Obsessed with iron ore, and rightly so

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Select parts of Corporate Australia are being revealed as naked as the iron ore tide goes out. Yesterday we had this from Coles CEO Mike Durkin:

Coles boss John Durkan…told The Australian’s Global Food Forum that Australia’s economy is not doomed because of falling mining commodity prices.

“We at Coles fundamentally disagree with that, we are in danger if accepting after the resources boom there will be a low growth economy — and we don’t accept that.”

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.