Australian (ASX) Stock Market Forum

Inflation

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Smurf1976 said:
It'd be like "the recession we had to have".

It would still be coming up 25 years later as a reason to not vote for whichever party did it.
Click to expand...
As you know that quote and that recession made that P.M a one term P.M.

Which is probably why the current P.M is letting the RBA do the heavy lifting, take the flack and the fall out, shows Albo learnt from others mistakes.

'The recession we have to have", that someone else can be blamed for, clever.

What did Albo say? "I've always been underestimated". Keep the pay rises coming, keep the interest rates climbing until it breaks, we get more tax, the plebs get more pain and the RBA get the blame. :xyxthumbs
 
sptrawler said:
And no Govt has got rid of it, it was claimed to be the worst tax ever, but there has never been a mention of removing it just broadening it. ;)
Click to expand...
I was in high school when the GST came out, so don’t remember the exact details, but didn’t the GST replace other wholesale taxes?
 
Value Collector said:
I was in high school when the GST came out, so don’t remember the exact details, but didn’t the GST replace other wholesale taxes?
Click to expand...
Yes it was meant to replace a whole lot more, but by the time it had been put through the compromise trail to get through, a lot remained.
It was also meant to replace several state taxes, payroll tax comes to mind, but the States didn't oblige from memory.

Inflation

It'd be like "the recession we had to have". It would still be coming up 25 years later as a reason to not vote for whichever party did it. As you know that quote and that recession made that P.M a one term P.M. Which is probably why the current P.M is letting the RBA do the heavy lifting...
www.aussiestockforums.com www.aussiestockforums.com
From the article there comes a valid point:
In May 1997, to the surprise of some senior ministers and many of his own staff, Howard flagged on Sunday morning television the government was considering a GST.
A poll shortly afterwards showed about 60 per cent of people thought they would be worse off under a GST. However, the same poll showed about 60 per cent of voters thought the country would be better off with a GST. Hence, Howard could campaign at the 1998 election on a national interest platform because people felt that even if they would be worse off, the country would be in better shape.

“The biggest single lesson to me, and it was vindication of a long-held belief, is that the Australian public will accept major reform and the GST was a huge economic reform," Howard says. “If people disapproved of my change of mind then they had a perfect right to vote us out, and they almost did."

The policy included a 10 per cent GST, the abolition of wholesale sales tax, pension increases and personal income tax cuts and the abolition of state taxes, including financial institutions duty, debits tax, bed taxes, stamp duties on shares, leases, mortgages and cheques.

To reassure voters the government would not increase the GST rate without notice, the government decided the legislation would require any change to the 10 per cent rate to have the unanimous support of the states.
 
Last edited:
wayneL said:
It was a minefield for some businesses different rates for different products and instances where it just wasn't clear and required a ruling from ATO.
Click to expand...
I remember the episode with the cake. John Hewson I think got himself tied up in knots trying to determine which parts were and were not GST applicable. That was beyond a joke.
 
sptrawler said:
Yes it was meant to replace a whole lot more, but by the time it had been put through the compromise trail to get through, a lot remained.
It was also meant to replace several state taxes, payroll tax comes to mind, but the States didn't oblige from memory.

Inflation

It'd be like "the recession we had to have". It would still be coming up 25 years later as a reason to not vote for whichever party did it. As you know that quote and that recession made that P.M a one term P.M. Which is probably why the current P.M is letting the RBA do the heavy lifting...
www.aussiestockforums.com www.aussiestockforums.com
From the article there comes a valid point:
In May 1997, to the surprise of some senior ministers and many of his own staff, Howard flagged on Sunday morning television the government was considering a GST.
A poll shortly afterwards showed about 60 per cent of people thought they would be worse off under a GST. However, the same poll showed about 60 per cent of voters thought the country would be better off with a GST. Hence, Howard could campaign at the 1998 election on a national interest platform because people felt that even if they would be worse off, the country would be in better shape.

“The biggest single lesson to me, and it was vindication of a long-held belief, is that the Australian public will accept major reform and the GST was a huge economic reform," Howard says. “If people disapproved of my change of mind then they had a perfect right to vote us out, and they almost did."

The policy included a 10 per cent GST, the abolition of wholesale sales tax, pension increases and personal income tax cuts and the abolition of state taxes, including financial institutions duty, debits tax, bed taxes, stamp duties on shares, leases, mortgages and cheques.

To reassure voters the government would not increase the GST rate without notice, the government decided the legislation would require any change to the 10 per cent rate to have the unanimous support of the states.
Click to expand...
And thankfully that last paragraph was put in. Otherwise it would have been open slather for increases, justified or not.
 
sptrawler said:
As you know that quote and that recession made that P.M a one term P.M.

Which is probably why the current P.M is letting the RBA do the heavy lifting, take the flack and the fall out, shows Albo learnt from others mistakes.

'The recession we have to have", that someone else can be blamed for, clever.

What did Albo say? "I've always been underestimated". Keep the pay rises coming, keep the interest rates climbing until it breaks, we get more tax, the plebs get more pain and the RBA get the blame. :xyxthumbs
Click to expand...
Spoken like a true politician. Could lay stright even if stretched out on a rack.
 
Like I said, this ain't going anywhere but UP, for some time and they all know it, even Angus. ?
This isn't by accident IMO, this is going to hurt those most needy, it's bordering on a spiral as per 1970's. :xyxthumbs
Note to self, get on to part pension ASAP. :wheniwasaboy:

www.abc.net.au

Fact check: Is Australia's core inflation higher than all countries in the G7?

Shadow Treasurer Angus Taylor says Australia has higher core inflation than all of the countries in the G7. Is that correct? RMIT ABC Fact Check investigates.
www.abc.net.au www.abc.net.au

www.abc.net.au

The property market rebound could see us heading into uncharted and dangerous territory

There is one issue that stands head and shoulders above the rest as Philip Lowe's greatest threat in the battle to control inflation, writes business editor Ian Verrender.
www.abc.net.au www.abc.net.au
 
Last edited:
sptrawler said:
Like I said, this ain't going anywhere but UP, for some time and they all know it, even Angus. ?
This isn't by accident IMO, this is going to hurt those most needy, it's bordering on a spiral as per 1970's. :xyxthumbs
Note to self, get on to part pension ASAP. :wheniwasaboy:

www.abc.net.au

Fact check: Is Australia's core inflation higher than all countries in the G7?

Shadow Treasurer Angus Taylor says Australia has higher core inflation than all of the countries in the G7. Is that correct? RMIT ABC Fact Check investigates.
www.abc.net.au www.abc.net.au

www.abc.net.au

The property market rebound could see us heading into uncharted and dangerous territory

There is one issue that stands head and shoulders above the rest as Philip Lowe's greatest threat in the battle to control inflation, writes business editor Ian Verrender.
www.abc.net.au www.abc.net.au
Click to expand...
And the Commonwealth Health Card also. In the process of applying for it now. A fair bit of paperwork but looks to be worth the effort.
 

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