It was triggered by the discovery by Poseidon NL of the early indications of a promising nickel deposit in September 1969.

These factors pushed the price of nickel to record levels, peaking at around £7,000/ton (£113,000 in 2018 adjusted for inflation)[2] on the London market early in November 1969.

[3] In September 1969, the mineral exploration company Poseidon NL made a major nickel discovery at Mount Windarra 22 kilometres (14 mi) northwest of Laverton, Western Australia.

[6][3] In 1974, the Rae Committee handed down its report on the Poseidon bubble, which documented numerous cases of improper trade practices.

It recommended a number of changes to the regulation of stock markets, which ultimately led to Australia's national companies and securities legislation.