Gina addresses the nation

By popular demand, here is Gina Reinhart’s address to the Sydney Mining Club (nation).

David Llewellyn-Smith
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  1. This is depressing. Leading capitalists should inspire and create. The US has Steve Jobs and Warren Buffet. We have Packer and Reinhart.

    • We have a capitalist/entrepreneurial class which almost by definition has the ability to inspire and create. These individuals harbour a diverse range of views.

      We have a sizeable managerial class generally with somewhat less ability to inspire and create. These individuals generally harbour a more pedestrian range of views.

      We have a political class that regularly fails to inspire and create. These individuals have views they believe will win votes.

      Such is life.

  2. I have been previously inclined to defend Mrs Rinehart against language that she is ‘rancorous’ (elsewhere, not on this site), but with her every public utterance am starting to find the description more apt.

    • Nice editing work there, mods. I keep forgetting this is a family site. But I was using the deleted term to ‘describe the act of whining excessively’, which, while viewed in a pejorative sense by some, can in fact be more of an objective descriptor of observable behaviour.

  3. Yeah just another way to make a Plaque on a rock that doesn’t say much..look better ‘but in-and,maybe with a professional thank-you must be going out to the after-midnight ch 1o like advertisement script production fill-in crew for coming fourth and helping Gina write and produce her latest tube address…to You
    Cheers JR

  4. I see this as a speech in two parts – premises, Australia is uncompetitive etc, pretty unarguable and much the same as what MB has been saying for some time; conclusions – mostly special pleading focused on the needs of her own company, region and state.

    Still better than talking to miners about education.

  5. On a serious note, some of the general direction of Rinehart’s comments should be of interest to all.

    In particular our comparatively high cost structures in sectors subject to forces of global competition – be it mining, manufacturing or any range of enterprise.

    As those critics of globalisation might say “The race to the bottom is gaining momentum” and to avoid the ‘winners tape’ we need to be very strategic indeed.

    • And if utlimately that strategy involves a taxation regime that is unfavorable to particular vested interests, then we need to start crafting those simplified messages to the ‘majority’ audience.

        • Well, clearly not one to which miners will be contributing, anyway. Such is the power of a simplified message. So, you think that our taxation system can be strategically re-tuned without pissing off one of those vestedinterestswhicharetheeconomy ?

  6. Whilst I agree with some of the message; over-taxed, nation in debt, uncompetitive, not SME-friendly, etc. it sticks in the craw to have it delivered by La Reinhardt.

    There’s a reason why she’s not used as a reference for innovation, entrepeneurship or wealth-creation; she’s wealthy by the route most frequently travelled, that is, being born in to it.

    It feels like this country is governed and managed entirely by cartoon characters; the profligate and incompetent policitcal class and the vested interest magnate class.

    • The being born into it is pretty exaggerated in the popular eye. She inherited approx $60m and is now worth $19b.

      • WAS worth $19 billion, getting damned close to half that now.

        And you are greatly exagerating her achievements too.

        I’m not sure where the $60 million comes from, but she inherited iron ore tenements that soared in value as China went on its binge. Little skill in lifting that value into the billions.

        It really wasn’t difficult to flog of rights in return for cash under those conditions.

        The test for any business hot-shot over the next few years is how they surive the difficult times.

        • Correct. Nobody outside knows how much is owed. If its all debt financed Gina might not stay uber wealthy. Interesting times.

      • Probably a fair point but not going badly wrong with $60m of mining assets at the start of a 20 year mining boom isn’t exactly genius, either.

        But my point is, the debate in this country is just extremes; unreconstructed socialism vs. vested interest.

        Meanwhile, you and I are subsidising Holden who can’t even make a car that can compete with imports that have a 55% handicap.

      • She inherited the mining rights (and land rights (stations) ) which are pure state welfare (she did not put the ore into earth isnt it), they were worth $60M with a $10 ore and much much more nowadays.

        Without these handouts by the states, she would be nothing .

      • I think if anyone inherited $60million in 1992, and a vast swath of mining leases, they would do pretty well simply by having their assets inflate in line with the rest of the market. Also, her estimated $19bill current wealth is mostly hot air, speculation and exaggeration (especially considering it was a mere $1billion just a few years ago).

        I personally don’t think this point is exaggerated, and in fact, would say the opposite is more typically the case.

    • Tourism: Gina loves Western Australia and the North West, probably do a whole lot better than Tourism WA.

      Manufacturing: A savvy operator, probably offshore like most everything else we purchase.

      • Quit slacking off 3d, there’s still a few negative comments about Gina here that you haven’t responded to yet.

      • In continuing to hold you to account for the rubbish that you write:

        ” Gina loves Western Australia and the North West, probably do a whole lot better than Tourism WA.”

        Where do you come up with this stuff and how on earth do you think you can justify it? Simply more unfounded speculation on the ability of your paymaster.

    • Gillard’s controller decide this week is ‘Education week’, therefore every speech she makes, regardless of venue or audience, will be about education. She needs a better speech writer, I would love to hear her say : “if iron ore prices goes down to $50, I may as well give this speech in Mandarin”.

      As to Ginehart, she grossly overestimated her own charisma. In terms of media performance, she is no Kerry Packer.

  7. Exploration license Applicants Palmer, Reinhart, Tinkler and Casino boss Packer… LOL

    Are they Australian’s best examples of the nations future captains of industry? If so we’re going down like Palmers Titanic II.

    Where the hell is the high growth local TECH industry? Locked up in CSIRO and UNI labs uncommercialized???

    The 3 examples above really makes OZ look like the dumb country.

    • Not at all. It is the curious rather inward looking focus on some individuals the media in this country has combined with discomfort around issues of wealth. Our alleged egalitarian nature perhaps?

    • Tech talents are heading to the US in hordes, if not already done so.
      Three of my friends got picked up by Amazon, MS, and Twitter in the last three months alone.

      • Can add a little anecdotal support to this. A friend of mine has just been picked up by Google and will be leaving for the US in a few weeks, and his offered package is really making me re-think whether I want to stay in Australia or not 🙂

    • Ah yes, she appears to be echoing the resident Cyberpath who also thinks the masses in Africa are so lucky because mining has doubled their income from $1 to $2 a day.

      Sociopaths the lot of them.

        • It was this trait of sociopaths that got me thinking Minebot was a Cyberpath.

          “Always charming and beguilingly plausible”

          Then there is all this too:

          “Excels at deception (this must never be underestimated, but always is)
          Excels at evasion of accountability
          Is extremely and successfully manipulative of people’s perceptions and emotions.”

          Of course we only see the one as epct of the persona, but these are perfectly clear trats and great for “its” job.

          The this part fits Gina too, Think about how she has gone to great lengths to deny her children their rightful inheritance.

          “Is adept at appropriating rules, regulations, procedures and law to manipulate, control and punish accusers regardless of relevance, logic, facts or consequences persists in and pursues vindictive vendettas using self-evidently false evidence or information.”

          • Completely off topic (sorry mods), but your character trait checklist matches Mr. Lance Armstrong as well. (Now that he’s no longer untouchable there are some who were previously muzzled by intimidation speaking out against him. Fascinating stuff.)

  8. Well I never, you mean we are going to have to reduce our wages to compete with overseas labor, but haven’t economists been telling us for the last 30 years that globalisation and free trade is good for developed countries, I guess it was good while we continued to take on debt to finance overconsumption.

    • Yeah like somebody slipped a mask of Wayne Swans on an African $1 bot named ‘ok1d’,a remote controlled rail driven drink-sever that seams lost sense,hit a media lead and spiltt Gina’s drink in her lap amongst other gyrations in thoughts ..pitch elevated.aar-ah
      but don’t worry Ben..n I see another-way and I knew you’d pick-up on the tab ,where’s your card#..We’ll start taking orders soon,Cheers Benny

  9. I’m sorry but I can’t tolerate more than a few seconds. That voice! Does she say anything particularly offensive?

    I think its important that Australians see as much as possible of our mining magnates, particularly Gina, Clive and Nathan. Ten minutes of Gina speaking does more damage to the image of mining sector than a year’s worth of reports from the Australia Institute.