“[Henry] came up with an approach to rent that was theoretically elegant, but no one understood it. And he hadn’t talked to me beforehand.”
Still, its failure – assured by ferocious pus-back from the mining industry – was a tragedy. “If we’d done it, we’d be getting more than a hundred billion dollars a year. We’d be getting more than a billion dollars a year in revenue from the mining industry. And we could have even bigger submarines.”, aimed at taking the fiscal stick to companies earning economic rents without investing or innovating.
“They just sit on their laurels and earn big money year after year; think Rio Tinto or Qantas or Westpac,” Garnaut mused. And that leads to big wages for executives (such as
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