2019 Federal Election

[Gronk]

I think Labor has lost touch with its core values it was built on ... they are turning into the Greens

I know a Mediterranean Descendant family who has never voted anything other than Labor - like a religion ... factory workers, union fans ... but they no longer think labor care about that stuff ... so they switched .... dunno if there are others similar???

Labor lost cos they couldnt claw back seats that were previously Labor .... they have lost touch

I hear you, however their policies prosecuted at this election were an attempt to make like better for the working class. Franking credits only effected retirees with huge share holdings. Increases in income tax only effected those on $185k+, negative gearing roll back was grandfathered and only impacted new investment properties - yet they failed to get the message out.

Instead of detailing there efforts to go after the top end of town, they were successfully painted as a party that was going after everyone. More focused on the environment than Joe Public.

 

[Gronk]

Spot on, they have gone away from their core values to appear woke and hip.

They were the working class party for the working class people but they have left them in droves. Same thing happened to the Democrats in the US.

People couldn’t give two shits about the environment when they are struggling to put a roof over their heads and send their kids to school.

Definitely true. This transition to renewables needs to occur in a measured way. Punters view the labor party as radical with a sledgehammer plan to switch to a low carbon economy and f**k Joe Public if it hits his home budget.

 

[84 Baby]

Franking credits only effected retirees with huge share holdings.

Well that’s incorrect*

*unless there was some part of policy that I didn’t read/labor didn’t release adequately

 

[Gronk]

Well that’s incorrect*

*unless there was some part of policy that I didn’t read/labor didn’t release adequately

These franking credit reforms were hitting the top end of town, yet it was poorly explained and successfully dubbed a retiree tax by the libs.

 

[84 Baby]

These franking credit reforms were hitting the top end of town, yet it was poorly explained and successfully dubbed a retiree tax by the libs.

Yeah so 15% didn’t have super of $1m?
Plus I think there’s a lot of people who have $1m in super that aren’t in top end of town

 

[Gronk]

Yeah so 15% didn’t have super of $1m?
Plus I think there’s a lot of people who have $1m in super that aren’t in top end of town

They are talking about having a share portfolio of more than $1m. If you have a SMSF like I do, you will know that investments are encouraged to be diversified into cash, stocks, bonds and commodities. Minimisation of exposure to any one asset class is SMSF 101. Over 85% of SMSF have a diversified investment structure.

 

[84 Baby]

They are talking about having a share portfolio of more than $1m. If you have a SMSF like I do, you will know that investments are encouraged to be diversified into cash, stocks, bonds and commodities. Minimisation of exposure to any one asset class is SMSF 101. Over 85% of SMSF have a diversified investment structure.

That is not what that Thistlewaite bloke said at all. And diversity doesn’t matter anyway. Any franking credits earned in a pension were affected

 

[Gronk]

That is not what that Thistlewaite bloke said at all. And diversity doesn’t matter anyway. Any franking credits earned in a pension were affected

Not true merkin.

 

[84 Baby]

Not true merkin.

Superfund pensions, numbnuts.

 

[Gronk]

Superfund pensions, numbnuts.

So we are back to talking about self funded retirees who pay no tax, yet recieve a tax refund from the government.

 

[84 Baby]

So we are back to talking about self funded retirees who pay no tax, yet recieve a tax refund from the government.

15% of whom are self funded to less than $1m balance

 

[hindy111]

Definitely true. This transition to renewables needs to occur in a measured way. Punters view the labor party as radical with a sledgehammer plan to switch to a low carbon economy and f**k Joe Public if it hits his home budget.

I dont think that at all.I am not an idiot. I doubt they would of went full renewable. I just felt they where saying everything the public wanted to hear and people felt they couldnt be trusted.

And I am all for renewable. Just Shorten wasn't one people believed they could trust.
Qld need work and people most likely where scared of some of labors ideas. But I highly doubt they would of marched in and shut down mines.

Side note if we where to start going to renewable can you imagine the work? It would be a ridiculous amount. Especially ripping out all the old stuff and setting up the new.

For now we can do our own little part. And I still think it's a good idea to give rebates to people who use under a certain amount of electricity.

 

[Gronk]

15% of whom are self funded to less than $1m balance

*15% of whom are self funded retirees with a share portfolio of less than $1m. We could go into the asset test of what a couple can own (excluding their own home) before the age pension winds down to zero, but suffice to say it is not insignificant.

Labor could have also teased out the reforms by capping the refunds at $10K to protect average income retirees but still raise significant revenue from the 85%. It's just one of those tax loopholes that is growing with an uncontrollable trajectory. It wouldn't be the first tax loophole to be closed and certainly won't be the last.

I still think that shorten was on the right track. The SMH reported that "one lucky non-taxpayer actually received $2.5 million in "tax credits" in a single year". An extreme example indeed, but whoever that merkin is, he/she does not need the government to borrow money every year to add $2.5m to their coffers. Generous super and other age-based tax breaks have been funded by deficits. The accumulating debt burden will disproportionately fall on younger households.

Moot point now anyway.

 

[84 Baby]

*15% of whom are self funded retirees with a share portfolio of less than $1m. We could go into the asset test of what a couple can own (excluding their own home) before the age pension winds down to zero, but suffice to say it is not insignificant.

Labor could have also teased out the reforms by capping the refunds at $10K to protect average income retirees but still raise significant revenue from the 85%. It's just one of those tax loopholes that is growing with an uncontrollable trajectory. It wouldn't be the first tax loophole to be closed and certainly won't be the last.

I still think that shorten was on the right track. The SMH reported that "one lucky non-taxpayer actually received $2.5 million in "tax credits" in a single year". An extreme example indeed, but whoever that merkin is, he/she does not need the government to borrow money every year to add $2.5m to their coffers. Generous super and other age-based tax breaks have been funded by deficits. The accumulating debt burden will disproportionately fall on younger households.

Moot point now anyway.

The quote you used said $1m in balance. I take that as total super balance. If he meant share portfolio, why didn’t he say $1m in shares? Save himself a character.

The only place that one guy could be getting refunded $2.5m is in super, which has already been significantly closed by introduction of transfer balance cap rules. The single refund alone would have put him over, so going forward his loophole has already been closed.

The loophole itself isn’t even a loophole. It’s the transfer of profit to its financial owner who just so happens to be in a lower tax bracket. Do you want to close the “loophole” where the shareowner is in a higher tax bracket? I generally get a refund due to overpayment of PAYG, should we stop that too?

 

[SDM]

I am not an idiot.

In that case you do a bloody good impersonation of one.

 

[hindy111]

I think the election will be a tighter than expected.

#fakenews.

Wow

You picked it.

 

[Joshuatheeel]

Anyone Morrison looks like breaking his first promise and won’t deliver tax cuts this financial year.

 

[SDM]

Anyone Morrison looks like breaking his first promise and won’t deliver tax cuts this financial year.

And they would have known the timeline was not possible when they promised it in April

 

[SDM]

Wow

You picked it.

The margin was as expected, just the other team won.

 

[Gronk]