The $2.5B bail-out of Rio Tinto’s Tomago smelter is but one in the recent spate of billion-dollar government rescue packages for highly profitable corporations.
There is strong justification for these given the demands of the Energy Transition but today we look at the hypocrisy of ‘free markets’ and capitalism, hypocrisy which ramped up during the GFC then went into overdrive during Covid.
The question is: is there a policy, a plan to it all. Does the ‘jobs’ argument stack up? Why do governments simply hand over cash when they could take equity and get value for the public?
#nationalisation #auspol #riotinto #capitalism #bailouts
Corporate bail-out epidemic. Rich-profits Rio nabs $2.5B in second rescue
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Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.
