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The Forum > General Discussion > Budget savings + higher taxes?

Budget savings + higher taxes?

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I find it strange that people vindicate politiciants form the slightest hint of violence, yet the odd outburst makes them closer to human.

Now while I don't condone violence, the likes of Russel Crow gets away with it and goes on to become a mega star.

Now despite all the labor followers out there, things are looking pretty bleak, in fact, you would be hard pressed to find an economist with confidence in our immediate future, and let's face it, that what matters the most.

The RBA doesn't bring int rates to record lows, just to win votes.

As for labor's tax on the miners, they (labor) have been outsmarted once again, as miners have invested their profits.

But some of us knew that would happen.

What we didn't know is that 'super profits' may be a thing of the past.

Without the tax, along with the 'no end in sight' illegals debacle, I think we are in serious trouble.
Posted by rehctub, Friday, 26 October 2012 6:07:57 AM
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When is business ever happy,
579,
Most likely when the 579's of this world pull their own weight.
Posted by individual, Friday, 26 October 2012 6:34:01 AM
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Record low interest rates. This is to encourage house byres more than anything. Tony should have admitted, his frustration, rather than deny it ever happened.
Who knows what is around the corner in world economics. It may get worse . Mining is at normal level, without the boom which was never going to be sustainable.
Posted by 579, Friday, 26 October 2012 6:57:23 AM
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This is strange.

One minute there's all sorts of hand-wringing and whining about how this evil tax was going to close down the mining industry and throw thousands out of work.

Then when the claimed profits (for the first quarter only) come in under the "super-profits" level due to a slump in resource prices (and some clever accounting tricks no doubt) the whining changes to complaints that it didn't tax the industry hard enough.

Then again, considering the initial response to the Carbon Tax "wrecking ball" coming to destroy us all - maybe it's not so strange after all.
Posted by rache, Friday, 26 October 2012 6:49:18 PM
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In a strange society such as here strange is normal.
Posted by individual, Friday, 26 October 2012 7:02:12 PM
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Labor after being in government for the peak of the biggest mining boom in history with tax revenues up to 4x what was achieved under Howard, have failed to produce a single surplus, and the 4 biggest deficits in history.

Labor's legacy will be a public service that is further bloated by about 6%, not producing additional services, but to monitor their additional 18000 pieces of regulation and red tape that strangles industry.

Whine Swan's reaction to falling revenues is not to prune these parasitic bodies, but to increase taxes and paper work for those that actually generate revenue.

The MRRT is a monument to arrogance, incompetence and deceit. The original super tax generated a predictable angry reaction from the miners (already amongst the highest taxed in the world) who only 4 days before the announcement had been promised by Swan that the tax was only a draft proposal for consultation with industry. This stuff up helped Juliar (who according to Maxine Mckew had been plotting against Rudd) to depose him. Juliar and Swan then negotiated with the 3 big companies a tax that suited them.

To compound this idiocy Labor spent all the predicted revenue from the MRRT ahead of time only to find they had been duped.

The interim budget was brought out early to show a $1.1bn surplus is built on layers of BS and phoney accounting:
It still includes $2bn from the MRRT,
It moved expenditure from the 2012 tax year to 2011,
It brought forward 2 months company tax revenue from 2013 to 2012.

If Swan tried to dress up a companies books this way he would have been fired or even jailed.
Posted by Shadow Minister, Saturday, 27 October 2012 7:38:54 AM
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