On 18 April 1938 the Lyons Government banned the export of Australian iron ore.
The strategic reason was Japan. Japan was at war in China, and a British-registered company held a lease at Yampi Sound in Western Australia with a plan to ship a million tons a year to its Japanese parent. The economic reason came from inside government. The Commonwealth's Geological Adviser, W.G. Woolnough, reported that year that Australia would run out of accessible high-grade ore in little more than a generation unless it conserved what it had. Two years later, after a survey with the states, he put the ceiling at about 350 million tons.
The war ended in 1945. The ban did not.
Historian David Lee records that BHP, then the country's only steelmaker, was still advising the Menzies Government against lifting it in 1960. What finally moved it was a change of advice inside government. By late 1959 the Department of National Development and its Bureau of Mineral Resources supported a cautious relaxation. Cabinet agreed to a partial lift on 24 November 1960. The first export licence was issued on 1 December 1960. The last Commonwealth embargo was rescinded on 17 May 1966.
The National Museum of Australia says Australia shipped 500 tons of iron ore overseas in 1960. The Department of Industry now forecasts iron ore export earnings of $123 billion for 2025-26.
So here is one decision, made for a real wartime reason, on an estimate that turned out to be badly wrong about the ground. It held for fifteen years after its strategic reason was gone. An official's advice set it, and officials' revised advice ended it. That is the shape of every week in this series.
The question
Over the decades, which politicians and senior officials made the laws, policies and decisions that left average Australians worse off on resources, energy, water, farming, mining, manufacturing and technology?
A lot of people believe the answer is obvious. Australians sit on some of the richest ground on earth and don't feel it at the bowser, on the power bill or in the rent. I am treating that as a hypothesis to test, not a conclusion to decorate. Some weeks the record will back it. Some weeks it won't, and I will say so plainly.
Why people, not themes
Under Our Feet, which runs on Thursdays, follows resources by theme: critical minerals, fuel, gas. Credentials vs Delivery, on Mondays, scores today's office-holders against today's official data. This series is organised by people and decisions, from Federation onward. Each week picks one decision, or one person's run of decisions, and follows it from the Cabinet room to the kitchen table.
People here means public office-holders acting in their official roles: prime ministers, premiers, ministers and the permanent bureaucracy. Ministers come and go. Department secretaries, Treasury, the regulators and the advisory bodies often outlast the governments that take their advice. The Tariff Board, set up in 1921, became the Industries Assistance Commission on 1 January 1974. Its line runs through the Industry Commission to the Productivity Commission, created in 1998. Those bodies shaped Australian industry for a century. Woolnough's estimate is the warning: a single official's number set national policy for a generation. The officials who reversed it matter just as much.
Five questions, every week
- What was decided, and when? The Act, the Cabinet decision or the approval, with its date.
- Who decided, and on whose advice? The minister or Cabinet, the department or commission, and what the advice actually said.
- What were they trying to do? In their own words, from Hansard, second-reading speeches and official statements, with memoirs quoted as memoirs.
- Who gained and who paid? Evidenced only.
- What did it cost? Measured in dollars, prices, jobs or water, from the ABS, ABARES, AEMO, the ANAO, the Productivity Commission, budget papers and royal commission reports.
The scorecard
Every decision gets a score out of ten across five tests, worth two points each. A higher score means worse for average Australians.
- Cost. Zero if there is no measurable net cost, or a net benefit. One for a moderate measured cost. Two for a large one. No number, no points.
- Spread. Did the gains go to a few and the costs to many? Zero if both were broadly shared. Two if the gains were narrow and the costs were wide.
- Warning. Was the downside on the record before the decision was made? Zero if nobody credible flagged it. One if a minority did. Two if the main advice warned against it and was overridden. This is the hindsight test. It stops me blaming 1938 for not knowing what 1960 knew.
- Delivery. Did the decision achieve what its makers said it would? Zero if yes, one if partly, two if no.
- Lock-in. How long did it bind the people who came after, and how hard was it to undo? Zero if it was easily reversed. Two if it bound governments for a decade or more.
Every score carries its source and a confidence label. If I can't source a score, it stays blank rather than guessed. Anything scoring three or less goes in a column marked "worked or mostly worked". Those weeks matter as much as the others. A series that only ever finds villains is not an investigation.
The eras
Five eras, from Federation on. Both sides of politics held office, federally or in the states, in every one of them.
- Federation to 1945: building a protected nation. Section 100 of the Constitution on the use of river water, the Tariff Board, the iron ore ban.
- 1945 to 1972: nation-building and the long boom. The Snowy Mountains Scheme, the end of the embargo, the opening of the Pilbara.
- 1973 to 1996: opening up. On 18 July 1973 the Whitlam Government cut every tariff by a quarter, on the unanimous advice of a committee appointed only three weeks earlier and chaired by the Tariff Board's chairman, Alf Rattigan. Then came the floating of the dollar in December 1983 and National Competition Policy.
- 1996 to 2007: markets and sales. The National Electricity Market, the sale of Telstra, water trading.
- 2007 to now: boom, climate and security. The mining taxes, the carbon price, east coast LNG, the NBN, Snowy 2.0 and fuel security.
Same mountains, two records
Here is why the record has to decide, not my priors.
In 1949 the Chifley Government passed the Snowy Mountains Hydro-electric Power Act. The scheme was finished in 1974 and it still generates power today.
In March 2017 the Turnbull Government announced Snowy 2.0 at about $2 billion. At the final investment decision in December 2018 the estimate was $5.9 billion. In August 2023 Snowy Hydro reset it to $12 billion, with all units in commercial operation by December 2028. In October 2025 Snowy Hydro announced a further cost review and signalled the figure would rise. As of this week no revised total has been published. The Australian National Audit Office has audited its delivery.
Same mountains, same water, two very different records so far. Snowy Hydro argues the storage is worth it, and that argument will get a full hearing when Snowy 2.0 gets its own week. The point now is simpler. Big public decisions can work, and they can blow out. Which one you get depends on who decided, what they were told and what they did with it.
The rules I hold myself to
- Office-holders are named only in their official roles.
- Corruption or misconduct appears only where a court, an ICAC, a royal commission or an audit has made a finding.
- Donations, lobbying and post-office jobs are dated facts. No winks.
- No live court matters.
- No party scoreboard. If the tally ever tilts, it will be because the record does, and the working will be on the page.
- Decisions are judged on documented outcomes, against what was known at the time.
What comes next
Next Sunday, the iron ore ban in full: the 1938 Cabinet, Woolnough's numbers, the 1950s, who argued to keep it and who argued to lift it, scored on the five tests. At three, six, nine and twelve months I will stop and rank every decision so far by measured cost and name the patterns that keep coming back. By October 2027 the aim is a book.
If a decision has always bothered you, tell me which one, and who signed it. I will go and find the file.
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Sources
- Minister Madeleine King, remarks to BHP 3 billion tonnes celebration: www.minister.industry.gov.au/king/media/remarks-the-bhp-celebration-mark-3-billion-tonnes-iron-ore-exports-china
- National Museum of Australia, Defining Moments, Iron ore exports: www.nma.gov.au/defining-moments/resources/iron-ore-exports
- David Lee, Iron Country: Unlocking the Pilbara (Minerals Council of Australia): doi.org/10.26190/unsworks/27140
- David Lee, Hamersley Iron paper, Mining History Association: www.mininghistory.asn.au/wp-content/uploads/4-Lee-Hamersley-Iron2013.pdf
- DFAT Historical Documents vol 3 doc 221, McEwen memo on iron ore export: www.dfat.gov.au/about-us/publications/historical-documents/Pages/volume-03/221-memorandum-by-mr-j-mcewen-minister-f...
- PM Transcript 2971, Whitlam and Cairns, Tariff reduction, 18 Jul 1973: pmtranscripts.pmc.gov.au/release/transcript-2971
- ADB, Godfrey Alfred (Alf) Rattigan: adb.anu.edu.au/biography/rattigan-godfrey-alfred-alf-839
- Whitlam Institute, Economy and employment (IAC from 1 Jan 1974): www.whitlam.org/whitlam-legacy-economy-and-employment
- ANAO, Delivery of Snowy 2.0: www.anao.gov.au/work/performance-audit/delivery-of-snowy-two-point-zero
- Snowy Hydro, project resets release (31 Aug 2023): www.snowyhydro.com.au/news/securing-the-future-of-critical-energy-transformation-resets/
- ABC News, 2 Feb 2026: www.abc.net.au/news/2026-02-02/snowy-hydro-project-timeline-defend-machine-cost-blowout/106231224
- RenewEconomy, 14 Oct 2026: reneweconomy.com.au/snowy-hydro-says-long-awaited-cost-reveal-is-imminent-faces-gas-supply-issues-at-new-kurri-kurr...
- Construction Australia, Snowy 2.0 cost table: constructionaustralia.com.au/news/snowy-2-0
- Department of Industry, Science and Resources, Resources and Energy Quarterly September 2026 release: www.industry.gov.au/news/australias-resources-and-energy-export-earnings-set-remain-high
Rico Holt · ricoholt.com