I have known Lang Hancock’s grandson, John Hancock @john05970496, for years—as a friend, and as an investor. He told me this story a long time ago. I have been thinking about it today.
In 1960, a government geologist looked at the Pilbara and wrote, in effect, that Australia was running out of iron. There was some ore, he allowed, but not enough even for the country's small steel industry. Exporting it would be reckless. Canberra agreed. The ore was embargoed.
Lang Hancock spent the 1950s and the first half of the 1960s asking for permission to sell overseas. The answer was no. The analysis, it turned out, was off by tens of billions of tonnes.
The ban came off in the mid-1960s, after nearly two decades of lobbying. What Hancock did next never appears in the white papers. He found the money. He hustled for the customers. He assembled the geologists and the engineers, and the trucking men who followed the ore.
Last year that ore was worth $126 billion. Add the wages, the ports, the rail, the contractors, the shops in towns that exist because the trains still run, and you are looking at something like 450,000 jobs and more than $30 billion a year in tax not to mention the retirement system reaps the investment returns today from iron ore. That is one of the reasons Australia is a rich country.
A country that wants the next Hancock does not write tax rules that treat a wager as a moral failing. The latest CGT proposals do exactly that. They discourage the bet that creates the mine, the plant and the payroll. That is not the thinking that turned a bad embargo into a national fortune.
Prosperity is not a natural resource. It is what happens when someone is allowed to find one. We have no trouble holding our sporting stars in high regard. We should do the same for our entrepreneurs.
Bill Gates “saved” Africa… by DESTROYING their food supply 🚨
Forrest Galante: “I’m going to go on a f-ing rant here.
They gave millions of mosquito nets out to all these people to avoid malaria. Guess what the people who are starving to death did with their mosquito nets. They fished with them.
Mosquito net has a hole that is so small that a mosquito can’t get through. So guess what? These mosquito nets now indiscriminately catch tiny baby fish in areas like Cahora Bassa where the fish go to breed and reproduce and populate. So now all of a sudden you have thousands and thousands of people that have been handed nets that have been living one way for hundreds of thousands of years. They don’t give a shit about malaria.
Bill and Melinda Gates Foundation come in, hand out millions of mosquito nets, absolutely collapse the entire population of fish that feed millions of people because these people just take the nets and fish all the baby fish out so that those fish don’t grow up to make substantial protein sources. So now these wonderful philanthropists that have given out millions of nets have destroyed an ecosystem, crashed a fish population, and created widespread hunger for people that otherwise had plenty of resources. All because they were trying to help with their mosquito nets.
They’ve taken such a rich and important part of Africa, one of the most abundant freshwater fisheries in the world, and destroyed it because they’re ‘helping’ by handing out mosquito nets.
And they’re still giving out mosquito nets, by the way. And you literally watch these guys line up, take a mosquito net, and it never goes in their house. It goes straight to catching fish for them to eat.”
$866 million. Hidden from the Senate, and there’s more
$866 million. That’s the real cost of the BOM’s tech overhaul. For years nobody could get the figure out of them. “Cabinet-in-confidence.”
The only reason you heard about the $96.5 million website is because it was such a dud the new boss had to front up and admit it. The old site did the job. Farmers checked it every morning. So did truckies, fishos, your nan. Didn’t matter.
Accenture’s original contract was $31 million. It got extended nine times. No new tender. It ended up at $78 million.
And why were consultants running the whole show? Because Canberra put a cap on public service numbers, then had to pay consultants to do the work anyway. The cap came in under the Coalition. The blowout happened under Labor. Nobody’s hands are clean here.
So the firm delivers a dud. What happens next? More work. A $17 million Defence deal. A $30 million AEC contract. And $15.7 million to build another government website. Meanwhile CSIRO is sacking hundreds of scientists because apparently there’s no money.
The Minister told Senate estimates this shows we need “greater oversight of consultants.” Then his own agencies went and signed the new deals anyway.
Stuff up at your job and see if you get $170 million worth of new work out of it.
None of it is illegal. That’s the problem.
What’s your Thoughts…?
Peter Lyndon-James 🇦🇺
Sources:
- BOM CEO Senate Estimates opening statement; Australia Institute via The New Daily; Canberra Times/AusTender; Senate Estimates Dec 2025; 2GB ($170m figure).