Michael Pascoe had a great article published today (What Campbell can’t do) that begins with a fascinating story and contains an observation about the resources boom that I fully agree with:
In suburban Brisbane last week the world’s largest industrial auctioneer conducted its biggest ever single-day auction of heavy equipment.
More than $52 million was paid for more than a 1,000 items ranging from used forklifts to a brand new Caterpillar D9T bulldozer, a snip at $1.02 million.
The auction by Canadian-owned Ritchie Bros Auctioneers was on behalf of more than 140 sellers with the equipment sourced locally and from overseas. Much of it had been imported by traders from Europe – there’s plenty of excess capital equipment there at present and a shortage here, as demonstrated by auction prices beating Ritchie’s expectations…
…The auction was a small indication of the extent of a resources and capital investment boom that most Australians still don’t quite comprehend – a boom that is still building and is yet to fully filter through to other parts of the economy.