Britain: an economic train wreck
Jul 26th 2012, 10:44 pm
#76
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Re: Britain: an economic train wreck
The issues is that people like Rinehart who are making $2 million profit an hour object to paying more than 30% tax. If they paid proper tax levels then Australian public services would be like something from the 25th century. Personally, I find Australia's material wealth being dug up and sold to Chinese people for the benefit of a handful of billionaires highly offensive, not to mention bloody irresponsible, but most people won't start the whining and crying about it until it's far too late. If these industries can't be nationalized then at least tax them properly.
Jul 26th 2012, 10:57 pm
#77
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Re: Britain: an economic train wreck
And in Rinehart's case she simply inherited it. It says a lot about our system that someone can "inherit" ancient minerals and sell them for personal profit to the detriment of an entire state, and still object to paying tax on it.
Jul 27th 2012, 12:37 am
#78
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Re: Britain: an economic train wreck
Hardly. The Liberals and the mining magnates are dead set against it. Even so, Labor have managed to get a watered down version in place. It's only fair that some of the benefits of the mining boom go to the eastern states as their manufacturing and services industries are being hurt be a high dollar due to the boom in the west. When the mining boom eventually crashes the money will start flowing in the other direction, as it has done many times in the past.
Jul 27th 2012, 1:12 am
#79
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Re: Britain: an economic train wreck
I only support a mining tax that is used for a SWF or similar. If states on the east coast have failing economies then they need to change and adapt tin order to cope. Look at Tasmania. They are run by hard-left morons who refuse point blank to try and grow their economy because they know that the rest of Australia will carry them. Anyway, as it looks like mining profits are not going to be 'super', just very good in the short term, I doubt that the mining tax will raise much.
Jul 27th 2012, 1:30 am
#80
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Re: Britain: an economic train wreck
Australia already has a massive SWF, it's called everyone's super accounts. Should things ever get bad enough be assured the govt. will make a grab for that by way of compulsory state annuities or a requirement to purchase bonds.
Jul 27th 2012, 1:32 am
#81
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Re: Britain: an economic train wreck
I can't believe a chunky SWF hasn't been set up and safely stored for future hard times. It's the Anglo-Saxon hatred of the state, I think. Norwegians - you can imagine them trusting their money in SWFs, but not us. We would be scared they would blow the lot on some stupid idea like invading the Ukraine and they probably would.
Jul 27th 2012, 1:35 am
#82
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Re: Britain: an economic train wreck
I can believe that a future government could see the super pile as a source of 'funds'. Look at how Blair/Brown raided the private pension system in the UK in the late '90s, effectively knocking it on its ass.
Jul 27th 2012, 1:35 am
#83
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Re: Britain: an economic train wreck
True - I didn't look at it that way. And I share your concern about its fate if things get tight. If I'm not mistaken, doubt about pension security is one of the things that encouraged so many people to go into BTL in the UK and look what that turned into.
Jul 27th 2012, 3:06 am
#84
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Re: Britain: an economic train wreck
i dont believe in SWFs these days. where will they invest it in?
Jul 27th 2012, 3:12 am
#86
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Jul 27th 2012, 3:19 am
#87
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Re: Britain: an economic train wreck
This post highlights how little some people know about mining. The States allow companies to mine the land for a royalty fee which is used to benefit the people living in the state. There is an enormous amount of risk in setting up and operating a mine, hence the massive profits when it pays off. Talk of nationalisation would just leave all the stuff in the ground as no state would gamble billions of tax payer money.
Jul 27th 2012, 3:20 am
#89
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Re: Britain: an economic train wreck
i'd rather they invest it in commercially sound businesses. e.g. food bowl in north australia. the world population will keep growing and food is the last thing people will not buy.
Jul 27th 2012, 3:23 am
#90
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Re: Britain: an economic train wreck
money should be invested in active investments not passive ones. i doubt the govt can manage active investments. why not just give it to private businesses and humans in the form of tax cuts?
i'm not very convinced SWFs are the way to go.
i'm not very convinced SWFs are the way to go.