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The RBA, politicised conmen with a gun to the head of the Australian economy
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It's all Labors fault, even the dim Australian voting public isn't falling for the BS line Lightweight Albo & the Not My Fault Gang are peddling.
You always pay more under Labor.
100% true.
You always pay more under Labor.
100% true.
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Actually it’s the Liberals fault, mismanagement of the pandemic saw mountains of excess cash poured into the economy and here we are.
I wouldn’t blame them specifically as it was an unprecedented situation… but treasury did have the foresight to tell them to ease it up slightly and have clawback measures. They didn’t, of course, because they saw the situation has a chance to take billions in taxpayer dollars and give it to corporates and the rich.
Robber barons, it’s a tale as old as time.
why-chalmers-needs-to-decide-about-lowe-s-future-20230620-p5di0r
'.... if Philip Lowe’s seven-year term is not extended by Treasurer Jim Chalmers beyond September?'
'...... Chalmers needs to announce his crucial decision very soon. There are only three monthly RBA board meetings before Lowe’s term expires.'
'.... if Philip Lowe’s seven-year term is not extended by Treasurer Jim Chalmers beyond September?'
'...... Chalmers needs to announce his crucial decision very soon. There are only three monthly RBA board meetings before Lowe’s term expires.'
Were these billions reflected in the tax take in the Budget, or will it be an unexpected positive for the bottom line ?
These $billions will not be reflected in the tax take in the Budget which will continue to rely on income from coal, gas, iron ore and primary production to fund our burgeoning interest bill.
Albo needs Dr Lowe as a fall guy as the Government battles with inflation & the reality that magic puddings have no part to play, e.g
'Rent caps, such as proposed by the Greens, simply do not work to ease housing shortages, Housing Minister Julie Collins says:
“The evidence and data shows it doesn’t work long-term,” Collins says on ABC’s Insiders. “What the experts are telling us is that it reduces supply. When you look at the evidence that has been cited by others, the evidence shows that it reduces supply significantly by up to 15 per cent. The other thing that it shows is the quality of the stock diminishes over time.”
'The Commonwealth does not have the power to impose rent freezes or caps, and it is a matter for state governments, she says. The federal government is instead trying to pass the housing fund to build 30,000 more affordable homes, increasing rent assistance and encouraging the state and local governments to expand supply.'
Collins said the government was focused on adding housing supply, backing away from her comments of five years ago that the solutions to the housing shortage must include changes to negative gearing and capital gains tax.
“I’m focused on what’s possible ... Things have moved on. We want to add to supply. That is our position. We are moving as quickly as we can to add to supply.”
www.afr.com
Albo needs Dr Lowe as a fall guy as the Government battles with inflation & the reality that magic puddings have no part to play, e.g
'Rent caps, such as proposed by the Greens, simply do not work to ease housing shortages, Housing Minister Julie Collins says:
“The evidence and data shows it doesn’t work long-term,” Collins says on ABC’s Insiders. “What the experts are telling us is that it reduces supply. When you look at the evidence that has been cited by others, the evidence shows that it reduces supply significantly by up to 15 per cent. The other thing that it shows is the quality of the stock diminishes over time.”
'The Commonwealth does not have the power to impose rent freezes or caps, and it is a matter for state governments, she says. The federal government is instead trying to pass the housing fund to build 30,000 more affordable homes, increasing rent assistance and encouraging the state and local governments to expand supply.'
Collins said the government was focused on adding housing supply, backing away from her comments of five years ago that the solutions to the housing shortage must include changes to negative gearing and capital gains tax.
“I’m focused on what’s possible ... Things have moved on. We want to add to supply. That is our position. We are moving as quickly as we can to add to supply.”
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Number37
Anyhow, have a Winfield 25.
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Coles + Woolies + Big4 banks + Telstra + AMP = ~35% of total corporate tax take.
Add in Rio + BHP = ~42% (Most of that is because commodity prices are high)
So what you should be saying is we will continue to rely heavily on the supermarkets, banks , Telstra and AMP to fund our burgeoning interest bill.
Commodity prices are subject to markets beyond the reach of our tax regulation & are not limited to corporate tax. See the royalties take of State Governments.
Number37
Anyhow, have a Winfield 25.
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Not what I said.
Corporate tax take comes from profits.
Miners made huge profits because commodity prices are high.
So when commodity prices get back to normal, it follows that the miners contribution to the tax take will drop, as their profits drop.
But that also ignores the larger reality, that the majority of tax collected is still from income tax.
So, everyone will be paying their share of the burdensome interest payments on the LNP debt.
I'm pretty sure you were trying to make it out like the miners are some sort of saviour to our woes. They're not.
The Minerals Council is pack of grubs, only in it for themselves, with little regard for the country.
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Someone at the AFR stealing Damo's sliding doors gear?
More like you trying to play down the role of commodities in the Australian economy & our place in worldwide trade/influence internationally.
See their influence on the WA & Qld State budgets versus say, the latte economy of Victoria.
Seems Dr Jim will go with the RBA deputy:
Chalmers backs RBA deputy’s jobs warning as appointment looms
As he considers who will lead the RBA, Treasurer Jim Chalmers did not contest deputy governor Michele Bullock’s warning that unemployment would rise to quell inflation.
What do you think keep or move on?
I'm in the move on camp, purely based on the no rate rise to '24 and the complete incompetence since
It's almost like a carbon tax or mining tax or even super profits tax could help with the distortion these industries have on the economy.More like you trying to play down the role of commodities in the Australian economy & our place in worldwide trade/influence internationally.
See their influence on the WA & Qld State budgets versus say, the latte economy of Victoria.
Seems Dr Jim will go with the RBA deputy:
Chalmers backs RBA deputy’s jobs warning as appointment looms
As he considers who will lead the RBA, Treasurer Jim Chalmers did not contest deputy governor Michele Bullock’s warning that unemployment would rise to quell inflation.
Number37
Anyhow, have a Winfield 25.
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More like you trying to play down the role of commodities in the Australian economy & our place in worldwide trade/influence internationally.
See their influence on the WA & Qld State budgets versus say, the latte economy of Victoria.
Seems Dr Jim will go with the RBA deputy:
Chalmers backs RBA deputy’s jobs warning as appointment looms
As he considers who will lead the RBA, Treasurer Jim Chalmers did not contest deputy governor Michele Bullock’s warning that unemployment would rise to quell inflation.
Facts are that supermarkets and banks contribute more than miners.
So now you want to shift the goal posts to whatabout-der-states.
Which is odd, because since when do the states and their budgets contribute to paying interest on federal govt debt, as was your original claim?
The short answer is they don't, so we are once again left with what looks you being a shill for the Minerals Council.
I was critical of the no growth wage policy pre covid & the RBA did nothing.
With the benefit of hindsight, one of the 0.25 rises should have been 0.5.
I fear Dr Lowe will keep the gig for political purposes, say a 2 year extension, not a renewal of the current 7 year term. The '24 line is great to divert pressure from the Government.
The States have no effect on the economy, yeh right.
So we grab profits what about losses ? Supercharge losses ?
See our latest frolic with on shore processing FUNDED by the US Government e.g: Australia wins U.S. support for critical minerals industry
Will that funding be available if the returns may be eroded by retrospective tax grabs.
Japan is not as keen on investing in Queensland these days.
See the naive suggestions Australia can be a player in the battery market - where are we searching funding from ?
You could be up front & introduce a retrospective tax policy & watch the development of the mining sector fell. The hole in the budget to be created by closing gas & coal industries would be factored in to your thinking could be a start.
We don't grab profits. We tax accordingly. We are already very generous with losses and investment.
No one said retrospective, from what I can see.
It's is lamentable we missed an opportunity.
Japan sits right next to a Expansionary state. They have bigger issues than investing in QLD.
Are you always dismissive of Australia trying to diversify its economy?
Again, you are the one claiming retrospective tax. I assume it's to create your position outlined above. Mining and coal would never have left, stability of Govt and access to people and the fact the resources are here means they will be too.
What Morrison allowed with gas exports should be criminal.
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They did wait to long on the rate rises, too slow on the cuts.
Disagree on the statement, it was reckless
Number37
Anyhow, have a Winfield 25.
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Come on dude.
You must have callouses on your shoulders from moving those goal posts so many times.
You said something like the miners will be saviours of our massive interest bill.
The only way they contribute is through paying tax.
~60% of the tax take is personal income tax + GST.
ie taxes paid by individuals.
~60% people v ~10% mining companies
Doubling down your shill for the Minerals Council for the 5th time still won't change the facts.
The facts are its not the mining companies who will be contributing the lions share of the interest payments, it's the peeps.
The IMF has joined every other economic body in the western world in identifying that corporate profits are the biggest driver of inflation over the past 2 years.
And the RBA is still trying to hit mortgage-holders during a housing crisis after denying corporate profits were the biggest driver of inflation (wrongly). The RBA only has one lever and the ALP leaving them to their devices when they should be taking much more drastic action about corporate profits (simply increasing corporate tax rate).
It can't wait 12 months for the next budget.
Europe’s Inflation Outlook Depends on How Corporate Profits Absorb Wage Gains
Higher prices so far mostly reflect increases in profits and import costs, but labor costs are picking up
www.imf.org
And the RBA is still trying to hit mortgage-holders during a housing crisis after denying corporate profits were the biggest driver of inflation (wrongly). The RBA only has one lever and the ALP leaving them to their devices when they should be taking much more drastic action about corporate profits (simply increasing corporate tax rate).
It can't wait 12 months for the next budget.
Apparently we can't tax businesses any more or they will leave.The IMF has joined every other economic body in the western world in identifying that corporate profits are the biggest driver of inflation over the past 2 years.
Europe’s Inflation Outlook Depends on How Corporate Profits Absorb Wage Gains
Higher prices so far mostly reflect increases in profits and import costs, but labor costs are picking upwww.imf.org
And the RBA is still trying to hit mortgage-holders during a housing crisis after denying corporate profits were the biggest driver of inflation (wrongly). The RBA only has one lever and the ALP leaving them to their devices when they should be taking much more drastic action about corporate profits (simply increasing corporate tax rate).
It can't wait 12 months for the next budget.
I think we are just going to have to cut services.
Gralin
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They've admitted their real current goal is driving up unemploymentThe IMF has joined every other economic body in the western world in identifying that corporate profits are the biggest driver of inflation over the past 2 years.
Europe’s Inflation Outlook Depends on How Corporate Profits Absorb Wage Gains
Higher prices so far mostly reflect increases in profits and import costs, but labor costs are picking upwww.imf.org
And the RBA is still trying to hit mortgage-holders during a housing crisis after denying corporate profits were the biggest driver of inflation (wrongly). The RBA only has one lever and the ALP leaving them to their devices when they should be taking much more drastic action about corporate profits (simply increasing corporate tax rate).
It can't wait 12 months for the next budget.
There reasoning is of course again baeed on okd economic models that directly link employment to inflation and ignore profits
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