You wouldn’t read about it! From the ABC:
An investigation has been launched into Andrew “Twiggy” Forrest’s comments after the mining magnate suggested a cap on iron ore production, the chairman of the Australian Competition and Consumer Commission (ACCC) said.
Rod Sims warned Mr Forrest may have breached the law with his comments on ABC’s AM program that it would be good for Australia to limit iron ore capacity and to drive the price up.
“Attempting to cap pricing, or fix pricing, even making the attempt is illegal,” Mr Sims told the ABC’s Business Editor Peter Ryan.
“We need to examine very closely what was said but what I’ve heard on this morning’s [ABC program] AM does raise very serious concerns,” he said.
“We propose to make contact immediately with Mr Forrest and his company to get more detail from them.
“The law says that not only can’t you do things that are a breach of the competition provisions of the Act, but you can’t attempt to do them.
“And so it’s the attempt issue that we will be looking at to assess whether there has indeed been a breach of the Act here.”
Is Mr Sims going to investigate Colin Barnett? Gasbag Joe Hockey chimed in:
Speaking to reporters after addressing Australia China Business Council Function in Canberra, Mr Hockey said “we’re not very supportive of cartels at all”.
While acknowledging Mr Forrest’s suggestion would raise extra revenue for the government, it would also contravene free-market principles.
“It’s important that we continue to believe, as we always have as Liberals, in free markets”.
When it’s convenient.
