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- Mar 16, 2002
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Because tax mechanisms are too slow to work and easy to dodge.
How fast are the interest rate rises working?
How much profit has the banks made?
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Because tax mechanisms are too slow to work and easy to dodge.
Especially when most discretionary spending isn't being done by younger people with larger mortgages.It should be. I dont have an answer but why should only those with mortgages suffer the burden?
There has to be a better way than passing the buck onto 1/3 of people with a mortgage and the profits go into banks who dodge *loads of taxes
Investment properties yes but people paying overs for houses don't always have a choice - everyone needs somewhere to live don't they? Ok you can say they may have bought above their means or in areas they couldn't afford but it's not like we have ghost towns in the outer metro suburbs they could relocate to instead.I wont support breaking of an election promise. My opinion makes sfa difference though.
Personally, I think the dumb campaigners who paid overs should wear the costs for doing so. Keep raising those rates!
ANZ made $7B!How fast are the interest rate rises working?
How much profit has the banks made?
People who reduce something as complex as taxation to “do you think the government is better at handling your cash than you” concern me.People who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
It isnt about us being taxed more, its about the banks and what not funding things they should.People who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
Interest rates are impacted more by global pressures than anything the Australian government does. Judged against recent historical rates from this century, the current interest rate isn't particularly high.It isnt about us being taxed more, its about the banks and what not funding things they should.
Government ineptitude is costing us money through rate rises, tax the *ers receiving that money
100%40 billion in profits.
Will dividends from banks fuel inflation?
Surely tax is a safer and better option. Take money directly out of the economy and with no risk of fueling inflation more.
Extra revenue can be spent where needed.
Apparently only people with bank shares are needy.
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If it’s a planned and well executed revenue raise then yesPeople who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
So thisIt isnt about us being taxed more, its about the banks and what not funding things they should.
Government ineptitude is costing us money through rate rises, tax the *ers receiving that money
There's financially healthy and theres rorting people. Ridiculous attitude. They're a very reasonable target, the most reasonableInterest rates are impacted more by global pressures than anything the Australian government does. Judged against recent historical rates from this century, the current interest rate isn't particularly high.
It's crucial for all of us that our banks are financially healthy. I don't see them as a reasonable target.
CommBank trying to shoehorn every last cent out of their sponsorship of the Matildas? Surely the world cup didn't have that much of a bearing on the spending habits of the entire nation?After trending higher thanks to the Matildas and the FIFA Women's World Cup in September, household spending dropped substantially last month, down 1%, according to the latest CommBank Household Spending Insights index.
The 1% fall was driven by fewer Australian households spending on recreation (-4.7%), hospitality (-4.5%), food and beverage (-1.3%), communication and digital (-0.7%) and household goods (-0.7%).
Despite the falls in those categories, CommBank said they were offset by higher spending in the utilities and transport categories as a result of higher energy bills and petrol prices.
“October’s CommBank HSI Index demonstrates a clear tightening in consumer spending compared to September’s result, which was buoyed by a number of one-off events like the FIFA Women's World Cup," CBA chief economist Stephen Halmarick said.
"We are clearly seeing the flow on effects of the interest rate increases from earlier in the year."
He expects the latest rate hike from the RBA last week will add "even further" downward pressure on spending in the coming months, but there could be increased spending due to the November sales season.
"Looking ahead, our base case is no further increases in the RBA cash rate, although there remains upside risk based on the inflation figures due at the end of January," he said.
So clearly interest rates are doing what they are intended to do in reducing household spending but the rates continue to rise. Why? Surely these people paid exorbitant sums to make key decisions clearly can see that inflation is driven by key indicators unrelated to interest rates.
Surely these people paid exorbitant sums to make key decisions clearly can see that inflation is driven by key indicators unrelated to interest rates.
People who reduce something as complex as taxation to “do you think the government is better at handling your cash than you” concern me.
Most people don’t tend to go out and donate money to the wide range of things we need governments to pay for. Hence there’s a fair argument to be made that despite their (sometimes) wastefulness, governments indeed tend to spend money better than the average Joe Citizen does.
Might explain why countries with higher tax rates tend to fare better in terms of living standards and overall happiness.
Do I think the government is better at handling cash (health, education, infrastructure, defence etc) than individuals, particularly the very wealthy (holidays, expensive cars, hidden away in offshore accounts to hand over to children decades in the future)?People who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
What an inane comment. Do you think the government shouldn't provide vital infrastructure and essential services to the community?People who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
My question is why would all the speculators and investors just stop because of interest rate rises ?After trending higher thanks to the Matildas and the FIFA Women's World Cup in September, household spending dropped substantially last month, down 1%, according to the latest CommBank Household Spending Insights index.
The 1% fall was driven by fewer Australian households spending on recreation (-4.7%), hospitality (-4.5%), food and beverage (-1.3%), communication and digital (-0.7%) and household goods (-0.7%).
Despite the falls in those categories, CommBank said they were offset by higher spending in the utilities and transport categories as a result of higher energy bills and petrol prices.
“October’s CommBank HSI Index demonstrates a clear tightening in consumer spending compared to September’s result, which was buoyed by a number of one-off events like the FIFA Women's World Cup," CBA chief economist Stephen Halmarick said.
"We are clearly seeing the flow on effects of the interest rate increases from earlier in the year."
He expects the latest rate hike from the RBA last week will add "even further" downward pressure on spending in the coming months, but there could be increased spending due to the November sales season.
"Looking ahead, our base case is no further increases in the RBA cash rate, although there remains upside risk based on the inflation figures due at the end of January," he said.
So clearly interest rates are doing what they are intended to do in reducing household spending but the rates continue to rise. Why? Surely these people paid exorbitant sums to make key decisions clearly can see that inflation is driven by key indicators unrelated to interest rates.
People who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
It seems way too easy to just increase the GST rate for a specific period; hits discretionary spending mostly, doesn't impact fresh food or housing affordability, takes money out the economy and gives it to the Government instead of the banks where it might even be spent on something beneficial for society.
"Capitalism" doesn't mean an unfettered free for all. That's what these neoliberal "magic of the marketplace" ideologues will never get.So you are ok with paying higher interest rates than necessary while a handful of people make a killing
When an organisation can make enough money to pay their CEO $80 million in bonuses , they are making too much money and someone is losing out unfairly
And you can spin it any way you like that it’s free market capitalism but you’ll never convince me that it’s ethical
Its not a scam. Its just a unintended feature of our institutional structure. The RBA wouldnt have to raise interest rates as high if the Labour government implemented policy to contract demand (and overseas governments as well). The labour government refuse to do this because it will be seen as political poision amongst the voters. Its not because of a scam with corporates. Thus the RBA are the only ones left to do all the demand killing through the one policy tool they have. Interest rates.
The fix for this would be an independent fiscal authority that could adjust the size of the deficit through tax rates to target inflation. Something Ive long advocated for. Along with the elimination of government debt as a thing.
ps. Young people on average (excluding recent mortgage purchasers) should be cheering for higher mortgage rates. Its needed to kill the housing market.
At the federal level, taxes aren't necessary to pay for anything at all, because the government can instruct the RBA to create as much money as they want to finance spending. What taxes are useful for is to lower the amount of money floating around the economy to restrict inflation.People who want to be taxed more concern me. Do you think the government is better at handling your cash than you?
Is there a point for you where our banks have moved from merely being financially healthy to making extreme profits? If so, where does that lie? If not, given that their profits mostly come from the Australian people and banking is a vital service that we can't do without, shouldn't the Australian people own the banks rather than private shareholders, many of whom are not Australian?It's crucial for all of us that our banks are financially healthy. I don't see them as a reasonable target.