Our cupboard will be bare

Well, it seems QANTAS will eventually be devoured by an overseas airline (see http://wwwprlab.com.au). Hot on the heels of that comes two announcements that sell off more Aussie assets.

The Chinese government-owned Chinalco has been given to go-ahead by our government to buy 11 per cent of Rio Tinto. Yesterday, Japanese brewer National Foods (owned by Kirin Brewing) bought Dairy Farmers for $910 million.

It doesn’t matter what country buys these Australian icons. It’s the fact that we seem to be selling assets left right and centre. It’s a bit like chopping down the trees and draining the Murray River for irrigation.

What happens when there’s nothing left?

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