Today's Business Headlines

Garrett last Gorgon bar; Qantas to jettison $1.5bn in costs; State tax in reform mix, says Henry; Write-downs cruel Iluka result as zircon sales fall; Major store deals 'real barrier to competition'


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The Barrow Island mouse, the spectacled hare wallaby, the golden bandicoot and burrowing bettong -- not to mention the flat-back turtle -- never stood a chance against $50 billion dollars - especially with all the chest thumping in federal parliament yesterday, its farcical to say there is any semblance of process left in environmental approvals for the project. The fate of the mouse and wallaby and turtle aside, in all the euphoria of the $50 billion dollars we seem to forget that Exxon Mobil is not an Australian Company and the profits from these will flow shareholders overseas - like so many of our big national projects! Yes there will be jobs created, but true long term prosperity comes as much from profit flow returned to Australia for development of Australian nation building. As for the royalites from the project, like other such royalties it will dissappear into the blackhole that is govt - state and federal budgets !

A Gorgon is a "hideous roaring beast". And that is exactly what this project will be. Environmental issues are history ! Garrett will do exactly what his political masters tell him and they in turn will kow tow to China

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