Clive Palmer is nearly 70 and has more money than he’ll be able to spend in his lifetime. So why not fund a $1 billion cruise ship project, recreating the doomed ocean liner Titanic and allowing it to finally complete its famed maiden voyage from Southampton to New York? 

“It’s a lot more fun to do the Titanic than it is to sit at home and count my money,” Palmer told reporters on Wednesday at a re-launch of his chronically delayed ship venture. 

Palmer got a fairly sizable press gaggle together: some 15 reporters showed up at the Sydney Opera House’s Yallamundi Rooms, including staff from News Corp and Guardian Australia. The microphones on the lectern revealed ABC News, Nine News, Channel 10 and Channel 7 were also there. 

Palmer, who was in a chatty mood, answered questions for nearly an hour, and claimed, among other things: 

• His net worth is “within 10% to 15%” of the $23.66 billion estimated by the Australian Financial Review’s rich list — “But we certainly have the potential to do much better.” 
• The Titanic II project will be put up for tender in Europe before the end of the year, with a shipyard in Finland among the interested parties. 
• The cruise liner will cost “in the order of half a billion to 600 million, but I’m sure the shipyards will want to charge me a billion for it”. 
• Passengers would experience environments inspired by the original 1912 concept, with Turkish baths, smoking rooms, and opulent dining halls, all in the familiar ritzy style inspired by the Palace of Versailles and luxury turn-of-the-last-century hotels.

The project has been in the works since 2013, but this time Palmer says he’s serious about completing it. The billionaire blamed previous delays on the coronavirus pandemic. 

In Palmer’s view, Titanic II will be an antidote to the “war and hate … and trouble in the Middle East, Ukraine and Taiwan”.

“People are focusing very negatively on what forces are controlling our world, while the Titanic reminds us of critical aspects such as, all people aspire to love and friendship,” he said. “The love story of Rose and Jack and Titanic is one that touches the hearts of everybody.”

Palmer was also asked about his habit of making very expensive political donations and said he had no regrets, despite his pitiful results at the ballot box last federal election. 

“We spent about $100 million in that campaign, in total, and over five million Australians didn’t get the [COVID-19] vaccination — I think most Australians would say that was money well spent. You don’t stand for politics to win seats, you stand to inform the community,” Palmer responded. 

(Department of Health and Aged Care data from this month shows 22.2 million people in Australia aged over five have had a COVID-19 vaccine shot. There are a total of about 26.6 million people in Australia).

Palmer said he had no current plans to spend money in the next election, or to seek to use his money to influence either of the major parties: “I’ve been focused on the Titanic,” he said. 

Another pet project the rich lister hopes to pursue is starting his own social media network, named “Ausface”.

Last month, Palmer’s company Mineralogy faced off with lawyers for Facebook owner Meta, who sought to oppose Palmer’s registration of the Ausface trademark in a case brought before the Australian Trade Marks Office. The decision-maker in the case, a delegate for the office’s registrar, sided with Palmer, court records reviewed by Crikey show.

“We’re thinking of doing like an Australian Facebook, for Australia,” Palmer said. 

When Crikey caught up with Palmer after the press conference, as he was strolling down the Opera House’s northern boardwalk to shoot pickup shots for the nightly news, he expanded on the Ausface idea. 

“It’s similar to what you’ve got on Facebook, but about Australian things, for Australians. It won’t be censored, whether it’s left or right or whatever — everyone can put what they want on there,” Palmer told Crikey. 

Crikey: Do you think there will be mostly older people on there, or will young people be interested too?

Palmer: Well there are young people in Australia, you’ve got to remember that.

Crikey: They’re a hard group to impress with social media networks though. 

Palmer: Well, on my Facebook I have 200,000 followers, and most of them are under 30. They like my post when I said I like a hamburger, I like a lettuce, I love vinegar chips — they can relate to that. I still do love vinegar chips.