End of AWB

Finally, the Cole Inquiry is finished. Millions of taxpayer dollars have been spent to shed light on the dirty underhanded dealings carried out by the Australian Wheat Board. It truly amazes me that a former government establisment, which was privatised in 1999, had to pay kickbacks to a corrupt dictator to gain more profits even though they have had a sixty year monopoly (or "single desk" if you prefer the sugar-coated version) in Australia.

Why wasn't the AWB discovered sooner? The Oz editorial reads:

It may also be true that public servants were keen to believe assurances from AWB on the basis it was regarded as an honourable company working for the benefit of Australian farmers.

Honourable because they benefit farmers? With that line of reasoning, one could argue that drug companies would never need checking as they work for the benefit of ill people. Clearly all companies need to be kept in line by various government bodies. The idea that a company without checks would behave ethically is simply laughable.

What arises from this fiasco is anyone's guess. The AWB boss has resigned, and there are plans to split AWB. No doubt the shareholder legal actions will come, followed then by those from the North American wheat-farming bodies. Dismal days for the AWB and Australia's wheat exporting. The single desk approach is apparently the most efficient method for Australian farmers. They won't be happy.