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The Forum > General Discussion > Saddam’s Economics

Saddam’s Economics

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In 1990 Saddam Hussein invaded and looted Kuwait. The Gulf War saw the Iraqi troops defeated and they withdrew.

The Iraqi’s thought it would be a nice gesture to blow off and set fire to some 600 of Kuwait’s oil well heads as the vanquished withdrew. Not only did this leave much of Kuwait’s national wealth “bleeding” into the dessert but it left the difficult and time consuming problem of extinguishing the fires before the wells could be again sealed.

This willfully vindictive and destructive act was widely condemned internationally but it was in part, Saddam’s way of avoiding the repayment of the $14bn he had borrowed from Kuwait to fund the Iran/Iraq war, not to mention an element of getting even.

I was struck by the similarity to the way the previous ALP government vacated office following their defeat at the last election.

The “well heads” in this scenario are represented by such as Gonsky, NDIS, NBN, Border Protection, Mining Tax, CO2 Tax, Fair Work Act, Union Shop EBA’s, ABCC, debt/deficit and red/green regulation. All of which in their own way, were set to bleed away national wealth.

Having created and bequeathed these ruptured pipelines to the incoming government, the ALP lit political well head fires ( they called it “Abbott proofing”) to prevent the fires from being extinguished and the ruptures sealed.

I don’t recall those who watched Saddam’s fires being systematically extinguished and the sealed, being subjected to harassment, abuse or vilification. Admiration seemed to prevailing sentiment.

Curious then, that as the government attempts to put out the fires, seal the ruptures, protect the nations wealth and bring the revenue streams back into service, there are words and actions from those who oppose restoration of the well heads of our nations wealth.

The left of politics representing Socialism, Marxism, Communism, Fabians and Greens seek hide under the collective banner of “Progressives”, all identifiable as those opposing the restoration of our national wealth, with each broken well head defended through rhetoric, platitudes and narrative theory.

What is the justification for opposing Australia’s wealth restoration?
Posted by spindoc, Friday, 7 March 2014 9:04:13 AM
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yer CONFUSING ME SPIN doc
but if im grasping ya what about the 9 BILLION HOLE HOCKEY MADE BEFORE PARLIAMENT/EVEN SAT..BY Gifting borrowed cASH TO THE FED[WGO CAN ISSUE UNLIMITED CASH/ARE GIFTING BILLIONS OD DOLLARS VIA BONDS GLOBALLY TO UNDERPIN THE HUGE ONGOING BAILOUT

OR the 20 billion TAX CUTS TO THE RICH..BLACKhole howard set up FOR KRUDD..MATE THE PUBLic service..has set up treasons on both sides

we formed govt to set the law for money trade law etc
to serve the people..not special intrests..but the money has the power

AND WHO EVER IS IN POWER BLEEDS MONEY..INTO THE POCKETS OF THEIR MATES
its just the wAY IT GOES.
Posted by one under god, Friday, 7 March 2014 5:53:47 PM
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Hi OUG,

A bit OT? Not one of the more incisive posts we have come to expect from you.

The thread is not about cronyism or even MP’s per se at all. It is about a number of expenditure policy pipelines opened up over the past six years that continue to bleed taxpayer money.

It also begs the question of what is the justification of the progressives for opposing restoration of the nations economic health?

If you remain confused perhaps you can post a question for the purpose of clarification and avoid derailing the thread?
Posted by spindoc, Saturday, 8 March 2014 7:35:06 AM
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this..link uses much the same..funny sense..of humor..at the beginning
http://rinf.com/alt-news/latest-news/feds-dedicated-enriching-banks/
I FEEl it explains much of your point

As a result, you will spend the rest of your life in pitiful poverty, mired in misery, eating weed salads and bug burgers to survive, perhaps watching me drive by in my big, shiny new car, stereo blasting, fancy hubcaps glinting in the sunlight. Perhaps, too, you will hear me laugh at you, “Hahaha! Now who’s too busy to read a MDW? Hahaha!”

And since you are still ignoring me, you won’t hear the chilling news that the evil government cabal that calls itself the G-20 is proposing to “stimulus spend” $2 trillion in the next year, or that the Obama 2015 federal budget proposal is an astounding $3.9 trillion! Yikes!

Sadly, the Butt Ugly Truth (TBUT) is that this monetary and fiscal insanity is to desperately try and save the banks for a little while longer, as the banks have lent out, and borrowed for themselves with which to speculate, all the depositors’ money, dozens of times over.

So, sadly, all your money in a bank is, actually, gone, according to the accounting ledgers at the banks, and the only way to get it back is if all those borrowers who borrowed money paid back the money they borrowed, which they can’t do, because they don’t have the money to pay back the money.

But not paying back the money they borrowed is paradoxically a good thing, because everybody selling assets to raise cash to pay off debt is what makes the money supply go down, asset prices go down, things collapse, bankruptcy all around, and everybody is grumpy at being devastated.

And probably a LOT sooner than expected, too, since so many assets are leveraged so unbelievably highly that any significant move downward in prices would quickly overwhelm all the investor’s capital, immediately bankrupting the deal and handing their creditors a big loss, who are, ultimately, the banks, which causes a fall in the money supply. Yikes again
Posted by one under god, Saturday, 8 March 2014 11:20:50 AM
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spindoc,

There is a parallel. I was thinking you were allowed a certain amount of hyperbole, or 'hyper-bowl' as the prompter reading political 'Progressive' Julia Whatshername would say. However, upon reading the list of the disasters left behind, the inevitable realisation was that the parallel being drawn wasn't really exaggeration at all.

The outgoing Labor/Greens crew showed complete distain, even arrogance for the electorate by installing their favourites in public sector jobs. That is something done very often federally and in State politics, yet somehow it escapes proper treatment by the media. Are their any real journalists left? Because most could not hold a candle to the departed Richard Carlton. At least Richard Carlton had principles and had a go, even if the results were sometimes comical.

Regarding the political 'Progressives' I often have a chuckle that OLO's staunchest soldiers for Labor and for the partying (pass that joint and we'll share some saliva) Greens Watermelon Protest Party did not realise until they were recently informed on here of the existence of the 'Progressives' and their takeover of Labor and their influence in the media and on politics.

There they were supporting and voting for Labor and Greens, but blissfully ignorant of the politics they were supporting in the process. Too good, tears in my eyes laughing. Sadly, they vote after smoking those tokes. Although 'Progressives' would snort and pop more expensive recreational drugs. That is the selfish, egocentric and unaccountable 'Progressive' culture.
Posted by onthebeach, Saturday, 8 March 2014 11:58:36 AM
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Isn't that the socialist's/Fabians goal though, spindoc? They first need to destroy the current system so as to usher in their fictitious utopia? It's right there in the communist manifesto.

The justification for opposing Australia’s wealth restoration is to ensure as much damage as possible remains. That's why they call them selves, progressives. They're progressively f...ing the place toward their endgame!
Posted by RawMustard, Saturday, 8 March 2014 12:17:37 PM
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Dear spindoc,

Oh the irony. A coalition supporter referencing Saddam Hussain?

Let us see. Howard puts the Australian Wheat Board at arms length through a shonky privatisation process, removed from the government in name only. This august body then becomes the biggest provider of hundreds of millions of dollars of illegal funds to the Hussain regime during the sanctions period.

The subsequent royal commission shows how the government departments knew what was going on but were dissuaded from pushing the issue.

AWB board members claimed memory loss, lost diaries and even hearing loss. Mainly good staunch Liberal members so none were prosecuted.

Just a rouge bunch? Nope. This 'business at all cost' mantra of the conservative government also saw an arm of the RBA involved in sanction breaking bribery scandals of its own involving several high ranking Liberal party members such as this bloke;

"Bethwaite was a long-serving NPA director and was acting managing director when the 1998 Iraq trip took place. Bethwaite has been a director of mining company North Ltd and was treasurer of the federal Liberal Party between 2006 and 2008. He is on the Sydney Catchment Authority board."
http://www.smh.com.au/national/rbas-illegal-bid-for-saddam-deal-20130929-2umi4.html

Prosecutions? Again none.
Posted by SteeleRedux, Saturday, 8 March 2014 3:54:18 PM
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Tell me, Tories how is it that you love your country so much, and yet hate most of the people who live in it? The list is endless, Socialists, Marxists, Communists, Unionists, Fabians, Greens, Gays, Asylum Seekers, Migrants, Workers, Left Handed People, The Seven Dwarfs, etc etc. I looked to the left and tried to see what your on about. But then I looked to the (far) right and, Oh! Nothing. Where have they gone, looked to the bottom and what did I see, Tony Baloney and his motley crew of misfit bottom feeders.
Posted by Paul1405, Sunday, 9 March 2014 7:49:58 AM
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‘morning SteeleRedux,

I guess if you had a case to make you would have made it?

This thread poses the question “What is the justification for opposing Australia’s wealth restoration?”

I used the metaphor of Saddam burning the oil wells as he departed Kuwait to highlight the economic “well head” destruction inflicted by the defeated ALP as they withdrew.

It’s a metaphor SteeleRedux, get it?

We are increasingly tuned to the way our progressive posters avoid addressing any topic content. You create a new narrative, throwing up Unicorns and in your case, even trying to change the meaning of original metaphor.

I doubt you will turn your mind to the topic but we can hope you come up with something relevant.

Since you cannot address the content of threads you create your own OT narratives, this makes you look bad so you try what? Oh yes. More narratives! Doh!

Paul1405,

I am a Conservative but I don’t “hate” anyone. I doubt most conservatives do either.

I did list Socialists, Marxists, Communists, Unionists, Fabians and Greens as a collective under the banner of “Progressives”. There was no hatred in my observation, simply the question why are these Progressives opposing policies intended to restore our Nations’ wealth?

You then added, ascribed and implied your “hate” list including “Gays, Asylum Seekers, Migrants, Workers, Left Handed People and The Seven Dwarfs”. It may suit your malignant view of humanity to believe that Conservatives “hate” the groups you pretend to feel compassionate about, but in the end you are exposed because true humanitarians are not selective.

You are selective because you are not a humanitarian, you are a confected political fake. Just like your fellow travelers OUG and SteeleRedux, there is a total absence of critical thinking, just adherence to the opinion of others with a bit of vengeful rhetoric thrown in.

A sad little puppy but I don’t “hate” you
Posted by spindoc, Monday, 10 March 2014 8:30:40 AM
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what a pathetic thread
a troll thread..pathetic troll thread
over 150 words..about sadam insane..sadams economics..etc etc
then at the 151 word in he mentions A DOUDTFull joinder with alp/greenies....and when one silly enough TO REPLY..ITS ONLY TO GET INSULTED

<<..You are selective because you are not a humanitarian, you are a confected political fake. Just like your fellow travelers OUG and SteeleRedux, there is a total absence of critical thinking, just adherence to the opinion of others with a bit of vengeful rhetoric thrown in.

A sad little puppy but I don’t “hate” you>>

[SILLY ME REPLIES THE HEADING
HE ..ME..GETS TWO DAYS IN THE HOLE PLUS THE TWO POSTS DELETED

WELL PLANNED SPINNER/THANKS HEAPS FOR A TROLL THREAD
BUT MATE IT WAS STILL ON THE UNREFRESHED PAGE..SO I REposted the two delETED POSTS HERE
http://1undergod.blogspot.com.au/2014/03/neo-liberal-spin-docter-compare-alp.html

then compounding his troll..by spin doctering further his delusion [our confusion]..-calling comparing..specific named things AS oilwells..[revenue raisesrs..THAT ARE THE FIRES..?..that somehow alp has set on fire..THE GUYS HEAD IS IN THE CLOUDS..THE SPIN DOC IS BURNT out..its sad patheticly sad ..no just pathetic..HOW THE CONFUSED Confounded topic ever got allowed to begin ..thats via clever spin

BAH..ITS PATHETIC ALL ROUND
BAN ME FOR LIFE IM OVER THE spun lobby..NUTTERS DRIVING EVERYONE AWAY
,makes me wish i complained annon..but those without the words seEK DELETION

IF THE LIB GOVT IS AS ONE-EYED AGRESSIVE AS Their trolls watch out/and still i like tony better than bill..but his trolls and spindocters are as low as they can go[comparing an elected govt to a tyrant/yep its a typical alan jones rant..except alan would stand and fight back with words not whine and beg deletion cause they/u cant stand the truth being heard..

bah you win
do as you freaking well want
but do it for life this time.
Posted by one under god, Monday, 10 March 2014 10:29:45 PM
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Hi OUG,

Well that was a monumental hissy fit.

You still insist that your responses should focus on the metaphor, Saddam, rather than on the slash and burn tactics of the defeated ALP.

No wonder you can’t understand why your OT posts were deleted for being off topic?

Having scratched the surface of the persona we know as OUG, we find an ugly, vindictive, petulant, angry and very dysfunctional character.

I don’t give a rats if you repost your deleted posts, that’s between you and GY. But to compound the problem seems very juvenile.

OUG, most of us have had posts deleted at some time or other. I certainly have. I’ve also copped two one week bans in the past. Why can’t you do what everyone else does and take it on the chin? GY’s decisions are final and not open for discussion.

Get over it and move on
Posted by spindoc, Tuesday, 11 March 2014 11:12:30 AM
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UN-SPIN..THE SPINer/quote..<<..What is the justification for opposing Australia’s wealth restoration?..The “BURNING well heads” in this scenario are represented by such as Gonsky,>>

IS THAT ABOUT EDUCATION?
SO YOUR MASTERS ARE CUTTING EDUCATION AGAIN..PUTTING OUT A FIRE[or starting one]

<<..NDIS,>>

that was allways a/BRIBE..[the squeaky wheel.got the special deal]
but..it may be a..FIRE-problem..but the cure..SEEMS TO BE SPEND MORE ON ME*..[AND THREE TRIAL PLACES..ONLY..GOT IT][BUT SENT THE LOBBY AWAY..SO WE GOT/A CHEAP FIX...GOT IT OUT OF THE MEDIA.

<<..NBN,>>..SHOULD TAKE All the inground infastructure/SELLING THE WHOLE THING WAS THE PROBLEM/JUST THE SCRAP VALUE OF COPPER..ADDS UP TO TOO MUch temptation for capitalists/now we paid for glass/to allow a default..TO GO BACK TO THOSE WHO..PRIVATIzed a huge casH FLOW SCEME ,,IS THAT STEP TOO FAR..

<<Border Protection>>yep A CASH CRAB.BY PRIVATE CONTRACTERS RUNNING A BUSINESS MODEL[NOW IN LIB HAnds?

<<>Mining Tax,>>keep it like a dead ducK HANGING ARROUND/TO REMIND US OF THE POWER OF THE LOBBY TO GET RID OF A PROPER TAX

<<>>CO2 Tax,>>>

tony will flip on this[its a globalist adgenda]..they do it..or destroY OUR BABNKING./MONEY SYSTEM..FURTHER..BUT WAIT..ITS NOT A FIRE[ITS..DRAINING US/NOT GOVT]

<<..Fair Work Act,>> LOBBY
<<>.Union Shop EBA’s, ABCC,>.LOBBY

<<..debt/deficit and red/green regulation.>>LOBBY

<<..All of which in their own way,
were set to bleed away national wealth.>>sily billy
thats what spin docters and lobby do..silly you/pants on fire

Curious then, that as the government/servants
where is the sepperation of powers/public servants
Having created and bequeathed these ruptured pipelines
NOW//GET PAID..TO put out the fires, seal the ruptures, protect the nations wealth and bring the revenue streams back..all identifiable as those pr*oposing the restoration of our national wealth, vy taxation on the little guy..to bail out the big guys..as if with each broken well head..as the spin..to defended through rhetoric, platitudes and narrative theory.

http://www.youtube.com/watch?v=ldS91Q44bt8
Posted by one under god, Wednesday, 12 March 2014 11:05:00 AM
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Dear Spindoc,

There is a clear difference I feel between trying to spin a story that is built on flights of fantasy to have a dig at Labour, and taking the theme and stating facts to have a dig at the Opposition.

Anyway a Mining Tax 'bleeding away the nation's wealth'? You have got to be kidding me. Perhaps bleeding some of the obscene amounts of money spilling into the bank accounts of Clive, Gina and Twiggy and putting it to work in the Australian community.

Oops sorry, your side of politics believes taking anything from the wealthy is an anathema, after all Rupert and co were instrumental in getting your lot into power. Money goes a long way toward poisoning ethics, Saddam knew it. Rupert knows it. Clive, Gina and Twiggy know it, and your side of politics are very familiar with it.

And you want to be a cheer squad for that lot? Don't you have anything better to do?
Posted by SteeleRedux, Thursday, 13 March 2014 5:24:46 PM
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Hi SteeleRedux,

Interesting that the “metaphor” I used is now a << flight of fantasy >> When are you going to stop chasing Unicorns and address the real issues?

You made a start on the mining tax, very brave. Now perhaps you could develop enough backbone to tackle the rest of the issues I nominated.

“ Gonsky, NDIS, NBN, Border Protection, Mining Tax, CO2 Tax, Fair Work Act, Union Shop EBA’s, ABCC, debt/deficit and red/green regulation”

Now that you have “responded” to the mining tax issue I look forward to your words of wisdom on the rest?

No doubt you will offer some choice moral/value judgments as all good progressives do, but eventually you will have to tackle the economics of each and that will stick in your craw.

I doubt you have the bottle or the smarts to do other than tickle the edges, but you could prove me wrong.

Just take a look at the value/moral response from OUG if you need evidence of progressive narrative nonsense. When push comes to shove the progressives are noted for heading for the emotive bunker, can you do any better?
Posted by spindoc, Thursday, 13 March 2014 6:48:17 PM
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BLAH BLAH SPIn quote..<<.The emotive bunker>>..<<..that will stick in your craw>>..because thats what spin/DOCTORING TROLLS Do

GENERALLY THe advice..is sound..IF THEY DONT REFUTE/THEY NAMECALL

do not feed the trolls

<<..Now that you have “responded” >>

<<.,can you do any better?>>

<<..No doubt you will offer some choice moral/value judgments as all good progressives do,>>

<<..Just take a look at the value/moral response from OUG if you need evidence of progressive narrative nonsense.>>

<<..I doubt you have the bottle>>*<<..<<or the smarts to do other than tickle the edges, ..When push comes to shove >>

SUCH A CLEVER TROLL..unsubscribe and remember THE TROLL
LOVES ATTENTION..BEING IGNORED IS THEIR GREATEST FEAR.

and be thankfull..YOUR NOT ADDicted
to feeding the fear/hate..spite demon..like THEY ARE.
Posted by one under god, Thursday, 13 March 2014 8:43:11 PM
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Hi Johan (OUG),

I was so impressed that you posted your deleted OLO hissy fits about me on your own blog. It almost sounds like you have adopted # 22 “Whenever the group is criticized or questioned it is characterized as "persecution".

Your adoption of victimhood suits you well, nice to see you fitting in somewhere in the global social fabric.

So many on OLO have seen you as a passive, reasonable and non-vindictive poster for so long, and are now finally seeing you for what you really are.

It’s interesting to watch the transformation, or should I say “flushing out” of those who have not previously been challenged. You have survived for so long on pseudo-intellectual nonsense that it must have come as a great shock to be exposed for what you really are.

You have buried the real YOU for so long under mountains of "SHOUTING, <<Pseudo/INTELLECTUAL>> , [aBBoTT) bashing NON-sense, DUCK/Sh*ng, {quasi-INTELLECTUAL}, << PRETEND/elite>> * [ unicorn/cHaSING], << NEAR/religious (closer to god), HIGH/moral [even closer to god] ramparts, link (infested) adopted OPINION**, [ CRITICAL/non-thinking], << appeal TO higher authority (even higher/THAN yours), << Platitude DRIVEN>>, ** RETORIC//based**, Social[ized], free/THOUGHTLESSNESS, << mALiGNENT**, << Spin/ducking>>, OFF [the Planet], @ progressive/I’M always/ slash/Left@, UNLESS! When I declare I’M ”right”, (only kidding), **I’m OK/really (except for the ODD, very ODD delusional, but self declared ** hey, we all make MISTAKES**, [KEEP up my medication (purely personal use YOU understand), [* DON’T confront me I’M vulnerable]*, << I’ve got GOD on my SIDE/SO watch out>>, And don’t YOU know** I CAN put a SPELL on (YOU) if you don’t watchOUT**.

On top of all this your Mum was always on your side, well supportive anyway, well she always stood up for me, well against the school “bullies” at least, well, well, well, at least I was not the ONLY one my family picked on!

OUG, your are an unmitigated fraud of the celestial kind. Nothing about you is “real”. You are just a figment of your own imagination and that of the GOD to whom you pretend to subscribe.
Posted by spindoc, Thursday, 13 March 2014 8:54:02 PM
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Dear spindoc,

Come on mate you know better than that. I have addressed one of your so called 'well heads' and now you need to respond. Either defend your proposition or remove it from the list so we can move on.

Hopefully you choose the former because defending the indefensible is always entertaining for the other party.

So you playing or retreating?

Or are you too busy taking a big stick to OUG?
Posted by SteeleRedux, Thursday, 13 March 2014 10:59:22 PM
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STEELY/QUOTE..<<..So you playing or retreating?>>

CLEARLY THE LATER..I WAS GOING TO wait and see if he replies..TOO
BUT MUST CORRECT THE PERCEPTION..

<<..Or are you too busy taking a big stick to OUG?>>

OH IT WAS A Shtick../i was laughing out my guts..i thought it was SATIRE

WHAT STRUCK ME AS FUNNY..IS I WAS THE ONE SHOT..yet he was the one crying for a medic..[THE OTHER FUNNY BIT..was he was going to ambush..instead he did/then it didnt just disappear..and go away..it hangs around like a bird killed BY A DOG..HANGING AROUND HIS NECK..

ITS SAD REALLY..his words inspired the reply
just as much as his reply was inspired by mine
i appreciate his honesty..friends are too nice to tell the truth

actually..just in case it gets deleted[not by me]..
i best record it at the link..ANYHOW..WE AWAIT WITH BAITED BREATH

will spinner go the duck..or the bumpball hit the middle peg.
Posted by one under god, Friday, 14 March 2014 7:56:01 AM
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Hi SteeleRedux,

The MRRT.

You said << I have addressed one of your so called 'well heads' and now you need to respond. Either defend your proposition or remove it from the list so we can move on.>>

Did you address it? Or was it just your usual rhetoric?

<< Anyway a Mining Tax 'bleeding away the nation's wealth'? You have got to be kidding me. Perhaps bleeding some of the obscene amounts of money spilling into the bank accounts of Clive, Gina and Twiggy and putting it to work in the Australian community. >>

Is that it?

I’ll let your rhetoric stand for itself, my economic case is:

The MRRT remains a populist tax on the basis that the public feel that “big miners” should pay more tax. Acknowledged.

Because this tax was introduced at the wrong time in the resource cycle, (each phase delivers different benefits to the economy) it tried to raise the tax at the end of the “digging and shipping” phase and the start of the “infrastructure investment” phase, a period of reduced earnings and higher costs. It has driven away billions of dollars of investment and reduced investment in Australia due to increased sovereign risk.

As a direct result the tax never raised anywhere near the predicted $10.6 bn, and has lead to negative impacts on investment in mining projects and jobs. It has resulted in significant compliance costs and a reduced tax take that taxpayers will ultimately pay for. Treasury figures forecast that the repeal of this tax will save the government $13.4 billion of “bleeding”.

The ALP Government only reached agreement with the largest mining firms, BHP Billiton, Xstrata and Rio Tinto which represent the 83% of foreign-owned companies with the least tax exposure, leaving Australian mining companies facing increased tax exposure. They already pay State based royalties, company tax, payroll tax and many indirect taxes.

The phase of the resource cycle that could potentially deliver on the MRRT is yet to materialize and there are doubts about it.

My assessment vs. your << you’ve got to be kidding >> Next!
Posted by spindoc, Friday, 14 March 2014 8:39:07 AM
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Dear spindoc,

You see you would have far more credibility if you had anywhere on this forum called for the states to return their increased royalties which they imposed in response to the MRRT.

You have not.

Those increases will this year result in royalty figures for the two big resource states far outstripping the MRRT payments, and because royalties are a direct cost impost rather than a super profit tax their impact will be far more severe across the board for the industry.

I for one would like to see the profits spread to all Australians not just to a couple of states.

As for moving from a dig and ship phase to an infrastructure phase “Royalties are expected to increase by 5 per cent next financial year and by 10 per cent the following year.”
http://www.theaustralian.com.au/national-affairs/states-keep-billions-in-royalty-grab/story-fn59niix-1226739923644#

You wrote;

“As a direct result the tax never raised anywhere near the predicted $10.6 bn, and has lead to negative impacts on investment in mining projects and jobs. It has resulted in significant compliance costs and a reduced tax take that taxpayers will ultimately pay for. Treasury figures forecast that the repeal of this tax will save the government $13.4 billion of “bleeding”.”

Besides not delivering the predicted amount all the rest of what you claim is spin and rot I'm afraid. Palmer for instance claimed it had forced him to shut down three projects but then said he had been exaggerating. The tax was strictly on profits and not per tonne of ore therefore far less compliance than royalty calculations. How on earth did it result in a reduced tax take? Pure spin.

And where on earth did you pull out the figure of 13.2 billion of “bleeding”?
Posted by SteeleRedux, Saturday, 15 March 2014 3:11:42 PM
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Hi SteeleRedux,

My thread made the claim that policies such as << Gonsky, NDIS, NBN, Border Protection, Mining Tax, CO2 Tax, Fair Work Act, Union Shop EBA’s, ABCC, debt/deficit and red/green regulation >> Were bleeding away tax payers hard earned money.

You picked only one of these to challenge, the MRRT.

“The repeal of the MRRT package contributes more than $13 billion of savings to the Budget’s bottom line on an underlying cash basis over the forward estimates,” Joe Hockey, March 14, 2014.

A spokeswoman for Treasurer Joe Hockey told the newspaper the tax should be abolished because it has destroyed jobs and business investment, particularly in Western Australia, while generating sovereign risk issues”.

This is the statement on the Coalition’s proposed cost savings issued today by Shadow Treasurer Joe Hockey and Andrew Robb, Shadow Minister for Finance, Deregulation and Debt Reduction:

“The Mining Tax package has been a disaster for the mining industry and a disaster for the Budget. The MRRT has raised $40 billion less than originally forecast and the package of spending measures has left the Budget at least $18 billion worse off”

It doesn’t matter is the actual forecast figure is $13bn or $18bn, my point was it is costing the nation and not generating net income.

So I have substantiated my perspective in support of my assertions. You have had your stab at it. If you can show that treasury are wrong in their estimates of the costs of the MRRT then fine. Otherwise your submission stands and we can move on to debate the rest.

Take your pick from the remaining items on my list my list, “ Gonsky, NDIS, NBN, Border Protection, CO2 Tax, Fair Work Act, Union Shop EBA’s, ABCC, debt/deficit and red/green regulation”
Posted by spindoc, Saturday, 15 March 2014 5:26:19 PM
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