BHP gives Barnett the finger, page-22

Without entering into any argument with you over the degree to which the profits from mineral extraction should be socialised and shared, I do take issue with the notion that it is the correction in the price of iron ore that has caused the so called "fiscal crisis". The fiscal crises has come about because of the largesse of government spending on the back of a cyclical boom. This spending was not once off spending but structurally embedded such as the very generous increase in asset test limits for age pensions, superannuation tax rates, family benefits and all the other middle class welfare introduced during the Howard/Costello years. Even when the superannuation reforms were being introduced the industry was acknowledging that they were unsustainable. Furthermore, when the iron ore price was still sky high a year ago and the year before and the year before, was the government able to balance the budget then?