A multi-billionaire mining magnate singled out by Australia's treasurer in an attack on the rising power of the super rich hit back on Sunday, saying Wayne Swan had little idea how the economy worked. Australia's fifth richest person Clive Palmer, who made his money in coal, was slammed by Swan on Friday in an essay on the "vested interests" that he said were trying to influence political policy for their own purposes.
Palmer rejected the criticism, saying Swan should focus on learning more about how an economy worked.
"He doesn't know how the economy works, really, he knows that," he told reporters in Sydney. "He's got to rely on the faceless men in the Australian Labour Party which all live in Melbourne, all send him faxes and texts, tell him what to do and if he doesn't know he can call his department."
In his essay for The Monthly magazine, Swan argued that a minority of the country's wealthiest were using their power and money to oppose good public policy and economic reforms designed to benefit the majority.
It followed what Swan said were the "ferocious and highly misleading" campaigns waged against the government's mining tax and carbon pricing plans - both opposed by the powerful and wealthy mining industry.
As well as Palmer, he pinpointed Gina Rinehart, the wealthiest woman in the Asia-Pacific with a fortune built on iron ore, and Fortescue Metals executive chairman Andrew "Twiggy" Forrest.
Palmer said he was creating jobs and investment and blamed the ruling Labour party for undermining the economy.
"While we can forgive Wayne Swan in the spirit of reconciliation we can never forgive the Labour Party for destroying the wealth of the mums and dads and the kids that live in this country," he said.
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