Inequality is out of control in Australia

[Power Raid]

it's out of control worldwide. as long as there are poor and disenfranchised peace will never be.

this is the thing. How much does a war cost?

yet we know middle class would prefer to sit at home and watch tv than sit in a trench. But make those same people, poor, disenfranchised and watch the frustration turn to anger and that anger into hate. Govts then turn that hate and target it against another race, religion or nation.

I'd prefer we invest in housing and people than war..........and it is the choice we all must decide which one we want. That's why this policy is not only important for Australia but more importantly rolled out globally.

 

[Power Raid]

Or we could just tax people and business properly and pay people properly.

Less of Australia's national income is going to workers than ever before

The latest GDP figures show more than ever before workers are getting less than their fair share

australiainstitute.org.au

View attachment 1657503

that's exactly what I am suggesting we do but for some reason people want to be more like places like Norway, Sweden etc but then resist what enables proper tax collection from multinationals and the wealthy

I guess some want to complain or like memes rather than adopt solutions that work effectively and efficiently

 

[Power Raid]

A prize to anyone who has Islamic banking on their Power Raid bingo card this week

said in jest

you don't like islamic banking being shared risk and return?

 

[QuietB]

that's exactly what I am suggesting we do but for some reason people want to be more like places like Norway, Sweden etc but then resist what enables proper tax collection from multinationals and the wealthy

I guess some want to complain or like memes rather than adopt solutions that work effectively and efficiently

If people want to get a better deal than Australia currently gets for selling our natural resources - ala Norway - then I am all for that as well.

 

[QuietB]

On natural resources - apparently Australia sells approx $100b per year in natural gas (2022 number - will be much bigger number in 2023). The government (ie. Australians) get $2b. Gas industry is almost 90% foreign owned in Australia.

So when the LNP represent gas (ie. gas led recovery) exactly who are they representing?

 

[nut]

On natural resources - apparently Australia sells approx $100b per year in natural gas (2022 number - will be much bigger number in 2023). The government (ie. Australians) get $2b. Gas industry is almost 90% foreign owned in Australia.

So when the LNP represent gas (ie. gas led recovery) exactly who are they representing?

Imagine 98billion going into a sovereign fund!!! Every year

 

[The King!]

The 10% can afford to dodge every measure

 

[SBD Gonzalez]

The numbers don’t lie.

Young Australians never stood a chance. For decades the controls have been set to favour older generations | Greg Jericho

When it comes to buying a home, millennials have it so much harder than those before them. And it’s changing the way they vote

www.theguardian.com

 

[Saint]

Imagine 98billion going into a sovereign fund!!! Every year

You've got to take out the production costs.

But those are easily calculated, it's the difference between what the cost is now, minus what it was when we couldn't export it.

It just about doubled in price since we were able to export it. So ALL of that cost uplift is pure profit, plus the profits they were already making selling domestically (which wasn't huge). It's why they went so hard after Rudd on the PRRT. They knew a huge uplift in prices was coming and had tens of billions per annum at risk. Of course tipping a billion into the libs and advertising was going to be be worth the return over the next 30 years.

 

[nut]

You've got to take out the production costs.

But those are easily calculated, it's the difference between what the cost is now, minus what it was when we couldn't export it.

It just about doubled in price since we were able to export it. So ALL of that cost uplift is pure profit, plus the profits they were already making selling domestically (which wasn't huge). It's why they went so hard after Rudd on the PRRT. They knew a huge uplift in prices was coming and had tens of billions per annum at risk. Of course tipping a billion into the libs and advertising was going to be be worth the return over the next 30 years.

This is why we need a royal commission into our media and the international interference into our democratic process.

 

[The King!]

This is why we need a royal commission into our media and the international interference into our democratic process.

Do Royal Commissions ever achieve anything?

Not saying you are wrong that we need something

 

[Power Raid]

If people want to get a better deal than Australia currently gets for selling our natural resources - ala Norway - then I am all for that as well.

what is Norway's mining tax compared to Australia's (state plus federal) mining tax?

what is Norway's O&G tax versus Australia's (state plus federal)?

 

[Mofra]

Months ago Stiglitz proposed wealth taxes in lieu of central bank interest rate rises as a measure to control inflation and to start budget repair.

In light of this news I'd say that once again, he has a point.

 

[Power Raid]

Months ago Stiglitz proposed wealth taxes in lieu of central bank interest rate rises as a measure to control inflation and to start budget repair.

In light of this news I'd say that once again, he has a point.

I don't believe it is one or the other but we really need a proper wealth and proper property tax systems in Australia

we have too much reliance on income taxes and we need to broaden the base

 

[QuietB]

what is Norway's mining tax compared to Australia's (state plus federal) mining tax?

what is Norway's O&G tax versus Australia's (state plus federal)?

"Since 1996 Norway has been taxing the profits of its oil and gas sector at 78%. This is comprised of Norway's 22% corporate rate as well as a 56% “Special Tax” (petroleum tax)."

This graph is damning - industry revenue has increased 600-700%, government (Australian peoples) revenue has fallen.

And just to ram the kick in the guts home, Australian consumers get to pay 600-700% more.

Australians are not getting a fare share of oil and gas revenue

Australia's and Norway's economies both have massively profitable resource industries, but Norwegians receive a much larger and fairer share

australiainstitute.org.au

 

[QuietB]

It is also worth noting that Gillard tried to implement a mining tax and the LNP lost their minds.

It really is difficult to know who the Liberals are truly working for sometimes (it actually isn't all that difficult - it is not us).

 

[Big Papa Ted]

It is also worth noting that Gillard tried to implement a mining tax and the LNP lost their minds.

It really is difficult to know who the Liberals are truly working for sometimes (it actually isn't all that difficult - it is not us).

Rudd did. Gillard knifed him in the back over it.

 

[Saint]

Months ago Stiglitz proposed wealth taxes in lieu of central bank interest rate rises as a measure to control inflation and to start budget repair.

In light of this news I'd say that once again, he has a point.

Because the tax system was focused on income and everything else is a "death tax", then the rich and their accountants, bankers and legislators carved out ways for them to focus their income on "wealth generation". So increasing the price of real-estate, not taxing corporate profits (to boost share prices), share buybacks to boost share prices, negative gearing on established real-estate, franking credit refunds. It's all aimed at boosting wealth and minimising income to minimise tax.

We should have a balance of taxes on interest, wealth growth and consumption, not focus on only one or two of them. It gives us more flexibility and more levers.

So that when corporate profits are causing inflation, we ramp up the taxes on those and ease the burden on income taxes.

When house prices are booming, we make sure we capture some of that as wealth taxes so that we can ease it on corporations who lose money with increased rents/materials costs.

 

[QuietB]

Rudd did. Gillard knifed him in the back over it.

Ok - either way the Liberals completely lost their minds and blew the whole thing up.

 

[Big Papa Ted]

Ok - either way the Liberals completely lost their minds and blew the whole thing up.

I mean to be fair, pushing it did ultimately cost Rudd his job. As soon as he started arguing for the super tax, the mining companies went into overdrive on a PR smear campaign. You can actually see the correlation between when the mining companies started campaigning against it, and Rudd's approval rating falling like a stone. It's ultimately why Gillard knifed him (Labour thought they'd lose the election over it).

The Libs acted in their political self interest. I blame the voting bloc for falling for the mining PR campaign.

 

[nut]

what is Norway's mining tax compared to Australia's (state plus federal) mining tax?

what is Norway's O&G tax versus Australia's (state plus federal)?

I believe it’s 78% on oil and gas

 

[QuietB]

I mean to be fair, pushing it did ultimately cost Rudd his job. As soon as he started arguing for the super tax, the mining companies went into overdrive on a PR smear campaign. You can actually see the correlation between when the mining companies started campaigning against it, and Rudd's approval rating falling like a stone. It's ultimately why Gillard knifed him (Labour thought they'd lose the election over it).

The Libs acted in their political self interest. I blame the voting bloc for falling for the mining PR campaign.

And therein lies the whole problem with the media concentration we have in Australia.

It was way too easy for the miners to get what they want. And at no point did the Liberals represent the interests of the Australian people.

 

[nut]

Ok - either way the Liberals completely lost their minds and blew the whole thing up.

And the corporate media

 

[Mofra]

Because the tax system was focused on income and everything else is a "death tax", then the rich and their accountants, bankers and legislators carved out ways for them to focus their income on "wealth generation". So increasing the price of real-estate, not taxing corporate profits (to boost share prices), share buybacks to boost share prices, negative gearing on established real-estate, franking credit refunds. It's all aimed at boosting wealth and minimising income to minimise tax.

We should have a balance of taxes on interest, wealth growth and consumption, not focus on only one or two of them. It gives us more flexibility and more levers.

So that when corporate profits are causing inflation, we ramp up the taxes on those and ease the burden on income taxes.

When house prices are booming, we make sure we capture some of that as wealth taxes so that we can ease it on corporations who lose money with increased rents/materials costs.

One place to start - AirBNB properties getting residential tax treatment is ridiculous. Hurts the budget and housing affordability, especially in the regions.

 

[rye]

What are you going to do about it, besides whinging on a footy forum?

Aussies are piss weak.

ill take one socialist revolution please