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 ASAP The liberal party and Tony Abbott repealed it for his mining and fossil fuel mates.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Mining tax repealed after deal struck with Palmer

The Abbott government has finally delivered on a key election promise and repealed the mining tax after striking a compromise with the Palmer United Party, but at a $6.5 billion hit over four years to the budget bottom line.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