Gttrain, no but just pointing out Labor should have not been so trigger happy to tax the miners at higher rates as we are now heading into a troubled period for this sector.
The ultimate collapse rests firmly on current management if you ask me, the excuse of we inherited these contracts also holds no weight as once in charge they are responsible.
If they had reviewed the projects 12 months ago they may have seen issues, not acquired taggart and taken a small hit to profit to stabalise matters etc.
It is bad for workers but they are paid large contract wages in many cases so this is an inherit risk for them in this industry, hopefully they saved for a rainy day.
The large majority of them will be re employed in the short term to finish these contracts off I would think. It could be tough going forward though for many people in this sector. But lets not forget many people jumped into the mining gravy train and left other jobs and skills behind so they may need to turn back to this and seek alternate employment, or perhaps go to uni which they may have avoided in order to obtain higher wages at the time.
I do hope for the best for all affected but also recommend planning for these scenarios and emphasise there are always alternatives and solutions out there for the hard working individuals.
The economy is going through a re balance and unfortunately it will be painful for some but we have seen this in the finance industry through the GFC. Unfortunately we aren't a communist society so we have to accept the free market in good and the bad.
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Not Held
