sons: Geoffrey, Barry, Victor, Richard and Ken, with at least four bearing a clear resemblance to their late father.  

Currency tips

Trying to forecast currency movements has always been fraught. 

Most experienced economists don’t even try. Instead, they start with the current level, and assume it won’t change, or that it will gradually move back to the long-run average. State Treasury adopts the latter approach, and for its troubles copped a lot of flak when the budget was released in May. 

But its approach is looking wiser as each week passes – it estimated the dollar would average 97.5 US cents in 2011-12, which is pretty close to its current value.

In contrast, a report out this week by the Chamber of Minerals & Energy and KPMG assumed the dollar will average 107.4 US cents in 2011-12, which now looks wildly optimistic.