Palmer’s new league the ‘Lowy Institute’ of soccer. What exactly does maverick miner Clive Palmer intend to do with his newly established Football Australia?

Upon announcing the rival organisation to the Football Federation of Australia, of which Palmer enemy No.1 Frank Lowy chairs, Palmer said it would be like a “lobby group” of sorts, the footy version of The Lowy Institute.

“[FA] plans to publish papers, hold press conferences, seek opinions, lobby the government, lobby the FFA,” Palmer told a press conference yesterday. “It’s much like the Lowy Institute to the broader economy, where Frank Lowy’s done a great job to make people and politicians accountable for public policy.”

As for who loves the round-ball game more, Palmer’s at least got that one settled: “I’ve put more money into the game than Frank Lowy, so who’s the bigger football fan? It’s me.”

Wayne Swan attacks the big three. Treasurer Wayne Swanour No.1 Money Mover, has taken to The Monthly to launch a scathing attack on three of our richest rock-kicking Australians: Clive PalmerGina Rinehart and Andrew Forrest. Swan says these three, and other members of the “tiny 1%, or even 0.1%”, are using their bank balance to “threaten our democracy”.

But at least such miners are playing their bit to help our economy. According to ABS figures released yesterday, the mining sector’s expected to invest a whopping $120 billion next financial year, 30% up from this year.

Swan’s happy to talk to that too: ”That is an extraordinary amount of strength in our economy, an extraordinary amount of money to spread across our economy,” he said yesterday. The three miners feature in our Rich Crusaders power list.

Grand prix facing chequered flag? Meanwhile, in fast-car news, the future of Melbourne’s controversial grand prix continues to be plagued by will-it-or-won’t-it rumours after billionaire F1 chief Bernie Ecclestone reportedly claimed the Albert Park event was the “least viable” on the racing calendar.

According to reports, the enigmatic Ecclestone said only a night race could save the annual emissions-choked circus from packing up pit lane and heading somewhere else.

*Read the full story at The Power Index