The Heyfield ASH story

This note traces an extraordinary eight‑year story, part of 4 Corners' report Timber Turmoil on 22nd June 2026 (see also ABC on-line report here): how private interests gained control of Australia’s largest hardwood operation with just $600 of capital at risk, and how the Victorian Government contributed more than $130 million to bankroll a privately controlled structure — including the purchase and ongoing operation of a major sawmill in northern Tasmania. The full analysis, including all financial data is available here

A more accessible narrative form of the tale can be found in a short 3-part series.

Part 1 HAH: The Beginning focusses on the purchase of the Australian Sustainable Hardwoods (ASH) business in 2017.

Part 2 HAH: The WJS Years describes the operations of ASH and the purchase of Western Junction Sawmill (WJS) in 2021

Part 3 HAH: ASH to Ashes looks at the looming cash flow crisis as redemption day for much of the Government’s  risk capital fast approaches.