The state of the economy at the street level

[sptrawler]

https://theurbandeveloper.com/artic...-enters-administration-amid-market-headwinds-
From the article:
Partridge said that the building products manufacturer would be seeking opportunities in the United States, as the company’s earnings were affected by high energy prices and market declines.

 

[qldfrog]

https://www.couriermail.com.au/news...e/news-story/1d0c04ded82c9597d2436d35d4187d3262 Coast construction firms on brink of collapse
SHOCK REPORT More than 60 Gold Coast construction companies are on the brink of collapse, as a taskforce formed to tackle systemic problems in the industry urges subcontractors to contact them with complaints.

 

[Garpal Gumnut]

We are rooned.

Or maybe not

gg

 

[orr]

a couple of worthwhile paragraphs to chew on from Richard Dennis;

"Australia is one of the richest countries in the world for the simple reason that, over the past 70 years, we have avoided war on our own soil, invested heavily in our people, encouraged people to trust each other, and built the kind of social and economic infrastructure that makes individuals and companies believe that investing in new ideas and new ways of doing things will be a safe and profitable thing to do.

History and international experience make clear that it is not the specifics of a country’s tax or industrial relations system that determines economic success, but the willingness and ability of communities to trust each other, trust their institutions and work towards agreed long-term goals. If cutting taxes was the key to growing economies, then the Nordic countries would be broke."

 

[Smurf1976]

a couple of worthwhile paragraphs to chew on from Richard Dennis

In that context I think the loss of trust is a problem.

Banks, Government, Utilities, the Public Service and the Church - all are significant things in society, the first three are key pillars of the economy, and were held in reasonably high regard until quite recently.

Regardless of who wins this election, we need stable government. The same Prime Minster standing for re-election in 2022 as is elected to government in 2019. No leadership changes unless due to genuine circumstances (death etc).

Public confidence in the banks needs to be restored. Regulation is a necessary step in practice.

Confidence in all types of utilities needs to be restored. We need to return to the days of reasonable efficiency and innovation rather than ideology which has put us behind technically and sent prices through the roof.

We need to accept that the Public Service is what it is and that it's value is in expertise and doing what the community needs but that it will never have the efficiency and profit motive of private enterprise. We need to stop trying to fit square pegs into round holes and see the value where it lies, returning to the days of PS bosses having security of tenure and thus a willingness to challenge and guide those in politics rather than the reverse.

For the Church I have no solution other than to say let's focus on getting the rest right.

 

[SirRumpole]

We need to accept that the Public Service is what it is and that it's value is in expertise and doing what the community needs but that it will never have the efficiency and profit motive of private enterprise. We need to stop trying to fit square pegs into round holes and see the value where it lies, returning to the days of PS bosses having security of tenure and thus a willingness to challenge and guide those in politics rather than the reverse.

I definitely agree with that. A lot of people in the PS could get higher salaries elsewhere but they find the notion of providing a service more appealing to that of making money, most of the one's I've met have been very professional.

There are always some duds, and hopefully the radical feminist Lefties have taken their hate speech against WASMP's and gone elsewhere.

 

[qldfrog]

In the notion of trust, what about the notion of trust toward the taxpayer?
Before buying my own company car (1 man business) i claimed fully legitimate business kms...and received a very agressive generic letter from the ato basically telling me there was high chance i was a crook.my germanic swiss style of law following ego was feeling more than insulted.
That was a couple years ago.paid taxes to the max million plus in the last decades.i do not cheat
Then just this year, i have above BAS and tax returns where this is already recorded, to directly advice the ato of each paycheck automatically via software,at my cost around $10 to 20$ a month for most providers
The ato does not even provide the service
So here goes another $200 a years and a few hours again of my life,
And last month, receive another very passive agressive letter telling me that IT contractors are all cheats and avoiding taxes and that for every payment to contractors/ contracting companies that my company does, i have to informed iimmediately the ato
As if consultants were the ones being paid cash in Australia..seriously

So more red tape, costs, time at the office in the evening instead of with family

So what about a thank you letter
Dear Xxx, in the last 5 y, you contributed xxx$ .In taxes which allowed for xxx children to attend school, put yyy police officer on the street etc
Similarly, Mr YYY,
In the last 5 y, you received xxx$ in help from the government which was paid by the tax contribution of your fellow taxpayer citizens.Please use wisely
Not leftist enough?

 

[Smurf1976]

In the notion of trust, what about the notion of trust toward the taxpayer?

What I see there is a need for major simplification of the tax system.

Get rid of the complexity and that also gets rid of most means by which paying tax can be avoided thus resolving most of the issues.

 

[SirRumpole]

What I see there is a need for major simplification of the tax system.

Get rid of the complexity and that also gets rid of most means by which paying tax can be avoided thus resolving most of the issues.

Most of the avoidance seems to be concerned with allowable deductions, so maybe eliminate or simplify these so that only a small range of expenses can be allowed, or just charge say 5% on turnover.

 

[explod]

Seniors United Australia

 

[HelloU]

Most of the avoidance seems to be concerned with allowable deductions, so maybe eliminate or simplify these so that only a small range of expenses can be allowed, or just charge say 5% on turnover.

to twist that same thinking into its opposite ......... all of the avoidance is to do with lowering taxable income/profits.

so why does it happen? for the same reason that many will walk past a 5c coin on the ground but will pick up a $2 coin.

I reckon by lowering income/profit taxes we would actually collect more tax ...... because at some low taxation level it no longer becomes worth the effort to avoid it - so we are happy to just pay it rather than go to the time and effort to avoid it.

At some point going for a fish becomes way more attractive than collating the latest bunch of pencil receipts ........ and doing cash in hand is no longer worth the risks cos the rewards are not enough.

 

[sptrawler]

That is where, an all encompassing consumption tax and a much lower income tax works.

 

[qldfrog]

Most of the avoidance seems to be concerned with allowable deductions, so maybe eliminate or simplify these so that only a small range of expenses can be allowed, or just charge say 5% on turnover.

for once France had a decent system in place: you could claim 5 or 10pc..do not remember exact figure of you income as expense, seems fairer, clothes, travel, etc
It costs to work, it costs to manage portfolio..and that is it.In specific cases, you could ask for an item by item claim, but better be substantiated

 

[sptrawler]

BHP to cut travelling allowance, hopefully the push toward employing local labour continues, Country towns have been decimated by FIFO. IMO

https://thewest.com.au/news/wa/fifo-contractors-lose-travel-pay-from-bhp-ng-b881162594z

 

[moXJO]

We need to see better tax spending by government. Not ways to squeeze more out of us.

 

[Humid]

BHP to cut travelling allowance, hopefully the push toward employing local labour continues, Country towns have been decimated by FIFO. IMO

https://thewest.com.au/news/wa/fifo-contractors-lose-travel-pay-from-bhp-ng-b881162594z

Decimated is a bit of a stretch
Iron ore these days are mostly satellite type mines feeding the hub and hours from towns.
So you would still need to stay in camp and still not be with your family
Just as easy to go to the airport and live in a place with real services

 

[Garpal Gumnut]

BHP to cut travelling allowance, hopefully the push toward employing local labour continues, Country towns have been decimated by FIFO. IMO

https://thewest.com.au/news/wa/fifo-contractors-lose-travel-pay-from-bhp-ng-b881162594z

Good one.

Good for regional areas.

Good for BHP.

During the "mining boom" in Mackay one of the more sickening sights were planeloads of FIFO's arriving and getting on buses out west to the mines.

Bugger them losing $800 a month.

They can well afford it.

Hopefully locals in Central and North Queensland can be employed rather than these tories from down south.

gg

 

[Humid]

They have direct flights from Brisvegas to the Pilbara
You can have all your flogs back too

 

[SirRumpole]

Consumer spending stagnates, interest rates cut, not a sign of a strong economy is it ?

https://www.abc.net.au/news/2019-06-04/retail-sales-april-2019/11176730

 

[moXJO]

Consumer spending stagnates, interest rates cut, not a sign of a strong economy is it ?

https://www.abc.net.au/news/2019-06-04/retail-sales-april-2019/11176730

Seen this coming for a while.

Interest rate cut was a very big move from the rba. They are basically out of ammo as well. Huge call and not a good sign imo.