Governor Linda Dessau keeps flight waiting; Andrew Forrest faces some rocky questions

Victorian Governor Linda Dessau with Premier Daniel Andrews at a ceremony at Government House. Picture: NCA NewsWire / David Crosling

Passengers attempting to board a Qantas flight out of Melbourne on Wednesday morning were once again subjected to a rude disruption – nothing new for the national carrier these days. That is, however, with the exception of one notable business class flyer.

Margin Call has learned Victorian Governor Linda Dessau requested that Qantas staff permit her to pre-board flight QF1518 to Canberra ahead of all others.

Exactly why this was necessary isn’t clear, but the request was approved – and yet for some reason Dessau still didn’t turn up from the Chairman’s Lounge when it was time to leave.

One would think the appropriate action would have been to allow the huddled masses in the terminal to simply get on the plane, as some Qantas staff ­insisted.

However, they were overruled by superiors, who insisted everyone stay off the red carpet and wait for the governor to walk on first.

Margin Call understands there was an audible argument among the staff and at least one call was made to the Chairman’s Lounge requesting Dessau’s ­urgent attendance.

A Qantas employee was overheard saying: “I called the Chairman’s Lounge a long time ago but she just isn’t coming.”

We’re told the delay was not down to anything sinister. No histrionics or hefting of status, instead it was due to Dessau somehow getting lost in the terminal on the way to the gate.

Quite an unusual lapse for a distinguished former judge, whose term as the King’s representative will expire around mid-2023.

The plane eventually pushed back from the gate 14 minutes later than scheduled. With taxiing and queuing on the runway, the takeoff blew out by another 15 minutes. Qantas declined to comment and we never heard back from the Governor.

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Rocky questions

Imagine daring to ask the emperor if he’s wearing any clothes?

That’s what Shaw and Partners’ research chief Peter ‘Rocky’ O’Connor attempted while humbly beseeching Andrew ‘Twiggy’ Forrest for a few morsels of information during an investor call on Tuesday.

Perhaps still giddy from a closed-door briefing with the UN Secretary General, Forrest revealed plans that day to sprinkle fairy dust all over Fortescue Metals as part of a decarbonisation strategy to switch fossil fuels for clean energy replacements. The total cost is estimated at $US6.2bn ($9.3bn).

Fortescue Metals Group founder Andrew Forrest. Picture: NCA NewsWire / Martin Ollman

Accompanying the announcement was 16 pages of coloured graphs and arrows pointing up and to the right, as well as an ASX statement strongly implying that governments all over the world were supportive of Fortescue’s vision, and hungry for its attention to green-up their economies.

O’Connor, cautiously, asked Forrest how many governments had confirmed their support, and whether any had done so in writing. One might call this a proof of life request, a wrangling of Twiggy’s grand and fantastical pronouncements.

“Rocky, you’ve got to give up being an analyst, you sound like a lawyer,” said Forrest, already bristling with irritation. “Mate, we hold high level discussions of course with the European Union, the German government, the French government, and we are aware that money is flowing out as I speak, Rocky.”

See? Cheque’s already in the mail, apparently. But the barrage – the wrath – didn’t stop.

“Now, Rocky, would you like a piece of paper from the EU? Forget it mate. You’ll have to take it that I have spent the last three years of my life on the road speaking to governments all over the world.”

That’s the thing about this billionaire: he’s a rambler and a gambler, and there’s always that requirement to take him and his magic beans, his fabulous visions, at their word. Don’t ask for any proof, it just ruins the illusion.

Which is probably why O’Connor copped another face full of sneer when he asked if any documents could back-up the claim that Fortescue’s decarbonisation will support higher price/earnings ratios, as the company claims. Once again, Twiggy got triggered.

“Yes, well Rocky what do you reckon mate? People like you just buy mining stocks and pay a lousy five to six multiple,” Forrest said. “I mean honestly, that’s not worth getting out of bed for. You go to a green energy company mate, and they pay 19 to 20 times plus … we’re already seeing institutions tell us they’re going to increase their positions, Rocky.”

 

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Josh’s new entity

BGA Consulting is the name of Josh Frydenberg’s newly established vehicle – named after his children, Blake and Gemma, and wife Amie.

Former treasurer Josh Frydenberg with daughter Emma. Picture: Mike Batterham

It was set up just four days ahead of his appointment by Goldman Sachs Australia to a position of senior adviser for the Asia-Pacific region, a role for which he works about four days a week.

Not such a rough landing for the former treasurer, considering the rush on jobs being had by a legion of his former colleagues, two of whom are said to have gone hat in hand to Macquarie Bank looking for work.

Sadly, no announcements from the millionaires factory about any prospective recruits just yet.

Frydenberg is sole director and secretary of BGA Consulting. We’re told this allows him to work for other clients, if he wants, although the difference between the company tax rate and the top personal tax rate isn’t lost on Margin Call either.