The ScoMo Government

[sptrawler]

The best form of investment for retirement is your own home, not renting someone elses.

Negative gearing takes away home ownership from those who need it and gives it to those who don't.

Make it available to a certain income, or limit it to one property only, but Labor's plan seems the best compromise to me.

I agree, except Labors plan is taking a sledge hammer to an acorn, it hurts the little man ,more than the rich.
It is basically a tax grab, at the expense of the little man, like i said they could easily make it linked to assett/income test.
People haven't thought it through IMO, the other problem with Australia is falling productivity, there is no better way to motivate people than when they are hungry.

 

[Humid]

Anyone here reckon Homer didn’t vote Liberal?

 

[sptrawler]

Can’t they build?

Obviously went straight through to the keeper.

 

[sptrawler]

Anyone here reckon Homer didn’t vote Liberal?

Like I said no one knows what I voted, I don't know who I will vote for next election, untill closer to the date, when their promises and BS has been tested.
ATM the only ones who can possibly get a clear majority is Labor, if they toned down their platform, I will vote for them. The problem at the moment is, their policies will give them a huge surplus, at the expense of working people's living standards, in my opinion.
On the opposite side of the ledger is the Libs, who haven't really got anything on the table, so ATM I wouldn't vote for them.
I am not rusted on to either party, just take the policies as they come, and try and work out which I think are better for the little bloke.

 

[Knobby22]

Like I said no one knows what I voted, I don't know who I will vote for next election, untill closer to the date, when their promises and BS has been tested.
ATM the only ones who can possibly get a clear majority is Labor, if they toned down their platform, I will vote for them. The problem at the moment is, their policies will give them a huge surplus, at the expense of working people's living standards, in my opinion.
On the opposite side of the ledger is the Libs, who haven't really got anything on the table, so ATM I wouldn't vote for them.
I am not rusted on to either party, just take the policies as they come, and try and work out which I think are better for the little bloke.

I agree. If taxes are to rise to get rid of some of the distortions especially in the property market to enable new home buyers to be able to compete then what must happen is a large percentage of that tax claimed results in a saving in income tax and is used wisely. I think Shorten will do this but he will have to fight the left of the party who will want to spend it unwisely.

 

[Junior]

I agree. If taxes are to rise to get rid of some of the distortions especially in the property market to enable new home buyers to be able to compete then what must happen is a large percentage of that tax claimed results in a saving in income tax and is used wisely. I think Shorten will do this but he will have to fight the left of the party who will want to spend it unwisely.

As much as I find Bill Shorten to be unpleasant to watch & listen to, I'm starting to think maybe it's wise to take the good with the bad in terms of their tax policies. At least they are clear and well thought out. We haven't seen that in years from either side of politics.

When we inevitably experience a real recession in this country, I expect we'll see a shift back in the other direction again where we realise small business and middle-high income earners need some relief too, and playing this game of let's tax the "top of end of town" will get old quickly. Especially once we all realise Bill Shorten and his mates ARE the top end of town. And the fact that the "top end of town" employ everybody else in this country, and are already taxed at high rates.

 

[Smurf1976]

Probably not financially.

Ordinary people don't have a lot of money to donate to political parties.

Financially that would be true but they'd get elected for sure.

The problem as I see it is that both major parties are held captive and neither represents the ordinary employee, small business owner or small time investor. They're not much good when it comes to anything scientific and for that matter even with big business there's a lack of any real knowledge.

The idea of outright banning all political donations and having taxpayer funding of campaigns has merit in my view. It would cost yes but it removes the entire concept of financial backing of politicians influencing policy and that would be of major benefit.

I'd also like to see a lot more ordinary people elected. People like doctors and scientists would be great but I'd take a truck driver over yet another lawyer or union hack that's for sure. The truck driver may not have a degree but they'll bring more real life perspective than career politicians from the same old law / union background ever will. Plus they'll have enough sense to listen to what the scientists or whoever have to say on a subject and consider that advice rather than being a know all.

 

[Smurf1976]

When we inevitably experience a real recession in this country

My biggest concern politically is that we're setting ourselves up for a massive problem economically.

Energy is the only relevant subject I'll claim expertise on and that one's nothing sort of a monumental stuff up with how it has all been approached. It's not one problem or even two or three, there's huge problems right through the industry from regulation to technical and they all ultimately come back to politics.

It would seem amazing if the only policy area I know a lot about was the only one with such problems so my assumption is that rather a lot of other things will also have major issues.

Back in the Keating era there was constant talk about the need for Australia to be "internationally competitive", words to that effect being in the news almost daily. In 2018 I can't remember the last time I heard any politician say anything to that effect - it would be years ago now since that sort of thing was a focus.

 

[Junior]

Back in the Keating era there was constant talk about the need for Australia to be "internationally competitive", words to that effect being in the news almost daily. In 2018 I can't remember the last time I heard any politician say anything to that effect - it would be years ago now since that sort of thing was a focus.

Turnbull tried that with his corporate tax cuts, it didn't go down too well!

It's amazing to me that so many Australians are going to vote in a Government which is going to raise taxes, significantly, for a large percentage of the population! I guess it shows how angry and disillusioned voters are with the current mob. Look at what happens when they try to hike taxes in France??

 

[SirRumpole]

It's amazing to me that so many Australians are going to vote in a Government which is going to raise taxes, significantly, for a large percentage of the population!

I doubt that.

A very small number of people negatively gear, those who do are mostly in the $100k + income bracket which is the top 20% of income.

 

[sptrawler]

I doubt that.

A very small number of people negatively gear, those who do are mostly in the $100k + income bracket which is the top 20% of income.

Also those on less than $50k pay no effective tax, just shows the public perception between rich and poor, is $50k. Weird

 

[sptrawler]

It's amazing to me that so many Australians are going to vote in a Government which is going to raise taxes, significantly, for a large percentage of the population! I guess it shows how angry and disillusioned voters are with the current mob. Look at what happens when they try to hike taxes in France??

Australians are apathetic and take little interest in politics, other than headlines.
The problem I see is, Labor will be calling the election result a mandate, to go in boots and all.
It will work wonders for the budget bottom line, but someone will be paying for it, most haven't worked out who.IMO

 

[basilio]

How to commit hari kari with a Broad Sword.

Country Party MP Andrew Broad used a Sugar Daddy website to set up a arrangement with a young woman. (And was this the only time ?) He had dinner with her in Hong Kong on a government funded official trip. She decided he was a total drop kick and told the story to No Idea. ScoMo is watching the last vestiges of credibility and viability in his Government ebbing into the ashes.

Andrew Broad built himself a pedestal, then fell off it
https://www.canberratimes.com.au/po...edestal-then-fell-off-it-20181217-p50mr4.html

 

[Knobby22]

Oh yes Abbott won in a landslide in 2013 and took 17 seats off Labor. Can't have someone like that in charge.

We know Mr Harbourside Mansion is Labor's idea of a leader, but he was in the wrong party, and duly frittered away the margin, ably assisted by the Minister for Going to Openings

This very good article by the Young Liberal President of the North Ryde branch of the party says it all and shows what a lie (propaganda?) the above statements (repeated from a well known news source) are.

https://www.theage.com.au/politics/...-taken-the-base-with-him-20181212-p50lqa.html

 

[Junior]

I doubt that.

A very small number of people negatively gear, those who do are mostly in the $100k + income bracket which is the top 20% of income.

I'm more thinking about the huge variance in policies around Income Tax. Bracket creep has seen the effective tax rate rise to near the highest level in 20 years ( see here). The Labor Party will only cut taxes for those earning less than around $80k, and make no changes to higher tax brackets.

Bracket creep is effectively a tax hike every year, and no Government will ever be brave enough to index tax rates to wage inflation, because that would kill their ability to periodically come out and offer 'income tax cuts' whenever they need to win an election and bribe their chosen segment of the population.

Most people think, well bad luck, if you earn a higher income you can afford it. I'm in my mid-30s and a lot of people in my network of friends are on reasonably high salaries (ie. $100-200k). However, if you just bought your first home in Melbourne or Sydney and are starting a family, you'll likely have a wife on low/zero salary and be trying to fund mortgage payments and supporting dependants on that one income. For example.....a salary of $150k less tax ($46k) less mortgage pments ($40k), less HECS ($12k) = $52,000 to support a family of 4. By no means living in poverty, but given how healthy the federal budget is at the moment, and given years of bracket creep...surely it's time for some relief!!

So under Labor, middle/high income earners will see the effect of bracket creep continue to eat into a bigger and bigger %% of their salary. Add to that, the changes to Neg Gearing, CGT and franking credits. Many Australians will be handing over a much bigger chunk of their income & profits to the Government, to spend as they see fit. I hope they can spend wisely.

 

[SirRumpole]

I'm more thinking about the huge variance in policies around Income Tax. Bracket creep has seen the effective tax rate rise to near the highest level in 20 years ( see here). The Labor Party will only cut taxes for those earning less than around $80k, and make no changes to higher tax brackets.

So, would you support something like cutting the top tax bracket to 40% or less, paid for by cutting back on tax minimisation schemes like Family Trusts , neg gearing and tax free super ?

That would seem to be great for people on salaries working for a living who don't at the moment artificially reduce their taxes.

 

[Logique]

"This very good article by the Young Liberal President of the North Ryde branch..."

It shows no such thing! I feel for the young chap, but Young Libs might be the place for him, clearly from the left of the party, and adrift without the great sage of Point Piper.

The left of the party doesn't win elections, but they do a good job of losing them, eg Matthew Guy in the Peoples Republic of Victoria

 

[SirRumpole]

"

The left of the party doesn't win elections, but they do a good job of losing them, eg Matthew Guy in the Peoples Republic of Victoria

Menzies would be regarded as Left these days.

How long was he in for ?

 

[Junior]

So, would you support something like cutting the top tax bracket to 40% or less, paid for by cutting back on tax minimisation schemes like Family Trusts , neg gearing and tax free super ?

That would seem to be great for people on salaries working for a living who don't at the moment artificially reduce their taxes.

Yes. I think if they are going to save $$$ by closing various tax loopholes, much of this saving should be used to address bracket creep and cut personal income taxes.

The family I described in my previous post, cannot afford and don't have the resources to use Neg Gearing and Family Trusts. They are beholden to income tax rates, and are effectively punished for having young kids and one high income earner, in terms of the very high average rate of tax they need to pay.

 

[Junior]

The left of the party doesn't win elections, but they do a good job of losing them, eg Matthew Guy in the Peoples Republic of Victoria

You think Matthew Guy is a lefty??