This money was then re-invested in a real estate portfolio, among other things, to provide the government with a reliable national income following the depletion of minable phosphates on the island.
The mines brought considerable wealth to the tiny island of Nauru, with the industry bringing in around A$100–120 million annually.
With this great wealth, citizens and government officials flaunted it, as if it were endless (leading to bad investments such as the notorious Leonardo the Musical: A Portrait of Love)[citation needed].
The public service had over 1,500 employees[citation needed] (in a country with a population less than 10,000) and the government ran deficits of A$10 million in the 1990s.
In order to consolidate this debt and pay interest, the government took out a A$240 million loan from General Electrics Capital Division, which was levied against the nation's international real estate portfolio.