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ANGELIQUE DONNELLAN, REPORTER: Sydney’s eastern suburbs are home to some of the most expensive real estate in Australia.
ED HUSIC, FEDERAL INDUSTRY MINISTER: There's a lot of uncertainty about Whyalla and the steel works, and that uncertainty can be fixed up right now with this simple move by Mr. Gupta and GFG; pay your bills, invest in the steel works and help Whyalla have a much more positive future. FRANK PANGALLO: What's really disappointing is that Mr Gupta kept coming to Australia into Whyalla, with all these big plans of spending big money there, and he had politicians, prime ministers, premiers, eating out of his hand, nodding away. And they just, you know, seemed to just swallow everything that he had to say.
JASON HARRIS: Once the credit markets believe that you're a very risky proposition and that you might not be able to repay the debt, sometimes it can cause a death spiral in a business, and it then becomes impossible to raise credit, which pushes the company into insolvency. FRANK PANGALLO: It's almost time for the last rights for Mr. Gupta and both the state and Commonwealth government need to get off their backsides and do something.ED HUSIC: It's too early to be jumping at hypotheticals about what's going on. But as a government, we have been thinking deeply about the future of Australian steel, and in terms of Whyalla, we've been working closely with the South Australian Government. We're adamant that steelmaking can continue in Whyalla.
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