Ken Henry Tax Reform

[todster]

IMO, most likely instos were selling in anticipation due to leaked info before Monday.

If you don't think it was the massive money grab by the govt, what other reasons do you think BHP & RIO fell over so rapidly at this precise time???

Monday when in mid april?
Bhp were going south around then when i looked
Educated people were telling me things in China were the cause then.

 

[JTLP]

BHP & RIO were heading south before monday

More then 2 resource companies on the ASX todster...

Look at co's where projects are in Aus...that's the damage right thurr

 

[trainspotter]

Notice how we have lost sight of the Health reform issues we faced last week ?? Thank you Swanny & Rudd for the greatest magical act whereby the voting public are having trouble keeping up with the bouncing ball !! And a big thank you to Ken Henry and a giant waste of money and resources !

 

[nioka]

He definitely said that banks would not be placed in the cross hairs even though Westpac made a 2.88 billion dollar profit for 6 months to March 31st. PM Bung Chow Kluddy just labelled them "greedy" ... after all he should know !

The banks are a problem and taxing them wouldn't help. they would just increase their charges to compensate for any tax. Customers would end up paying the tax and not the bank. I would like to see the banks have their charges and interest rates capped.

That will anger the ASFers that say "no no no this should be free enterprise". However the banks enjoy a privileged position in our society and should be regulated so that they are not in a position to take more than their share of the cake. We are captive customers and as "captives" deserve some protection. The banks were the first to cry out for help in the GFC and ask for protection.

I detest the attitude of the banks but there is no alternative to controling my finances. The only way to work with them is to put as much as possible through a credit card and pay it in full on the last day for interest free credit. Even depositing cheques there incur no fee and you dont have to have a minimum balance to dodge fees.

 

[todster]

More then 2 resource companies on the ASX todster...

Look at co's where projects are in Aus...that's the damage right thurr

Yes just giving you an example of fluctuation

 

[trainspotter]

Does anyone else think it is sheer coincidence that Chun Lee Kluddy could not get his hands on the 30% GST revenue from WA and now we have a resource tax of 40% on mining companies?

Ummmmmm ..... doesn't WA contribute and or account for a sizeable amount of this resource boom? Conspiracy theory abounds !!

 

[todster]

Does anyone else think it is sheer coincidence that Chun Lee Kluddy could not get his hands on the 30% GST revenue from WA and now we have a resource tax of 40% on mining companies?

Ummmmmm ..... doesn't WA contribute and or account for a sizeable amount of this resource boom? Conspiracy theory abounds !!

Todays West any hope of of improving Labors meagre share of WAs 15 seats which the ALP hold 4 have been abandoned


Mr Barnett that 62% of mineral production comes from this state and about 70% of petroleum production
no votes for Kev HERE obviously
Gees how about we put up a fence and the rest of you can rot in hell its all ours haahaaaaaaahaaa

 

[nioka]

Todays West any hope of of improving Labors meagre share of WAs 15 seats which the ALP hold 4 have been abandoned


Mr Barnett that 62% of mineral production comes from this state and about 70% of petroleum production
no votes for Kev HERE obviously
Gees how about we put up a fence and the rest of you can rot in hell its all ours haahaaaaaaahaaa

My WA relatives are very much in favour of the resource tax. They say that not everyone in WA has benefited from the mining. The mining is creating a two tierd population of the "have a lot" and the "dont have a lot". There may be more votes in it for Rudd than some think. There are also a lot who are not happy that WA held out on the health package.

 

[Wysiwyg]

My WA relatives are very much in favour of the resource tax. They say that not everyone in WA has benefited from the mining. The mining is creating a two tierd population of the "have a lot" and the "dont have a lot".

So what are you saying that if I start excavating my backyard and turn up some gold that everyone in the vicinity has a personal right to it? If people want to "have a lot" then they should go and "do a lot" is the way it works.

 

[Julia]

Australia's appaling saving rates (who needs to save when house prices rise on average 10% per year ) means that we are dependent on foreign investment!

Even our precious banking cartel is majority dependent on foreign funding sources.

This is the main reason that we keep running a shocking current account deficit despite our positive terms of trade.

So this demonising of foreign investors on one hand does not make sense if we keep running 'cup in hand' to net savers on the other.
The exodus from BHP/RIO will be explained by the required cost of capital increasing for foreign investors to compensate them for the increased sovereign and regulatory risk. This is the way that capital markets work.

I will repeat, it is just crazy (& xenophobic) populism this. If Krudd truely was cunning (not just a reactionary), then he would've taxed the banks and their risk-free 'super' profits rather than punishing a sector that genuinely drives producitvity in this nation.

Exactly so.

My WA relatives are very much in favour of the resource tax. They say that not everyone in WA has benefited from the mining. The mining is creating a two tierd population of the "have a lot" and the "dont have a lot". There may be more votes in it for Rudd than some think. There are also a lot who are not happy that WA held out on the health package.

I don't think there's any doubt that much of the voting public will delight in the thought that the big miners are going to be 'punished' for being so profitable. This, after all, is the land of condemnation of tall poppies.

The same people will fail to understand that we simply need foreign investment, and will respond to Rudd's populist suggestion that we're donating our riches to overseas companies.
So utterly short-sighted and superficial.

And hey, to keep that same element in the electorate happy, the Ruddmeister might even pander to them even further with a Supertax on the banks!. Whacko! Wouldn't that be a winner!

 

[noco]

So what are you saying that if I start excavating my backyard and turn up some gold that everyone in the vicinity has a personal right to it? If people want to "have a lot" then they should go and "do a lot" is the way it works.

You are so right Wysiwyg, too many bludgers want to sit on their backside and expect Government handouts from the hard work of others.

 

[ColB]

Originally Posted by nioka

My WA relatives are very much in favour of the resource tax. They say that not everyone in WA has benefited from the mining. The mining is creating a two tierd population of the "have a lot" and the "dont have a lot".

Originally Posted by Wysiwyg

So what are you saying that if I start excavating my backyard and turn up some gold that everyone in the vicinity has a personal right to it? If people want to "have a lot" then they should go and "do a lot" is the way it works

My relatives in Western Australia are very happy with their free insulation as well and one of them, a building contractor, has just finished building a school canteen for only $780,000 and is about to retire from the proceeds.

I'm not happy with the resources tax and I'm not happy that we will all pay for their [Labor's] total incompetence

 

[nioka]

So what are you saying that if I start excavating my backyard and turn up some gold that everyone in the vicinity has a personal right to it? If people want to "have a lot" then they should go and "do a lot" is the way it works.

According to the law you don't own the gold anyway. It could be pegged out by a mining company and all you would get is compensation for disturbance and the government gets a royalty.

One of my properties was pegged out by a miner. the court awarded me 5% plus $2 acre. The company found little of value, went bust and all I was left with was a mess that cost me a lot to repair. If you check your deed you will probably find that the "crown" reserves the mineral rights.

 

[Wysiwyg]

According to the law you don't own the gold anyway.

You're right. In a universal sense, no one owns anything. Everything is on loan for our mortal life even though we gave coloured paper and feel it is ours.

 

[Ageo]

According to the law you don't own the gold anyway. It could be pegged out by a mining company and all you would get is compensation for disturbance and the government gets a royalty.

One of my properties was pegged out by a miner. the court awarded me 5% plus $2 acre. The company found little of value, went bust and all I was left with was a mess that cost me a lot to repair. If you check your deed you will probably find that the "crown" reserves the mineral rights.

Noika not so sure about that as usually they sign an agreement for exploration details only. I have never heard the owner of the land to earn a royalty on how much gold they retrieve as in reality no1 really knows how much is on someones land.

 

[Surly]

My WA relatives are very much in favour of the resource tax. They say that not everyone in WA has benefited from the mining. The mining is creating a two tierd population of the "have a lot" and the "dont have a lot". There may be more votes in it for Rudd than some think. There are also a lot who are not happy that WA held out on the health package.

I wonder if any of the billions of dollars mining companies spend in WA and Australia generally on wages as well as equipment in some way helps your relatives indirectly????

It certainly sounds like a very narrow minded view to me.

cheers
Surly

 

[matty77]

So what are you saying that if I start excavating my backyard and turn up some gold that everyone in the vicinity has a personal right to it? If people want to "have a lot" then they should go and "do a lot" is the way it works.

agreed, you dont deserve anything for doing nothing.

dont forget the mining companies are the ones that have invested billions of dollars into infrastructure for the mines etc. And dont forget the billions of dollars invested in the stock market with mining companies as well that ordinary Australians are now hurting by holding.

But the real point is this, even if the super tax went ahead do you honestly trust the current government to spend the money properly? you got to be kidding me right?

 

[gav]

So what are you saying that if I start excavating my backyard and turn up some gold that everyone in the vicinity has a personal right to it? If people want to "have a lot" then they should go and "do a lot" is the way it works.

LOL exactly. By that logic, all of us at ASF should get a slice of Robots properties

 

[drsmith]

But the real point is this, even if the super tax went ahead do you honestly trust the current government to spend the money properly ?

Perhaps what we need is a PM with the financial mindset of Kerry Packer.

 

[trainspotter]

Perhaps what we need is a PM with the financial mindset of Kerry Packer.

Kerry Packer said this:

"If a working class Labor supporter saw a bloke drive past in a Rolls-Royce, he'd say to himself 'Come the social revolution and we'll take that away from you, mate'. Whereas if his Liberal counterpart saw a bloke drive past in a Roller he'd say 'One day I'm going to own one of those'. To my way of thinking the first attitude is wrong. The latter is right." (slight poetic licence)

and this as well:

"I am not evading tax in any way, shape or form. Now of course I am minimizing my tax and if anybody in this country doesn't minimize their tax they want their heads read because as a government I can tell you you're not spending it that well that we should be donating extra"