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Dirty Business:How Mining Made Australia -

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(generated from captions) I started out on the Atlantic coast
wanting to discover

that that younger Oseberg woman
came from so far away is the beginning
of a whole new story. After thousands of years,
the Age of Vikings had begun. No borders or boundaries
could contain them, and the oceans and rivers
gave them unlimited access

throughout the known world

of unimaginable riches.
Beneath our feet is a treasure trove

than precious minerals
But this story is about much more

the lives of us all
For 150 years, mining has changed

and extraordinary ways.
in unexpected

and thirty people are lying dead.
The stockade is taken

of Australian democracy.
They were the shock troops

toppled Prime Ministers.
But mining has also

is to deliver a profit
Their only job

the whole world down with them,
and if that means they bring

Aboriginal peoples' land away.
It's wrenched

that offers the First Australians

of the mining industry
is the transformation

to the major investors
from the pillagers

from financial ruin
It's saved Australia

in the most unpredictable ways.
and made people rich

between mining and prostitution.
There's always been a link

as the promise for the men:
The promise for them was the same

over who gets the money.
ignites raging clashes

you know, "Get out".
The police came and they told us,

and they're going to burn houses."
"They're going to come

is a battleground
Mining's rich history

the nation.
that has divided, and yet forged,

of our lives.
It has an effect upon every aspect

is Australia's story.
So the story of mining

of Melbourne
and the small colonial town

start scratching at it.
It's very heavy, but you somehow

to have some.
You want

magic allure about it,
It does have a certain

in the 19th century,
and particularly to people

suddenly rich, and it was legal.
because it was a way of getting

through the streets of Melbourne
Word of mouth runs

there's wealth to be made,
that there's gold to be found,

who can get to the diggings
and it's within the reach of anyone

downed tools, left their jobs,
Hundreds, thousands of people

and headed up country.
left their families

on blankets,
There's a premium on wheelbarrows,

to take to the diggings.
on all sorts of paraphernalia

to Diggers Rest
By the time they get out

now unwanted paraphernalia of mining
the tracks are littered with the

all their encumbrances
as people throw away

the diggings as soon as possible.
simply in an attempt to get to

in New South Wales.
Gold has already been found

in the world
But the wealthiest goldfields

of Melbourne.
are within one hundred miles

just inches from the surface,
The precious metal lies

the thousands who come here
and in their fervour to get rich,

like a battlefield.
tear at the earth, leaving it scarred

first mining boom,
This is Australia's

to grab the riches has begun.
and the long fight

like this,
If you arrived on a goldfield

looked like to be the best spot.
you would look around and see what

it was a bit easier to dig.
and therefore

marked out a claim for yourself
The main thing was that if you

on it.
you had to be actively digging

all these bits of land for yourself
You couldn't just be bagsing

your life overnight.
Gold could absolutely change

to understand,
I think this is really important

being your own master.
It represented

to work for wages anymore.
It represented not having

in your pocket that was important,
So it wasn't just the kind of bucks

and independence
but it was the freedom

lifestyle represented.
that the whole gold-digging

the chance of a golden future,
The fields may offer

is no sure thing.
but striking it rich

on a goldfield
Your chances of getting rich

really on three things,
would have depended

any geological knowledge.
firstly, whether you had

the vast majority of the people
On my reading,

and persevere,
Your ability to work hard

you then had to keep it.
and thirdly, having found something,

not get it stolen from you.
You had to somehow dodge the pubs,

Lots of the people were armed.
There were some brigands around.

those three hurdles,
And so if you survived

and I don't know what the odds are.
you got rich

or something like that.
Probably about one in every hundred

of vast sums of money
but the promise

not seen before or since.
brings a rush of humankind

the fate of the nation,
Mining is shaping

international mass migration
and is now the catalyst for the first

It reaches across the whole world.
Gold is a phenomenal magnet.

and Ireland, as they had before,
People aren't coming from Britain

from North America
but they're coming

even from China.
they're coming from northern Europe,

in Victoria, another five arrive.
For every person already living

will push the population
Within a single decade, the gold boom

growing city in the world.
By 1853, Melbourne is the fastest

that there was simply not enough

new buildings.
So they begin to create

in the central city of Melbourne.
they built a thousand buildings

no more accommodation,
And then when they finally have

of a canvas town, a tent town,
the authorities allow the building

numbers of people who are coming.
just to accommodate the sheer

that powered the migrant ships
The sail cloth

and used as makeshift shelter
is torn down

first modern city.
a vast campsite in Australia's

or favela.
like a third world shanty town

life was pretty grim.
For many people,

if you were on your way to making it
It was exciting if you'd made gold,

and run out of money,
But if you'd come back

a pretty desperate place to be.
then it was

changes the face of a continent.
and mining

will be Chinese,
one in ten Victorians

of all the miners on the goldfields.
and they'll make up a fifth

and very ambitious entrepreneur
One of them is a young,

the Indian Ocean.
operating throughout

to try his hand on the goldfields,
He came over

stayed there for three months
went there,

a lot of money by selling food,
He then decided that he could make

who needed it.
particularly to the people

they wanted rice,
They all wanted tea,

they wanted alcohol.
they wanted opium,

from Asia.
He could provide all those things

and trade needed to sustain it.
Mining is spawning business

is being created.
A new trickle-down economy

of Australia's new wealth,
And in the battle to claim a stake

out to Australia
in bringing Chinese miners

with foodstuffs.
as well as providing them

bring out the men, put them to work,
He realised that he could

and make money all along the way.
provide their food

business people
He became one of the wealthiest

his operations on a colossal scale.
and contemporary accounts regard

into every corner of society.
The mining millions are flowing

in the fields
the gamblers who've enjoyed luck

in Melbourne then as it is now.
Friday night was the night out

it was possibly even wilder,
But in the 1850s

numbers of young men
because you had vastly greater

to spend it.
and there were plenty of places

Cafes, restaurants, theatres,

were available to the young men
the whole range of pleasures

dollars in today's money
Gold worth more than 15 million

to store all the bullion in.
A new treasury is commissioned

growing economy in the world.
Mining has created the fastest

fundamentally? It sure did.
Did gold change Australia

to ask this question:
Gold forces communities

how important are we,
how permanent are we,

in a broader scheme of things?
what's our place

if you've got money coming in,
If you've got gold coming in,

and if we're important,
We're very important

we do need a city with boulevards,
we do need a grand parliament house,

and writers
we do need to attract artists

civilised things because...
and be patrons of cultural,

This is our place in society.
we have arrived.

and shearers
A pastoral land of sheep

country driven by gold.
is changing into a cosmopolitan

and bitter battles.
mining ignites unexpected

the laws of the land
Conflicts that will forge

to the Chinese,
I think the racial hostility

they couldn't participate,
There were political grounds,

were accused of all sorts of vices,
there were moral grounds - they

that they're racially inferior.
There are biological grounds,

for hating the Chinese.
All sorts of grounds

of all those arguments,
But at the bottom

did not have any right
that the Chinese miners

of the country.
to share in the wealth

deserves to cash in on a mining boom
The fundamental question of who

put a head, or poll tax
The Victorian Government

of Chinese a boat could take
They also limited the number

how many Chinese and tonnage.
by putting a ratio between

This was definitely racist

and when one looks at it now,
it was very draconian

that this actually happened.
one says it's hardly believable

the door shut on the Chinese.
Victoria may be slamming

to go to extraordinary lengths
But they are a people willing

of Australia's mining millions.
to win the battle for a cut

sailed here:
more than 15,000 Chinese migrants

in South Australia.
to the tiny fishing village of Robe

to the goldfields,
they walk more than 500 kilometres

immigration authorities.
avoiding the Victorian

great-grandfather, Guey Ling.
One of the men is Ross Linguey's

what was in front of them
My great-grandfather had no idea

and started the march.
when they got off the boat

terribly hard,
The journey would have been

and walking through the...
(a) not knowing where you were going

the scrubland,
the mulga area in Victoria,

that we have.
and basically the bush conditions

the land is very arid and dry,
There's a lot of parts where

a number of wells
and consequently they sunk

coming behind them
so that the people

and his fellow countrymen
But Ross's great-grandfather

and the Chinese
Tensions between the white diggers

about to explode into a race riot.
The fight for the mining money is

These holidays,
I have a few questions for you. Would you rather: Should you:

Too often I see the trauma
when drivers get it wrong.

in today's money
gold worth 18 billion dollars

from Australia's rich earth.
has been dug

the boom times are about to end.
But fears are growing that

in New South Wales
So news of a strike at Lambing Flat

European and Chinese miners.
sparks a rush of desperate

to seize a share of the mining money.
Once again, the battle is on

struggling to keep being miners,
I think for the miners who are

and keep earning money.
They want to stay on the goldfields

of large numbers of Chinese
So they really resent the arrival

for this gold.
who are going to compete with them

has many grounds,
I think racial hatred

about money.
when people are in conflict

As night falls on the 30th of June,

of 3,000 European diggers
an angry mob

one of the most disturbing race riots
Lambing Flat will become

the Chinese off once and for all.
and they're determined to drive

"roll up, roll up, no Chinese".
They have a banner which says

the anti-Chinese cause
so it's directly aligning

democracy cause,
with a sort of Australian

gathering their belongings.
going to the Chinese camps,

and burnt.
The belongings are put in bonfires

their pigtails.
They cut off their hair,

as like trophies,
Sometimes they pin them to flags

They were just on the rampage,

camp to Chinese camp to Chinese camp
They were able to go from Chinese

by whatever means was necessary.
and drive people away

for the police and government troops
It takes two long weeks

they must act.
But the state politicians know

to a race riot provoked by money
Ironically, the solution

at Lambing Flat
The anti-Chinese riot

the government in Sydney.
seriously worried

about the Chinese,
They weren't worried so much

the disorder on the goldfields.
but they were worried about

in the district
There were few troops

about an outbreak of rebellion.
and they were worried

that they engaged in is condemned,
Even though the violence

in terms of immigration
They got restrictive legislation

of the goldfields
and they got a different management

to keep Chinese away
which made it much easier

Restrictions Act
The Chinese Immigration

to the Lambing Flat riot.
is a direct response

and a fight for the mining millions
A conflict between miners

most infamous immigration policies
has sown the seeds for one of the

this was an opportunity
Well the irony is

cultures coming to the one place
through having so many different

a multicultural Australia,
that could have created

to a multicultural Australia.
or was a head start

borne of being in fierce competition
Yet instead, through the conflict

than their white counterparts,
and having the Chinese do better

and xenophobia in Australia
it ended up feeding racism

into the White Australia Policy
that spilled over

in places like Ballarat and Bendigo,
By the mid-1860s,

has all but disappeared.
the surface gold

treasure trove of minerals
But the very fact that Australia's

for a dramatic new era
is the catalyst

for generations to come.
that will have repercussions

has arrived.
The big money mining company

in Victoria, but it dies,
Alluvial mining dies hard

by a different sort of mining,
and it's replaced

mining that needs companies,
mining that needs capital,

a lot of infrastructure,
mining that needs infrastructure,

or the quartz reefs
to get down to the deep leads,

then they started forming companies
so they started forming syndicates,

trading in the shares.
and then they started

is that first of all
What it means

individual prospectors
you have all the

capital versus labour thing
But it doesn't become the classic

are able to invest in the companies.
because a lot of the miners

they're looking for their dividends.
They have their shareholders,

of common purpose.
There was this sense

in the company they're working for,
The diggers can buy shares

of the new corporate wealth.
and get a slice

spring up in mining towns
Local stock exchanges

between mining
The rocky relationship

of being a convict colony.
By that time, we'd broken loose

that we were as opposite as possible
We wanted to prove, I think,

of Australia,
to the regulated beginnings

but you had to be in it to win it.
and yeah, everybody had a chance,

all insider trading, if you like,
It was pretty well

amongst themselves.
because they traded

there'd been a strike over the hill
Some people would know

or something like that,
at Block Number 121

Other people would sell them.
and they'd rush and buy the shares.

when they weren't drinking.
It was what they did

drinking, they had a problem.
If they did it when they were

during the 1880s
The rise and rise of the corporation

gambling become synonymous.
means that mining and stock market

in the world
the richest mining company

by a syndicate of seven guys,
Broken Hill was originally founded

the capital necessary
And so to raise

and assaying the ore,
to keep on testing

in the shares
they had to traffic a bit

in Australia's history
The most expensive card game

the station manager,
which was played between McCullough,

in Broken Hill.
over the price of a 1/14th share

to be 120 pounds or 200 pounds.
And it was whether it was going

of Broken Hill for 120 pounds.
The stranger won, so he got 1/14th

their proposition as a company.
In 1885, the new syndicate float

12 billion dollars.
would be worth around

right across Australia.
and built towns

of the world.
a city that is the envy

of the gold rush generation
But now, the children

and make a killing of their own.
want to get in on this property boom,

want to emulate their fathers.
Many of them, of course,

as well, and some of them do so,
They want to make a pile of gold

but through land speculation.
not through gold,

on the edge of the city,
and making their way to land sales,

the speculators themselves
and in the city itself,

exchange and onto Collins Street,
were spilling out of the stock

and doing deals in the open air.
where they were exchanging paper

of rabid speculation,
But in just a few short years

boom of the 1880s
this mining-inspired

as well at that point,
then mining helped to break it

too much money around
because there was

how to handle it.
and we didn't know

hundred and something years ago
You know, modern parable, but a

and it was a big bust.
we had a version of the GFC

were to happen today,
If the same thing

all the small banks in Australia
that would be equivalent of say

closing their doors and saying
and two of the big four

Whistle for your money."
"You can't get your deposits back.

that would cause in society.
You can imagine the upheaval

bank closures were.
That's how big the 1893

repeated in the years to come,
It's a volatile cycle that will be

sink into deep depression,
But as the eastern states

in this rollercoaster journey
the latest twist

Australia from economic ruin.
Mining's next boom will rescue

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are gripped by recession.
and New South Wales and Victoria

in the east,
But in amongst the misery

the parched earth of Kalgoorlie,
Gold has been found beneath

and the rush is on again.
Australia has a two-speed economy,

of hope and despair.
I think there was a combination

that gold offers,
but there's also that allure

in Fremantle
You either landed

kilometres to Kalgoorlie.
and that meant it was a walk of 600

at the south coast at Esperance,
Or you might have got off

350 or 400,
in which case it was only about

service for those who can afford it,
but there is a kind of stage coach

or they pushed their wheelbarrows.
but most walked

a mate that went with you
The great thing was to find

an accident or fell ill
so if you had

who could look after you.
there was somebody

of thousands from the east,
but they come in their tens

of the new mining money.
desperate to grab a share

not only makes WA rich,
This second great gold rush

it props up a depression-ravaged

first single economy.
Mining is forging Australia's

who came to Western Australia
A lot of the miners

in the eastern colonies
and a lot of industries

to Western Australia.
exported material

a boost,
It not only gave the economy

into a common economy
it helped to integrate Australia

probably one of the greatest things
And that long-term benefit was

with the 90s gold rush.
that happened

has come further than most.
One of those to arrive in the west

will be sitting in the White House.
Within a generation, Herbert Hoover

mining engineer from Iowa
But for now, this 22 year old

the booming goldfields of WA
has plans to run

for maximum profit.
with maximum efficiency

the plan,
Hoover may not have originated

for whom he worked,
but Bewick Moreing,

Australian prospector
rather than rely on the native

Italian labour,
it might be sensible to bring in

and prepared to work for less.
people thought to be more docile

cheap foreign workers come to:
This is where Hoover's

in the Western Australian desert.
the Sons of Gwalia mine, deep

enticed the Chinese,
Almost half a century after gold

American president
mining and a future

of immigration.
have sparked a new wave

a reputation almost as little Italy.
The Sons of Gwalia mine had

up to 70 precent of the workforce
Very early on, really early on,

in these hot,
Those men would have been living

or no comfort whatsoever.
with absolutely no facilities

it rich have all but gone.
The days of the lone digger striking

wages are cut and hours increased.
Under Hoover's regime,

the minerals and the wealth now.
it's the companies who own

They were eking out a living.
There were no rich miners.

never make a fortune,
I mean, underground miners

make a fortune,
and not only do they not

outback conditions.
and living in fairly primitive

of the mining company
It's always in the interests

didn't send home,
The money that they

or gambling.
a lot of the men spent on booze

as their right,
Miners saw drinking beer

the dust underground
and the only thing that would cure

with water.
You certainly couldn't cure it

after work was what you had to do.
So for many men, drinking beer

than good drinking water.
alcohol is easier to find

to support them,
there just wasn't the water

through to basic hygiene.
either for drinking,

for instance.
You couldn't wash your body,

it was that harsh,
People died of thirst,

to die of thirst.
it was not uncommon for people

there's daring.
But in amongst the despair,

mining was the catalyst
In 1898,

and expensive construction schemes
for one of the most ambitious

an extraordinary project.
The pipeline is really

the entire world.
In fact, it fascinated

almost 600 kilometres uphill.
that they can shift water

taken from the reliable sources
The plan was that water could be

in the Darling Scarp
just back of Perth

could carry that water
and a series of pumping stations

and Kalgoorlie.
until it got to Coolgardie

of the annual state budget
is handed the equivalent

attempted anywhere before.
But nothing like this has ever been

of the envelope stuff.
But he did it in the back

to move it 550 kilometres.
He'd say "Right, we've got

77,000 barrels of English

maybe 60,000 pipes
"we'll need, oh,

five million gallons,
"and we've got to move about

of fresh water every day.
"around 20 million litres

looking at that,
And you can understand,

were saying "a scheme of madness".
that people in Western Australia

piece by piece,
But after five long years,

on the 24th of January, 1903,
Until finally,

arrives in Kalgoorlie.
fresh drinking water

have been saved,
The richest goldfields in the world

into the Australian coffers
and can pour money

are still ravenous.
but the diggers of Kalgoorlie

a share of the mining money.
There's a new kind of rush to grab

of Western Australia in the 1890s
Conditions in the goldfields

a sex industry entrepreneur,
were perfect, if you were

without female company,
because you had lots of men there

they're sex starved,
so they're lonely,

of family and polite society
they don't have the constraints

kind of environment,
So it's a frontier

as the promise for the men.
The promise for them was the same

they could make on the goldfields
The earnings that

sometimes 20 times,
were 14 times, at least,

woman's occupation.
if they'd stayed in any other

by sex workers from across the world
Local prostitutes are joined

of the mining money.
who see their chance to claim a share

are particularly prevalent.
Women from Asia

the red light capital of Australia,
Mining has not only established

for the start
but the boom is responsible

about sex trafficking
We're used to thinking

with the late 20th century,
as being something associated

in Australia for a very long time.
but this has been going on

was fairly well organised.
The traffic from Japan

identifying girls,
The syndicates were

smuggling them out,
buying them from their families,

in a very organised way
shipping them around

from their sexual bondage.
and profiting

in good times and bad,
From sex to the share market,

aspect of Australian life
mining has infiltrated almost every

economic disaster of the 20th century
Ironically, even the greatest

for this boom and bust business.
is good news

into depression,
and Australia plummets

that have been declining for 25 years
the goldfields of WA

of gold in Australian terms.
which actually improved the price

actually doubled
This price of gold

and 10 shillings an ounce,
to 8 pounds

a very attractive industry again.
so gold mining was suddenly

the richest square mile
FILM NARRATION: The Golden Mile,

economic and the psychological boost
If it had not been both for the

of the goldfields gave,
that the revival

would have been darker.
and I think the national mood

tensions are mounting
In spite of the new boom,

and Italian immigrants
The low-paid Yugoslav

by a certain Herbert Hoover
first brought in

the white Aussie miners.
are seen as undercutting

for a share of the mining money
the battle between different races

in Australian history.
sparks one of the worst riots

at the Home From Home Hotel
when a fight erupted

and an Anglo-Australian,
between an Italian

floor of the bar and died.
cracked his head on the concrete

rioting', as it was called.
of pretty unrestrained 'anti-dago

Kalgoorlie from Yugoslavia in 1901.
Lazar Radanovich arrived in

for the past 14 years.
He's worked in the local goldmine

go on the rampage.
as the Aussie miners

and pillaged everything.
and everybody rushed forward,

there was an Italian club,
Up the road from there,

an Italian wine saloon.
and then there was

an Italian boarding house.
A couple of doors away there was

and then set a light to them.
They did the same there, pillaged

and they told us, said
The police came

You know, we can't protect you.
"Get out.

or somewhere, wherever you can,
"Just scarper, out in the bush

and burn houses."
"And they're going to come

rioters finally reach their home.
but watch on helplessly as the

and our house.
We could see our street

the big flame going she said
And when my mother saw

and just dropped, you know.
and she sort of screamed

and I saw our house.
And we came back

forgiven them.
And I haven't, either,

of fearsome rioting,
After two long days

100 buildings destroyed
three men are dead,

left homeless.
and 400 southern Europeans

marked the beginning of the end
The Kalgoorlie riots

great mineral discovery
before Australia's next

in the wealth of a nation.
sparks another battle to share

mining magnate have arrived.
The days of the new super-rich


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It's the start of the wet season

by the name of Lang Hancock
and a prospector

the richest discovery so far
is about to make

that in November 1952,
The legend has it

the middle of the Hamersley Ranges,
in the middle of the monsoon, in

Lang Hancock, with his wife Hope,
in the vast Pilbara,

stretching to the horizon.
hundreds of kilometres

call his "rivers of gold".
what he would later

a mining area larger than Tasmania,
the Pilbara will open up into

of high grade iron ore.
and contain 24 billion tonnes

with Rio Tinto.
an extraordinary royalty deal

that will not only change his life,
It's a move

about this contract
The interesting thing

instant multi-millionaires.
was that one, it made them

that whoever signed that contract
The other thing was

on the planet,
She is the richest woman

from that little deal
and a lot of that money stems

lights the blue touch paper.
Hancock's discovery

of new mineral discoveries.
And there's a sudden rush

since the gold rush,
This is the biggest mining boom

right across Australia.
and the impact is felt

discoveries in Australia's history.
saw several of the greatest mineral

in the Pilbara,
There was the iron ore

in the Darling Ranges and Weipa.
there was bauxite

the coal in the Bowen Basin.
At the same time we discovered

together with modern logistics,
These huge discoveries,

from Tom Price,
TV: Unlimited iron ore

copper and lead.
and Queensland's bauxite,

in a promised land.
Truly new frontiers

of feel-good nation building,
These may be times

it's foreign dollars
but ironically,

rolling on.
that will keep the boom times

doesn't have the cash
Australia simply

to pay for the extraordinary

isolated areas like the Pilbara.
needed to develop vast,

has escalated.
The battle to share in the wealth

to even own the minerals
Australia is now fighting

from the Pilbara,
We had lots of money to make

We couldn't sub-contract it.
We needed to bring somebody in.

of our own inheritance
We actually had to give over part

help make money on our behalf,
to foreign companies so they could

against the Australian mindset.
and that thing really did rub

in a sense, Aussie purity.
but also of, you know,

in the Australian settlement
One of the unstated fears

direct invasion by the yellow hordes
is foreign takeover, whether it's a

rich party in another country
or whether it is some very, very

better than we can.
working out how to dig our stuff

we were seeing another manifestation
And I think by the 60s

not direct military invasion.
It's the fear of foreign takeover,

to conspire in its favour.
international events are about

called nickel sky-high.
for a new age metal

to make guns and tanks.
It's desperately needed

at a supply factory in Canada
But a strike

east of Perth
a chance discovery 600 kilometres

at the perfect time.
is the perfect find

the discovery of nickel at Kambalda.
There was a lot of serendipity about

at the start of 1966,
They sunk the Silverlake Shaft

they hit very good grades of nickel
and by sheer accident,

known about a couple of years before
And suddenly, something we hadn't

fortune being made.
was the basis for a stock exchange

started running after that.
And small companies

is Poseidon.
One of those small companies

speculation of the gold rush,
100 years since the crazed

in the history of Australia
the greatest share market gamble

electrified the market.
Poseidon's find at Windarra

to five dollars in the first week,
The shares ran from a dollar

the shares at that stage,
and if I'd happened to own

thought I was being pretty smart.
I'd have sold out around three and

a special brand of crazy,
Look, this was

to be part of it.
and everyone wanted

page one stories about it,
The newspapers started writing

at the stock exchange
and people are actually turning up

like it's a form of horse-racing
to watch their shares go up

binoculars in the people's gallery,
They're sitting there with their

I bought 12,000 shares,
In the first stage

the drilling program,
and then when they commenced

I said, well that's one million,
When they got to 40 dollars,

because if you multiply 25 by 40,

That's two."
"I've got another million.

to 8 million dollars.
my share portfolio went from 15,000

that's legitimate,
Unlike its discovery,

jump on the bandwagon
unscrupulous companies

started to rise in price
Every penny stock around the place

could find nickel,
because if Poseidon

so could anyone else.
or some other magic metal,

were implicitly undervalued,
All the penny stocks

the wildest stocks around the place
and so people started punting on

of finding anything.
that never had a prospect

exchange just went straight up.
on the speculative end of the stock

for leases that did not exist.
Some people were selling shares

about the stock market.
we were fairly innocent

was telling us these prices

at this point
mining was our national saviour

and you know, you couldn't lose,

in mining or the share market before
who've never shown any interest

of the mining money.
are suddenly fighting for their cut

from a gold rush mentality
We've moved

and digs for themselves
where everyone goes

a lucky piece of paper,
which, if you're holding

on the share market.
you've made a lot of money

sitting at the kitchen table
This was Mum and Dad

had finally struck lotto.
with a piece of paper,

who'd never bought a share before,
There were people buying shares

they got from their barber
doing it on the basis of a tip

on Wall Street
There's an old saying in America,

it's time to get out."
"When the bellhops get in,

at 280 dollars.
Poseidon's share price peaks

on the way down,
I sold the first thousand

many, many months later 83 dollars,
after they'd peaked at 300,

I sold down to 12 dollars,
About half of them

the remaining 13,000
and then I still held

when Western Mining took them over.
when they went into liquidation,

business move. I got greedy.
So it wasn't a very smart

see mining dip into general decline.
the next 30 years

is never far away.
have proved that the next boom

sets sail from Port Hedland.
The daily armada

up to 250,000 tonnes of iron ore
Each tanker carries

is around 30 million dollars.
The value of each containment load

of the 21st century
The iron ore and coal boom

it's all courtesy of an old enemy.
And in a deep irony,

emerging as one of the major powers

largest trading partner.
It's now Australia's

when I look at the whole situation
So it is quite ironic

who came out to mine here,
and I see how the early Chinese,

are now helping
and how now the Chinese

could meet an Australian today,
If an Australian from the 1850s

"What's this thing with China?"
the first question they'd ask is

as they're coming today,
The Chinese came in the 1850s

were kicked out.
but the Chinese in the 1850s

the number one source country
The Chinese today are not only

we've never seen before.
they're coming with skills

return we're getting their brains.
We're digging rocks for them, but in

than 10 precent of the economy
Australian mining is worth less

more than 70 precent foreign-owned.
and is estimated to be

as the nation's saviour
it's still seen

jittery Labor MPs in marginal seats?
What are we going to tell those

Axe the tax!
Axe the tax!

still rages
And the 150-year-long battle

as resource nationalism,
of what the industry refers to

impose a higher tax
whereby countries

industries out there
on some of the most profitable

that the public gain something
in order to ensure

that are rolling on.
from the good times

are outrageous prosperity,
So the two sides of the mining coin

a deep depression.
but then on the other side,

is what you do with the prosperity
The value of this coin

on the other side.
to avoid the depression

this cycle is different,
We're telling ourselves

it's going to run for twenty years.
this is a super cycle,

us: as sure as night follows day,
But what Australia's history tells

hope for Aboriginal people?
could mining somehow be the great

mining industry is more powerful
I have no doubt whatever that the
To find out more go to


So, I want to sell my home, and

That's a lovely home you have,

(LAUGHS) Alright, let me start over.

That might be good,
but I'm starting over.

Alright, I want to sell my home.

I put it on the market for $300,000.

The question is, and get an offer for
the full $300,000, would I rather wait that week
and get the full price

or take the offer today for 290?

and I'm telling you
you want to take it right now,

because a bird in the hand

and the market is These things,
you just can never tell,

and if you have a good offer,

I think it's the right thing

And I'm not speaking I'm just the real estate agent,
and our interests are aligned, 'cause I'm getting a commission
of your sale.

I want you to get as much as you can When you think about the incentives
that the current contracts set up between the home seller
and the agent representing them,

Interestingly, if you look
at the sales data

on real estate agents' own homes - not their clients' homes,
but when they sell their own homes -

they get more money than if they
sold the same home for a client.

is that agents hold out
for a better price

and leave their own homes
on the market longer -

But when it comes to YOUR house,

well, the agent has an incentive

Why? Because of that $10,000 into
his or her pocket, only $150...

I only get $150. Because if you take that $10,000
extra, it goes to him,

6% goes to commission,
but that gets whacked up. Half goes to the buyer's
real estate agent.

but then I have to kick back
half of that to my agency.

So, really, in order for me
to help him get $10,000 extra,

But I have to work
for an extra week,

I have to buy all the marketing.

trying to get a whole commission

So I have a strong incentive to say
to him, "This is a great offer.

"It's the best offer

So, no matter what
the real estate agent says, I would rather wait a week
and pick up the extra $10,000.

It's not that real estate agents

it's just that they're human beings, and human beings respond
to incentives.

If there's only one element

that I'd say is there
in almost everything we do,

it's the idea If you can figure out
what people's incentives are, you have a good chance of guessing
how they're gonna behave.

New parents look at successful
families and successful parents

and they just want to copy them, and so they try to do the things
that they think that they did

to get their family Which just can be a really bad
mistake of correlation/causality.

to, you know,

and you're gonna take them

and start looking at all

and probably already were playing
Mozart in the womb and things

just to get the brain
really stimulated.

And it turns out that, from looking at data of
actual parents and children

along these dimensions, really matters.

It just doesn't make your child
better or smarter. It might make you happier,
might even make them happier.

It might also make them miserable.

But it turns out that
those are not causal elements. I've always said you can teach a kid

My entire academic life
has been devoted

to figuring out tricky ways
to get at causality.

Because the world doesn't just
offer you up causality.

What you see in the world What the world gives you is things
are moving together or they aren't.

But to be useful,
you need to dive down,

to be able to strip away

The data we've looked at suggests

that by the time
you actually have a kid, most of the choices you make
that will make you a good parent,

So if you go to the store
and buy 10 parenting books, it's probably not gonna really
help the kid that much, but the fact that you're the kind
of person who, as a parent, cares enough to go buy 10 parenting
books, even if you don't read them,

probably means you're Just don't think that the books
are gonna have a magic effect.

We want to believe so much
that everything we do

is going to make a difference What they eat, where they go
to school, who they hang out with.

parents are confronted with
the one single ominous decision that could shape the entirety
of their children's future -


These days,

devoted to naming your baby.

And business is booming.

there's even high-profile
baby naming experts.

I ask parents how they choose
names for their children, and I look at how names
are changing,

because baby names are changing
today faster than ever before.

because they have a lot to do
with your family, your heritage.

Your name represents you,
you know what I mean?

Names are definitely a big part
of meeting someone.

A name can make you popular

Without a name, you're nobody.

You gotta have a name.

But just how important
can names really be?

I mean, unless it's

can your name have

The name fairy!

Well, what about
the following story?

Once upon a time, who thought
she was naming her daughter

after her favourite actress the smart and fiery
Tempestt Bledsoe. This is the most humiliating
moment of my entire life!

But having never seen the young mother mistakenly named
her newborn daughter...

Well, Little Miss Temptress
didn't have an easy time growing up.

I don't know if that's my child!
What do you mean?!

As a teenager, into a whole bunch

Come back here, you little shit! That's right!
I'd better not catch you!