ANZ boss blames miners for iron ore crash [IMG]AAP – 4 hours ago...

ANZ boss blames miners for iron ore crash

AAP – 4 hours ago

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ANZ boss Mike Smith says mining companies are to blame for the collapse in iron ore prices.
The value of the steel making commodity has dived in the past year and recently hit its lowest level in a decade, cutting government revenue and forcing miners to slash jobs and other costs.
But the ANZ chief executive says prices were never going to remain at high levels.
"In many ways, this is sort of self inflicted," he told a Bloomberg business lunch.
"Is it any surprise that commodity prices have dropped with the sheer amount of supply?"
Mr Smith also called on businesses to accept slower economic growth was a new normal, along with political instability in the age of social media.
"These are issues that are not easy to deal with and we as business people just have to understand that that is the way it is, and frankly, we just have to get on with it," he said.
Mr Smith declined to criticise Prime Minister Tony Abbott for ditching a planned cut to company tax.
"We can complain about all these things and changes and 'this is going to happen, and this was promised and that wasn't'," he said.
Despite weak consumer and business confidence, Mr Smith said there is still reasons to be upbeat about Australia's economy.
It is shifting away from a resources-led relationship with Asia, and China is set to become the largest source of foreign investment by 2030, he said.
"Business needs to lift its sights and talk up the Australian economy," he said.
NSW Treasurer Gladys Berejiklian and ANZ chairman David Gonski were in the audience.