Julia's Reign
- Thread starter Scotty
- Start date
- Status
Scotty
David Codey (61)
Anyone else think that the big miners have Gillard and Swann wrapped around their little fingers?
http://designbuildsource.com.au/mining-giants-dodge-gillard-governments-resources-tax
The mining tax has reaped a massive intake of $126M over the first 6 months. Wow. That was worth the effort.
http://designbuildsource.com.au/mining-giants-dodge-gillard-governments-resources-tax
The mining tax has reaped a massive intake of $126M over the first 6 months. Wow. That was worth the effort.
I like to watch
David Codey (61)
Shame they already spent the $2B they projected they would get.
Either they are morally bankrupt,and knew they would never raise it.
Or they are incompetent.
Either they are morally bankrupt,and knew they would never raise it.
Or they are incompetent.
Inside Shoulder
Nathan Sharpe (72)
I think it's telling that the biffo that marked debate between Ms Gillard's supporters and her detractors on this thread has dissipated.
This show is over: no one can be bothered defending her or Swann, it seems.
This show is over: no one can be bothered defending her or Swann, it seems.
Ruggo
Mark Ella (57)
Personally fed up with the Captain. Her choosing of Nova Perris for the NT Senate seat with complete contempt for the rank and file of the ALP NT Branch pissed me right off.
Pfitzy
George Gregan (70)
The problem at this point in our nation is that we've just reached the point where these people have known nothing but the warm embrace of their party for their entire career. The motivation is to not do good things for the people, unless the primary benefit is to keep the candidate in power. Career politicians have themselves to look after first, long enough to get a golden handshake disproportionate to their service.
It was intended on being a 'super profits tax'. The massive drop in commodity prices in the second half of 2012 is the biggest reason the tax has collected so little money.
Asian spot iron ore prices fell to a three-year low of $US86.90 by September 4 2012 from around $US134 a tonne at the end of June 2012, before recovering to reach $US144.90 by the end of 2012.
Benchmark coal prices at Newcastle port dropped to $US80.82 a tonne in mid-October from $US97.31 a tonne at the end of June, before recovering to $US92.25 by year-end.
By mid February 2013, iron ore prices were over US$155 a tonne and coal was over US$96 a tonne.
When the super profits tax was first being discussed and drafted in 2010 and 2011, iron ore was trading at over US$180 a tonne and coal over US$136 a tonne.
The whole impetus for the tax was to take a greater share of the profits when iron ore and coal prices were at record highs essentially giving the miners windfall profits. The state based mineral royalties are purely based on volume which means that the states don't receive any extra money even when prices are at record highs.
I think the tax is far from perfect however the part of it that is correct is that the return is relative to commodity prices. When prices are low, the mining companies don't make exhorbitant profits and the tax delivers little income. When prices are at record highs it will deliver high levels of taxation revenue.
I have taken stats and paraphrased bits of this article for my information. http://www.smh.com.au/business/mini...inker-with-the-mining-tax-20130212-2ean3.html
Runner
Nev Cottrell (35)
The reason the tax has raised no funds is its design.
It is a profits tax then it only works when you make a profit.
If it was a tax to spread the wealth to all Australians as has been stated then the tax is the wrongly designed.
Any tax needs to be simple, equitable and easily understood. Basic Economics 101. The tax fails all these criteria.
So look to the creators and say make a new creation or get the story correct.
It is a profits tax then it only works when you make a profit.
If it was a tax to spread the wealth to all Australians as has been stated then the tax is the wrongly designed.
Any tax needs to be simple, equitable and easily understood. Basic Economics 101. The tax fails all these criteria.
So look to the creators and say make a new creation or get the story correct.
I would say that 95%+ of the Australian tax legislation fails to meet these criteria.
Inside Shoulder
Nathan Sharpe (72)
Could you give me the references so i can read the 5%?
Bruwheresmycar
Nicholas Shehadie (39)
Well here is a summary of the taxes in australia: http://www.taxreview.treasury.gov.a...l/publications/papers/report/section_2-03.htm
I'm not sure what qualifies as a simple tax. Any broad tax needs to have concessions to it which makes it complicated anyway.
I'm not sure what qualifies as a simple tax. Any broad tax needs to have concessions to it which makes it complicated anyway.
Inside Shoulder
Nathan Sharpe (72)
How does tobacco excise go on these criteria?
I like to watch
David Codey (61)
It doesn't matter what prices commodities were trading at when the tax was first raised.
The budget for this year was done at a period when the entire market knew there would be a softening in prices for at least the first half.
Taxes raised are near enough to only 5% of the amount budgeted, yet the treasurer has consistently stated for the past 8 months it was all going to plan!
I note that neither BHP nor Rio tinto paid 1c of this tax.Due to concessions made by Joolia/Waaayne they have over $1.6 Billion combined in deductions/concessions before they need to pay this "tax"
twiggy forrest predicted all this before the tax came into being.He stated many times that the big companies will pay nothing, just the smaller companies and start ups will have to pay.
If you could have predicted that commodity prices were set to drop to three year lows you should have made a fortune on the market.
The whole purpose of the tax is that it only raises large amounts of revenue when commodity prices are very high resulting in windfall profits. When they are not, the tax will raise very little.
The tax will raise far more money in the second half of the 2013 year purely based on the recovery of iron ore and coal prices. This is how the tax is meant to work.
The question of whether the government budgeted poorly thinking the tax would raise close to $2B in the first six months is a valid one. The reality is that when things go south, budgets will always go badly wrong. Business, government and pretty much everywhere else always budget for favourable outcomes. It's just how the world works.
I like to watch
David Codey (61)
The futures contracts all demonstrated that commodities were softening.
The whole purpose of the tax was distorted in the re-negotiations when Joolia backstabbed Rudd.The big miners ensured that this tax would not impact on them at all.
No business I have ever been involved in,budgets on favourable outcomes.
Targets may have some blue sky in their numbers, but budgets are always based on known facts, and likely scenario's.
Even when commodities were at their lowest, Waaayne was still telling everyone that the budget numbers were correct.This was just a blatant lie,and has been proved so.
The whole purpose of the tax was distorted in the re-negotiations when Joolia backstabbed Rudd.The big miners ensured that this tax would not impact on them at all.
No business I have ever been involved in,budgets on favourable outcomes.
Targets may have some blue sky in their numbers, but budgets are always based on known facts, and likely scenario's.
Even when commodities were at their lowest, Waaayne was still telling everyone that the budget numbers were correct.This was just a blatant lie,and has been proved so.
I like to watch
David Codey (61)
Came across this today........
There is a lot of truth here. Think about it.
While suturing a cut on the hand of a 75 year old ringer, whose hand was caught in the squeeze gate while working cattle, the doctor struck up a conversation with the old bloke.
Eventually the topic got around to Julia Gillard and her role as our prime minister. The old ringer said, 'Well, ya know mate, Julia is a 'Post Turtle''.
Not being familiar with the term, the doctor asked him, what a 'post turtle' was.
The old ringer said, 'When you're driving down a country road and you come across a fence post with a turtle balanced on top, that's a 'post turtle'.
The old ringer saw the puzzled look on the doctor's face so he continued to explain. "You know she didn't get up there by herself, she doesn't belong up there, she doesn't know what to do while she’s up there, she’s elevated beyond her ability to function, and you just Wonder what kind of bloody idiot put her up there to begin with."
Best explanation I've heard yet.
There is a lot of truth here. Think about it.
While suturing a cut on the hand of a 75 year old ringer, whose hand was caught in the squeeze gate while working cattle, the doctor struck up a conversation with the old bloke.
Eventually the topic got around to Julia Gillard and her role as our prime minister. The old ringer said, 'Well, ya know mate, Julia is a 'Post Turtle''.
Not being familiar with the term, the doctor asked him, what a 'post turtle' was.
The old ringer said, 'When you're driving down a country road and you come across a fence post with a turtle balanced on top, that's a 'post turtle'.
The old ringer saw the puzzled look on the doctor's face so he continued to explain. "You know she didn't get up there by herself, she doesn't belong up there, she doesn't know what to do while she’s up there, she’s elevated beyond her ability to function, and you just Wonder what kind of bloody idiot put her up there to begin with."
Best explanation I've heard yet.
Bowside
Peter Johnson (47)
I think it is a sad indictment of the capabilities of the Labor party that they are going to lose an election to a party that is advocating 'direct action' to meet emissions targets even after every reputable economist has rubbished such a policy.
My only hope is that once the Coalition get into power they drop some of the bullshit policy in favour of common sense.
My only hope is that once the Coalition get into power they drop some of the bullshit policy in favour of common sense.
Inside Shoulder
Nathan Sharpe (72)
- Status