The State Bank collapse of 1992 was one of the biggest financial disasters to befall out great state. In addition to immediately destroying our credit rating and plunging the State into a $7billion debt, the collapse also lead to the privatisation of ETSA. While the history books will cite mismanagement interest rate risks as the leading causes of the collapse, the truth may well be far more dubious.

As word reached then-Premier John Bannon that the State Bank was on the brink of collapse, he decided he needed to take decisive action. Accordingly, he emptied what remained of the bank’s coffers, and boarded the first plane to Monaco.

With a bag full of chips and a pocket full of dreams, Bannon strolled confidently through the opulent gaming floor of the Monte Carlo Casino. After searching in vain for a snakes and ladders table, Bannon finally settled on poker; a game he wasn’t familiar with, but had heard good things about. The table was populated by an array of European industrialists, who greeted him with nonchalant nods. As the dealer gave Bannon his first hand, he couldn’t believe his luck. Barely managing to contain his excitement, he placed his cards face down on the table, pushed all of his chips forward, and boldly declared that he was ‘all in’. The other members of the table promptly folded. All of them, except Pablo Montoya. The oil magnate had to see the hand that was worth $7 billion, and defying common sense; he called.

Secure in the knowledge that he had just saved the people of South Australia from financial ruin, a smile slowly spread across Bannon’s lips as he turned his cards over and triumphantly declared “Yahtzee”*.

* NOTE: At best 4 words in this entire article were based on fact.

- Ken Bell | Art Robin Tatlow-Lord