Statement from Andrew Forrest

May 21, 2015

“It appears the intense lobbying and wishes of the multinational mining giants has prevented a formal inquiry into the iron ore industry. 

This denies the Australian people the opportunity to a shine light on the iron ore industry and to understand whether it has been operating as an open market in which producers act to maximise the value of the resource for our nation. 

I understand the intensity of the hysterical lobbying by the multinationals has been unprecedented. It has to be asked, what could there be to hide to unleash such intense activity? 

Like free markets, transparency is good for business. So why work against the transparency a formal inquiry would bring? 

I will continue to bring issue to the attention of the Australian people. People need to know the circumstances that led to the collapse in the price of iron ore, the loss of thousands of jobs, the shutdown of companies and the loss of billions of dollars from State and Federal budgets. 

My view is the threat of oversupply, or self-harm by Australia in a market it dominates, is the biggest factor. I’m not looking for government intervention in the market, I’m looking for transparency. 

Those that paint me as an interventionist know the iron ore industry is an oligopoly in which each of the big players wield more market power than Saudi Arabia in oil. 
The question just has to be asked, what is there to be afraid of?”

Andrew Forrest, Chairman