Not sure what he's basing that on, WA was a mendicant state up until the mid sixties, that is we received more from the Commonwealth than we contributed.
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Super vivid dreams (like getting eaten alive). Headaches and stomach cramps. Those were really it for me.
- Apr 30, 2015
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Sounds like a standard day TBH
Yeh, I had to look at what he said and meant. What he said is what I quoted, what he was referring to was GST back to when it was introduced and what GST replaced previous to that. Remember that GST replaced the previous federal wholesale sales tax system and was designed to phase out a number of various State and Territory Government taxes, duties and levies such as banking taxes and some stamp duty.
Basically what the Treasurer was saying was 'GST and its predecessors'.
I'd really have to work to hunt out the pre GST numbers again, but if I remember, it was back in the 60s when Victoria was manufacturing its little socks off and was digging up oil and gas from the Bass Strait and was driving the nation, it was getting 67c back from every dollar of tax collected for the Federal Gov. At that time WA was a winner in the take vs. pay scale, but nowhere to the degree that it now holds loser status.
It's pretty disgusting that no state has ever got back less than 2/3 of its collected tax except WA, and at times WA has been near 1/3. The WA take went from 100c/100c in 2006-7 then 95c, 88c, 78c, 68c down to a low of 35c in 2014-15 before starting something of a comeback.
Over the GST period only... https://www.aph.gov.au/About_Parlia...ibrary/pubs/rp/BudgetReview201314/ComPayments
Another 0 for WA.
- Jun 26, 2011
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This equals our previous best streak of 8 days of zeros
That's good news for WA.
Just have to get rid of those last few active cases. Then it's a question of whether the state is clean or whether the horrid little bugger is still lurking somewhere.
- Jun 28, 2011
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Haha you win the internet my man...
Dont forget the tariff wall they put up to protect the inefficient victorian manufacturing. This meant that WA had to pay super high prices for a lot of things but got no benefit, as we didn't make them. From that point of view, we weren't really a mendicant state but were just being compensated.
We then repaid all the support back multiple times over through mining GST receipts.
guero
rock my world
So what’s with the JobKeeper ****-up? How is it possible to have over-estimated the takeup by 3 million people?
I don’t believe for a minute that businesses are to blame for filling in the form wrong by entering the dollar amount of support they expect to receive in the employee field. I’ve filled in the form and it’s straightforward. I’m just thankful that me and my 7,500 employees are receiving the benefit. As a sole trader I’m not sure I’d survive without it.
I don’t believe for a minute that businesses are to blame for filling in the form wrong by entering the dollar amount of support they expect to receive in the employee field. I’ve filled in the form and it’s straightforward. I’m just thankful that me and my 7,500 employees are receiving the benefit. As a sole trader I’m not sure I’d survive without it.
- Apr 30, 2015
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Everything was done on a quick turnaround. I put it down to that.
- Sep 16, 2006
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Politics I think. Purposely overstate the amount, then later on go "oops, we made a mistake, we saved 30bil!" and hope the public lap up the saving.
Big announcement, over promise, under deliver, seems to be a recurring theme.
It was a **** up but the news is brilliant. Means only half the number of business are under stress than they first thought, which leads to an immediate and dramatic increase in the economic forecasts. Also means there is plenty of cash to extend the program if required, to ensure a soft landing.
It's only numbers, the govt is borrowing the money off itself by printing money, they can pay off the debt the same way. What was unthinkable during the GFC is now accepted practice around the world.
They are paying .8% interest, if inflation is greater than that the money is costing them nothing.
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Its tragic that there is such a poor understanding - it will take 20-30 years to reapay the loans and intrerest rates will not stay so low. This is a burden generations will have to carry. It had to be done but it brings a massive burden.
- Apr 30, 2015
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It's not happening here, but what happens if the US keeps printing money ad infinitum? The chickens have to come home to roost eventually, right? Universe help us all when that day comes.
- Jun 28, 2011
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I'm pretty sure the US is the only country that can print money without it being a problem to a certain point.
This a buffet quote and Greenspan said something similar
“If you print bonds in your own currency, what happens to the currency will be the question,” said Buffett. “But you don’t default. The U.S. has been smart to issue its debt in its own currency.”
Of course you have to figure out a way to control inflation but quantitative easing is the only tool left in the box for a lot of countries.
Quantitative Easing For Dummies
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