Steel on steel : inside the battle for the future of Australia's biggest railroad

The inside story of the privatisation of the freight arm of Queensland Rail and one of the most extraordinary transformations of a company in the history of Australian business. An icon that touched every part of life in the state, Queensland Rail (QR) was famously and audaciously catapulted into the private sector in 2010 after more than 140 years of government ownership. CEO Lance Hockridge and state Treasurer Andrew Fraser oversaw the privatisation, which simultaneously involved a massive de-merger from the passenger rail business and a $4. billion initial public offering - all executed in the face of unprecedented outrage and opposition. Authored by Stephen Baines, who was involved in the intense negotiations with the government at all levels, Steel on Steel captures the story of Australia's ultimate corporate soap opera, as powerful forces and big name stars clambered onto the stage, and the daily media smorgasbord of rumour, intrigue, speculation and high farce spooked Australian investors. In the end, Aurizon, as it is now known, was saved by seasoned international investors who enthusiastically embraced the new listing and turned the government-owned railroad into a private engine of prosperity and growth Cover 1 Title Page 4 Copyright 5 Contents 6 Foreword 8 Introduction 10 Timeline 13 Prologue 15 Opting in 16 Last off the rank 25 Reform and scandal 36 The brothers 45 A freedom to roam 52 The Queensland Premier shocks the State 58 Policy battle lines are drawn 65 Inspiration from abroad 71 The policy battle 80 Breaking up is hard to do 87 We will destroy your IPO 96 Communication breakdown 107 The final putsch 115 Leaving the station 129 Going to market 134 Hitting the road 140 Black bookbuild 150 The elegance of Hahli 159 A calm determination to change 167 Epilogue 175 Endnotes 179 Index 186 Acknowledgments 192 Back Cover 193