Stunning beauty Gina Rinehart’s decision to buy into Channel 10 came as a bit of a surprise to many. Personally, I was surprised that she actually put her hand in her purse. This $9 billion baby who doesn’t like paying taxes was quite happy to fork out a lazy $150 million for shares in a struggling television station. On the surface it didn’t look like a good investment. Until I understood the motive. Melbourne sage, Andrew Bolt gave me the hint.
I can’t disclose just why I suspect that, but read for yourself a clue in the terse statement put out by Rinehart’s Hancock Prospecting on Monday: “Our company group is interested in making an investment towards the media business given its importance to the nation’s future and has selected Channel 10 for this investment.”
Rinehart is on a mission. Channel 10 is just the vehicle.
Terse, Andrew? Perhaps it is and a signal that media is only important to a nation’s future if you have the capacity to control that future. Andrew himself ponders:
I have no idea what Rinehart hopes now to do to Ten, if anything.
Really, Andrew? Perhaps you should read the rest of your article:
WA loses a third of the GST it’s entitled to for its size because the rest of Australia considers it’s rich enough from mining and other states must have that money instead. And so WA mines pay for services to Greens voters in Sydney and Melbourne.
Now the Gillard Government is hungry for even more, hitting miners with a new Mineral Resources Rent Tax, most of it to be ripped out of the West.
Rinehart this month tried to sound the alarm when opening a new Queensland coal mine in front of an audience that included Resources Minister Martin Ferguson.
“We must never forget, that there is a world of minerals outside Australia, and so we must be cost competitive.”
Indeed, 300 Australian companies were now investing in West Africa:
“This needs to be addressed in the interests of our country and our future.”
Not a single newspaper or television station reported her warning, or checked to see what the problem was.
But now Rinehart may hope that next time one will.
Bingo. Gina’s media foray, at whatever cost, is purely a vehicle in which to tell the mums and dads that by removing the Labor Government this country will be much better off because she won’t have to pay more tax. In the last 12 months this struggling waif’s personal wealth increased by $7 billion. That’s $800,000 a day. With that sort of money she can buy people. And she can buy opinion. And she can buy change. And she can buy political protection:
As media and business commentator (and Crikey founder) Stephen Mayne tweeted . . . the debate over the resources tax has politicised the mining community, and particularly Rinehart and fellow billionaire Andrew Forrest. Mayne argues that by buying into Ten, Rinehart is getting “political protection.
And who better to provide that political protection than Andrew Bolt. For $150 million Andrew might be able to save her a little bit of tax. Either way, I’m confident her personal wealth won’t take much of a battering over the next 12 months.
And for those Café readers who want another glimpse of Gina’s beauty, click here.