Extraordinary prices and China’s insatiable demand have combined to make iron ore Australia’s new glamour export. And Tuesday night’s federal budget will reveal the industry is also pouring record amounts into government coffers.

Yet it’s hard to believe that a ban on ore exports had applied until 1960. The reason? The Menzies government’s policy that limited proven reserves should be saved for domestic use. The ban was eased only after a sustained campaign by four visionaries convinced that reserves were plentiful.