| Good afternoon, South Australian Premier Peter Malinauskas says putting the Whyalla steelworks into administration was about no less than saving sovereign steelmaking in Australia. Sanjeev Gupta’s opaque empire is built on smoke and debt, but the high-risk intervention of South Australia will ultimately cause bigger losses for taxpayers, writes Eric Johnston. The Reserve Bank’s rate cut, coupled with a surprise tightening of vacancy rates, should see Australia’s major cities avoid further property price drops. | 