A word on China and Australian iron ore. The Australian product has prevailed till now both for quality and the advantage on transport costs from being closer than other sources. But just as important has been reliability flowing from our legal system, the sanctity of contract and the absence of corruption. It worked for us on China’s first LNG contract when Qatar was willing to give the stuff away, and China had the alternative of Indonesia and Malaysia to choose from. Maybe to punish us, China will make itself hostage to the vagaries of distance, corruption, opaque legal systems and disruption in Brazil and Guinea. It’s done so on coal, though coal has not been a long-standing export to China from Australia. In one way that may be to the longterm good for all of us. A China mired further in corruption and economic inefficiency will make it a less formidable foe, economically and strategically.