MENU

BHP chief: Don’t pick on the rich

Would Australians feel better if its richest people left the country and took their investments elsewhere?

It shouldn’t, according to BHP Billiton’s (ASX: BHP) chairman Jac Nasser, who has come out in support of mining billionaires Gina Rinehart and Fortescue Metal Group’s (ASX: FMG) Andrew ‘Twiggy’ Forrest, against attacks from Federal Treasurer, Wayne Swan. Even billionaire Clive Palmer has been singled out for criticism by the treasurer.

According to a report in today’s Australian Financial Review, Mr Nasser said that he was disappointed by the divisive comments, which, he said was trying to pit the poor against the rich and divide the push the company towards class warfare.

He went on to say that Australians should be congratulating and looking up to people who build and create growth and wealth, rather than discouraging wealth creation.

He might have a point when you consider the amount of jobs and wealth that Australian billionaires have created, not just for themselves but all Australians. Consider the number of people that are currently, and historically, employed by companies like Fortescue, Ms Rinehart’s Hancock Prospecting, as well as James Packer’s Crown Limited (ASX: CWN), and Consolidated Media Holdings Limited (ASX: CMJ), or Frank Lowy’s Westfield Group (ASX: WDC).

Where would our superannuation funds be, if not for some of our largest companies being driven by those very same billionaires? Likewise, how well would our economy be doing, if not for the decisions of those very same people to take the risk of investing huge amounts of capital within Australia?

Mr Nasser went on to say that he was disappointed that current debate centred around penalising success instead of trying to enhance it. Political leaders had missed opportunities to engage with industry and develop long-term goals and stable frameworks to promote investment, he said.

He also suggested that the current fall in commodity prices should be a wake-up call for everybody, that the resources industry was cyclical, and commodities couldn’t stay high forever.

If you’re in the market for some high yielding ASX shares, look no further than our “Secure Your Future with 3 Rock-Solid Dividend Stocks” report. In this free report, we’ve put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

More reading

Motley Fool writer/analyst Mike King owns shares in BHP. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.