The Price is right for Rinehart; Comeback Costello’s hot property
What does Gina Rinehart love more than a dry metric tonne of iron ore? No, not the Australian swimming team (when they’re winning medals) and no, not even a gigantic bulk carrier named in her honour.
But someone who’s certainly captured the affections of Dr Rinehart, as she recently began calling herself, is Senator Jacinta Nampijinpa Price, whose star clearly twinkles in the eyes of the shrewd billionaire.
Australia’s wealthiest individual lavished extraordinary praise on the Coalition’s indigenous affairs spokeswoman during a prerecorded video address played at the Institute of Public Affairs’ annual dinner on Thursday night.
Margin Call’s field assets seated in the RACV club in Melbourne tell us that Rinehart, speaking in front of a roaring fireplace, freewheeled for almost 40 minutes on Price and an array of topics all geared towards Making Australia Great Again.
The Australian Defence Force, she insisted, must move to Darwin along with the Department of Defence, and the city itself should receive tax-exempt status.
There was mockery of clean energy investment and fellow billionaire Andrew Forrest for his extraordinary spending on green hydrogen.
As Rinehart spoke, Johannes Leak cartoons flashed on to the screen to poke fun at the Fortescue chairman. Clearly their beef (Forrest and Rinehart’s) continues apace.
What else?
City people, Rinehart said, complained too much about climate change because they were unfamiliar with the concept of “heat”, unlike “country people”, she pointed out, who were accustomed to the kiln-like conditions of the West Australian desert.
Younger observers in the audience of 375 (and there weren’t many) groaned at the boomer energy of it all.
But Price, she said, was an unquestionable talent, with Rinehart introducing the Senator onto the stage and even suggesting that she be named deputy leader of the Nationals.
What that means for Perin Davey is anyone’s guess.
Notable attendees included former prime minister Tony Abbott, who interviewed former Donald Trump chief of staff Mick Mulvaney (and both briefly found themselves disagreeing on funding for Ukraine).
Warren Mundine also attended, and there was a surprise appearance from AFL wag Rebecca Judd, a fish out of water in a room full of salamanders.
But who knows? This might just be Judd’s way of dipping a toe in the waters of conservative politics.
Costello comeback
In the wake of a horror culture report in a company you used to oversee, how long would you keep out of the public eye? For former Nine Entertainment chairman Peter Costello, about a week.
Along with a golf day, property tours for the white shoe brigade, real estate market updates and the inevitable panel on plugging the benefits of adopting AI, the Property Council of Australia’s annual bash features former treasurer Costello as its keynote speaker.
It will be Costello’s first public appearance since the former Nine Entertainment chairman stepped down after chortling over shoulder-barging a reporter from this newspaper.
Costello, according to the program, will be sharing his thoughts on “the global economy and the big issues facing business today”.
High among those, you could wonder, might be culture issues. Which makes the timing of Costello’s speech fascinating, given this week’s release of Nine’s horror culture report, which detailed the rotten core of Nine’s workplace – all on Costello’s watch, in his eight years as chairman.
The report, as a reminder, details allegations of bullying, sexual harassment, abuse of power, discrimination and cover-ups – with 30 per cent of staff that contributed saying they’d been the victim of sexual harassment, and 57 per cent saying they’d experienced bullying, discrimination or harassment.
Which makes the decision to put Costello on the top of the roster a fascinating decision for an organisation that has promoted “Male Champions of Change” in the industry, pushed for a minimum 40 per cent of women in management roles in the sector, and even gone as far as to promote pledges to not turn up to conferences that don’t have gender balance on panels. The roster for the Property Congress, as an aside – 12 women on a list of 29 speakers, or 41 per cent. Close, but no cigar.
Asked about the decision on Friday, the Property Council confirmed Costello’s appearance.
“We look forward to having the former treasurer share his economic and political insights, as well as our delegates having the opportunity to put questions to him from the audience,” said a spokeswoman. Fascinating to see if any former Nine employees turn up to take advantage of the invitation.
Shake it up
Spotted! Zip Co founder Larry Diamond loitering with a pal outside Bunnings in Sydney’s Rose Bay on Friday afternoon. Arriving early for the weekend sausage sizzle? Doubtful.
Diamond appeared to be receiving informal lessons from said mate on how to vigorously shake a palm branch and a citron fruit. For anyone unfamiliar with this ritual of the Jewish faith, one brandishes the lemon-like fruit and willowy tree branches and joggles them as a symbol of exuberant gratitude and thanksgiving. And Diamond has enough to be thankful for, his share value in Zip growing 970 per cent to $150m over the past 12 months.
ING capital sues 777
More trouble for Melbourne Victory part-owner 777 Partners, as ING Capital adds to the tidal wave of lawsuits facing the US private investment firm.
The troubled investment firm is reportedly selling all of its football club interests after the British High Court issued a winding-up order over its operations in the country. While it only owns a 20 per cent stake in Victory, courtesy of a 2022 investment deal, 777 also has interests in European clubs including Genoa, Hertha Berlin, Vasco da Gama, Red Star Paris, and Standard Liege.
The pressure on those sales will lift again after ING added to 777’s legal woes in the US, launching a $US28m suit this week alleging the investment firm committed fraud when taking out a loan in 2022 – coincidentally around the time it was negotiating an investment deal with Victory.
The sum is paltry in the scheme of 777’s legal woes – it is also facing a $US350m suit from its other lenders, who allege the company pledged assets it did not own, were already promised to someone else, or simply did not exist. The investment firm is also facing plenty of scrutiny locally for its role in the failure of discount airline Bonza.
But still, even though Melbourne Victory has long said 777’s troubles are not an issue for the club, given it is only a minority investor, the all-but inevitable collapse of the group could put that stake on the market at a tricky time for sports investment in Australia.
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