the troubadour

Close to highest personal debt in the world, which is exactly what the figures show. WA default led the nation last time I looked. Too many speculators believing dodgy brokers I expect. Of course when interest rates do go up they'll be hell to pay. Late 80's UK anyone?

the troubadour

You know very well what the situation is. High end tax avoidance, consists of company negating all tax or most on huge profits going out of the country as well as well heeled top end. The obvious 'spring' in your step is well noted, with the return of government as any chance of sensible regulation to curtail practices of money lenders now just a pipe dream.

Beoz

So If I understand correctly, you want Australia to crash the property market because you believe it will reduce its position near the top of global personal debt at the same time sending brokers out of business?

Wow. That's a very short sighted set of reasons. It will also send the country into deep recession, which will have heavy costs for all. If this is about your ability to get on the property ladder its a little selfish don't you think?

Beoz

Sorry I am a little lost as to what you are claiming. It is quite old news that the ATO have been going after multinationals over tax. However if I have missed some recent news feel free to share.

SYDNEY (Reuters) - Alphabet Inc’s Google said it will challenge amended tax assessments issued by the Australian Taxation Office (ATO), which is trying to claw back billions of dollars from multinational corporations citing unpaid taxes.

The ATO has increased scrutiny over how much tax multinationals operating in Australia pay. In December, it said it was pursuing seven global businesses over A$2 billion ($1.50 billion) in unpaid tax.

While the ATO has not named the businesses it is pursuing, Google’s Australia unit said in accounts filed with the Australian Securities and Investments Commission that it will “lodge an objection” to the tax demand from the ATO.

“The company will continue to uphold its positions against any and all such claims,” Google said in the financial statement released on Friday. The search giant did not disclose how much the ATO has demanded it pay in taxes.

Google and the ATO declined to comment on how much the company’s amended tax bill was.

Treasurer Scott Morrison said in April the country expected to claw back A$2.9 billion from companies under the legislation.

Australia enacted the Multinational Anti-Avoidance Law in December 2015 and the ATO has introduced new guidelines for foreign trading hubs.

Google Australia restructured its operations effective January 1 of last year to comply with the legislation and its financial statement reveals an increase in revenue and tax for the 2016 calendar year as a result.

Revenue surged to A$1.14 billion in 2016 from A$498 million in 2015, while total income tax rose to A$16 million from A$2.8 million in 2015, the accounts show.

Amazulu

Yet higher still in Denmark, Holland, Switzerland, Norway etc

Wonder how they manage?

The common denominator between Australia and those countries? All wealthy nations, with that wealth spread fairly evenly throughout society. Well managed, financially sound governments with fairly decent monetary and fiscal policies. This does not apply to neighbouring countries like Germany, France, UK and New Zealand as they are not as wealthy

Hope this helps

the troubadour

WE are not well managed at will most likely be in recession next year. nor are we that wealthy with high cost housing, a mountain of personal debt caught up in it, a falling dollar meaning overseas imports as well as debt servicing will rise accordingly with dollar decline. Tax cuts, if ever fully implemented will do nothing much that create further debt to those least able to take it on, now deregulation appears to be not something this government will insist on in order to have some influence over financial sector and broking industry.
Further foreign influences likely to impact on Australian economy with its one track China reliance. Hardly happy times ahead. Issue being just how bad will they be or indeed need to be?

the troubadour

Morrison is not enacting regulatory practises on the financial industry and the dodgy broking industry and The Royal Commission into the banks, increasingly looks like will be acted on. I'm not going to enter further debate with the tax rorts of multi nationals and the big end of town and the cost they inflict. So see nothing wrong with the procedure as 'legal' and for someone that has no knowledge of the basics in regards to not knowing what neo liberal economics are, well frankly discussion can go no further.
You could do worse though than prepare for a likely recession next year, as it is clear this government has no means to avert it than create further debt and squeeze the housing bubble to an itch of life and remain clueless what to do to untangle the housing mess playing out.
The continued suggestive likely fall of the dollar is very indicative just how poorly the economy is performing, with the danger that the dollar will collapse requiring an interest rate rise to stem the fall. All going to be very challenging times.

Beoz

That's really doesn't give us any insights into tax torts and what the "top end of town" really is.

It's all just propaganda from you with no fact.

Amazulu

Again, you refuse to answer the question

Switzerland, Holland, Denmark etc have higher levels of private debt.
Why?
How do they manage?
Why is it okay for them, but a problem for Australia?

Chinese influence is everywhere. What about China in Italy, France, UK? Germany is massively dependent of exports to China. Why is that okay? May was happy to let Huawei build part of their 5G, whereas Australia, New Zealand and America has said no. Why? China is trying to exert influence in Australia, no question, but there is major pushback from our government, media and society, don't you read? Interestingly, the major apologists for China here are all on the left - Carr, Keating etc. That socialist idiot, McGowan signed a contract with Huawei to allow them to build the train comms system in Perth.

Recession is inevitable. All of your favourite, 'better' countries have had recessions in recent years. Why? How did they cope?

You hate Australia, I get that, it's not for everyone. So why are you still here? You're unhappy, envious, bitter. I'm sure you could live anywhere in the EU. You've said previously that you'd lived in 'superior', 'better' countries like Denmark and the UK. You'd probably be happier living there - life's too short to live it being unhappy Champ. Go and find your little slice of happiness

the troubadour

WE are going over and over a theme that has been well aired over success posts on a forum that doesn't care much anyway. If you don't know what the rorts are or like neo liberal economics do not have a grasp so be it.

the troubadour

Its actually you who hate Australia not me . WA Labor is hardly socialist as well you should know and besides being better economic managers than the previous Coalition Party which of course spent like drunken sailors all the boom time profits leaving the kitty bare, not much differs them from the Conservatives.
AS I mentioned before you approve of socialism when it 'socializes the losses. Just want to keep profits from doing any public good for then it is socialism.
You have an inability like most the right, to actually tackle an issue but prefer to attempt at personal psychology, a subject you fail miserably. You need to learn what debate and economic critique actually mean before coming on here sprouting nonsensical made up stuff. Always going over the same stuff.

Beoz

You have never answered it. You blow out Shorten like sound bytes like "tax rorts", "top end of town" without placing any detail and fact toward toward the discussion.

We need to move forward in our discussion so without the detail and fact, we can't take it any further.

Until then its an easy argument for me to win, however I am prepared to look at the detail if you care to provide any.

the troubadour

Not bothered what you are prepared to or not do. the facts are out for anybody to research. We need to move forward? Detest that saying. Speech for no idea what to say so can we move to safer ground where you may have some knowledge. I have given lengthy responses on this matter previously in past threads. All a waste on you. Rather like the Coalition Party . Keep churning out the same line but never go into ant depth . I'll give you a hands up though. Neo liberalism economics means the same as economic rationalism. An increasingly proven flawed economic philosophy.

Beoz

It's quite odd that you would say neo liberal economics is flawed given where we are today in Australia and many other places around the world. You wouldn't know what a recession is like in Australia, but I can assure you it's not fun however as Paul Keating said, we had to have one and the Liberal years have managed to keep one at arms length. Can this continue? Who knows but let's not substitute a socialist agenda when the other has kept us in good standing.

I know you much prefer a socialist agenda where you can do as little as possible and rely on everyone else but as you well know, the age of entitlement is over.

Amazulu

Because you refuse to face facts

Okay, lets break it down to keep it simple and hopefully get an answer (not holding my breath though). Denmark, a country you love and consider to be superior and better to Australia in every way possible. That country has higher levels of personal debt than Australia (and also government debt). People there earn less, pay more tax and have less disposable and discretionary income. It's also a very expensive place to live. How does Denmark manage this? How do individuals cope? Why are these levels of debt okay and acceptable for Denmark, but not Australia? Why is this a problem for Australia and not Denmark (remember your superior country opinion)?

FWIW, debt levels are too high in Australia but maybe there's something else at play here - I'll see if you can guess what it is