The BHP example is exactly why you don't want govt investing in these sectors that involve both risk and expertise. When it's private capital a LOT more care is taken and it still goes wrong often.
Imagine the Andrews govt investing in biotechs ....
- they started out by spending $1.2B to not build a road
- they spent nearly $1B on airport rail only to can it
- they spent $600m on the Commonwealth games only to can it
- the list goes on
Imagine how much they'd waste chasing the next wonder drugs, it makes me shudder just thinking about that!
The BHP example is exactly why you don't want govt investing in...
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