Kevin O'Lemon was about to go on a bit of a holiday, ostensibly to attend the G20 summit in Toronto, when, after just 941 days in office, he was tapped on the shoulder and told to make room for Australia's 27th Prime Minister, Julia Gillard, the member for David Jones. Julia will be sworn in this morning as Australia's first Prime Minister by Australia's first female Governor-General. What a historic day! (or should that be a herstoric day?)
The challenge to Kevin Rudd's leadership filtered through to UK-listed mining stocks overnight, with investors hopeful that any change would see a revision of the planned utopian Resource Super Profits Tax (RSPT), probably the dumbest political move since Chifley tried to nationalise the banks 60-odd years ago. Mr Rudd is considered the driving force behind the planned 40 per cent tax on mining profits, and the big mining companies would see any challenge to his position as positive news.
(The Treasury Secretary who came up with the RSPT in the first place has since suggested that it should be extended to all industries, especially banks and retailers. I think there are three possibilities here: Ken Henry is either politically dumb, gone completely mad or he is a secret admirer of opposition leader Tony Abbott.)
I've sent Julia a congratulatory email in which I urge her to consign the RSPT and Treasury Secretary Henry to the history books.
You should do it too!
Well, they've changed the captain but not the sinking ship! Different salesman, same dud product! Bring on the elections!
On local news, a beertruck overturned 10 km north of Ulladulla, completely blocking the Princes Highway. A large number of helpers have turned up. The police are rushing a truckload of potato chips and peanuts to the scene. The driver is fine but a lot of beer has perished.
