OT: Current Affairs and Politics

[the phantom menace]

Fair points being made though that the "metrics" of doing it - or it somehow being publicised - while the "cost of living crisis" hasn't yet turned the corner was probably a poor choice on Albo's part.

E.g. If the Reserve Bank had at least started the process of gradually lowering the interest rates before Albo's investment was publicised, no-one could really confect a whinge from it. Dutton owns a shopping centre in Queensland among other things, doesn't he?

 

[TheRam]

Just another gentle reminder that we are being raped by our pollies and their globalist mates.

 

[hindy111]

Just another gentle reminder that we are being raped by our pollies and their globalist mates.

100% The rich are just pulling us along for the ride.

 

[hindy111]

Fair points being made though that the "metrics" of doing it - or it somehow being publicised - while the "cost of living crisis" hasn't yet turned the corner was probably a poor choice on Albo's part.

E.g. If the Reserve Bank had at least started the process of gradually lowering the interest rates before Albo's investment was publicised, no-one could really confect a whinge from it. Dutton owns a shopping centre in Queensland among other things, doesn't he?

I was thinking about it and Let's be honest. 4.3mill for a house these days isn't even that much. Certainly not ridiculous.

 

[Gronk]

100% The rich are just pulling us along for the ride.

Julia Gillard introduced a Mining Super Profits tax. ASAP The liberal party and Tony Abbott repealed it for his mining and fossil fuel mates. Remember the Toxic Tax ? Yes they struck a deal with miner, Clive Palmer. How f**king stupid do they think we are ? Yeah well check your notes, cos I was whinging.

Mining tax repealed after deal struck with Palmer

The Abbott government has finally delivered on a key election promise and repealed the mining tax after striking a compromise with the Palmer United Party, but at a $6.5 billion hit over four years to the budget bottom line.

www.smh.com.au

The Greens recently got Treasury to re-cost a super profits tax and they estimate that it would yield $118 billion by 2030.

https://www.pbo.gov.au/sites/default/files/2023-03/A%20mining%20super%20profits%20tax%20PDF.pdf

 

[Gary Gutful]

Investor confidence would go through the floor if we taxed the shit out of them. Only have to look at what has happened in QLD where they have eroded long-term growth with short term thinking designed to prop up their shitty management of public funds.

 

[Gronk]

Investor confidence would go through the floor if we taxed the shit out of them. Only have to look at what has happened in QLD where they have eroded long-term growth with short term thinking designed to prop up their shitty management of public funds.

Well that’s one argument, however the alternative is this:

Ampol ltd for example registered a total income in 2020-21 of $20.06bn and yet it had a taxable income of ZERO. BP Regional Australian Holdings was similarly able to reduce its total income from $17.4bn to a ZERO taxable income. Exxon Mobile however was not able to quite get down to $o taxable income. But it was able to reduce its total income from $11.1bn to a taxable income of just $645,312 and it paid no tax at all.

The accountants of Chevron however were not so good. They were able to reduce their total income from $9.16bn to $113.06m and paid a grand total of $30 tax. Yes: Thirty dollars.

From $2,311bn total income to just $68.9bn tax. Companies are good at reducing their taxable income

In 2020-21 the biggest companies in Australia were able to reduce their taxable income to just 12% of their total income

australiainstitute.org.au

 

[Gary Gutful]

Well that’s one argument, however the alternative is this:

Ampol ltd for example registered a total income in 2020-21 of $20.06bn and yet it had a taxable income of ZERO. BP Regional Australian Holdings was similarly able to reduce its total income from $17.4bn to a ZERO taxable income. Exxon Mobile however was not able to quite get down to $o taxable income. But it was able to reduce its total income from $11.1bn to a taxable income of just $645,312 and it paid no tax at all.

The accountants of Chevron however were not so good. They were able to reduce their total income from $9.16bn to $113.06m and paid a grand total of $30 tax. Yes: Thirty dollars.

From $2,311bn total income to just $68.9bn tax. Companies are good at reducing their taxable income

In 2020-21 the biggest companies in Australia were able to reduce their taxable income to just 12% of their total income

australiainstitute.org.au

This might help provide some more perspective:

The companies that made the most money – and paid the most tax

Ten companies paid more than $33 billion in corporate income tax in 2020-2021, but more than 30 per cent of the top-earning companies paid none.

www.smh.com.au

 

[Gary Gutful]

This is what I was originally referring to re: Coal Royalty increases in Queensland.

Qld coal royalty increase hits project pipeline

A new report from the Australian Resources and Energy Employer Association finds 28,000 new jobs will be needed across the nation, but projects are slowing in Queensland.

www.afr.com

 

[Gronk]

This might help provide some more perspective:

The companies that made the most money – and paid the most tax

Ten companies paid more than $33 billion in corporate income tax in 2020-2021, but more than 30 per cent of the top-earning companies paid none.

www.smh.com.au

And before covid, Chevron still paid no tax. Lots of excuses. No tax.

Household names: 168 Australian companies have paid no tax since 2013

ATO deputy commissioner says there are ‘legitimate reasons why a company may not pay tax’

www.theguardian.com

 

[TheRam]

It's more about the royalties stupid. Stop playing games. Yes they are rorting us on tax too, but the biggest rort is the royalties on our resources which we own.

 

[TheRam]

 

[TheRam]

Top 40 Tax Dodgers of 2023 - Michael West

Fossil fuel giants and other foreign multinationals are again the biggest tax dodgers in Australia, topping the Top 40 Tax Dodgers charts.

michaelwest.com.au

 

[hindy111]

It's more about the royalties stupid. Stop playing games. Yes they are rorting us on tax too, but the biggest rort is the royalties on our resources which we own.

I want my slice of the pie. They are taking the bread out of my mouth these thieving bustards.

 

[Gronk]

It's more about the royalties stupid. Stop playing games.

This is where the conversation stops for me.

 

[Gronk]

I have heard this before and it confuses me to no end. In an era where an aging population needs to be self funded more and more as the cost of welfare (pensions) are sky rocketing, the LNP have a view that compulsory employer contributions to super should be reversed. So they are anti welfare and anti employer super contribution. I have said this before and I will say it again, their view is that it's every man for himself out there and if that means you wither on the vine, then frankly that's not their problem.

They then get up this morning and whinge about Albo's house up the coast, in some sort of a charade that they GAF for the little people.

 

[hindy111]

This is where the conversation stops for me.

@TheRam
I can't beleive it. You've cracked the secret code. The magic words!!

 

[Gronk]

@TheRam
I can't beleive it. You've cracked the secret code. The magic words!!

Being a prick isn't a flex.

 

[bazza]

I was thinking about it and Let's be honest. 4.3mill for a house these days isn't even that much. Certainly not ridiculous.

only about 4 times the median price of a house in Sydney which is all ready unaffordable

 

[bazza]

This is what I was originally referring to re: Coal Royalty increases in Queensland.

Qld coal royalty increase hits project pipeline

A new report from the Australian Resources and Energy Employer Association finds 28,000 new jobs will be needed across the nation, but projects are slowing in Queensland.

www.afr.com

how many coal mines closed down in Queensland since that increase?