Alex, when I was reading your article I suddenly thought of the movie: 'The crying of the Lambs.' Of course, in this instance it would be better called: 'The Howling of the Wolves.'

Alex, we live in a world driven by greed, not only corporate greed but individual greed which people are urged to consider to be a virtue. The twin disasters of the Global Financial Crisis and Global warming are recent achievements of capitalism and corporatism and those who worship greed. In fact, raping and pillaging is what corporations do best usually without regard for the environment or the world's people.

Hopefully, capitalism will crash soon and the rich will be reduced to being the same as the rest of us. Then we might be able to set up a civilization that doesn't serve corporations and their shareholders but is there for the benefit of all the world's people!

And people might live lives that don't revolve around greed, but around values like caring, compassion, honesty, altruism, etc.

David,
I am totally in agreement with you. The sooner TSHTF and corporations become a thing of the past, the better.
Roll on nationalization of all of our assets especial natural gas.

I fully concur with the first two replies. Corporate greed is rapidly destroying the planet and making it uninhabitable for those who really care about it. Just look what's happening with the Alberta tar sands and the rain forests of Indonesia.

I too hope desperately that capitalism will be quickly brought to it's knees. The fact that one or two percent of the entire human population holds all the wealth which rightly belongs to everybody is patently wrong! I just hope I live long enough to see a brave new world emerge and I really believe I will. It's just around the corner.

Of course the fat pigs of the mining empire will squawk and squeal. It's their job to tear as much money away from this country as possible and hand it out to greedy shareholders, some of whom get very little for their gambling ways. I wouldn't mind so much if those companies were wholly owned by Australia, but most are simply nothing more than tentacles of overseas interests plundering our wealth. If they pack up their bats and balls and won't play any longer.......good radiance to them I say!

I think that the companies that are saying they will not go ahead with their projects in Australia because of the 40% tax and will go “offshore” should be allowed to go and then the mining leases terminated and reallocated to companies that are willing to operate here and pay whatever tax is levied.

The main greed being shown here is by a Government who can't stop spending and wasting billions on failed projects and increasing the pool of fat cats who receive more and more perks.They now want to tax hard working people more and more. It is a disgrace.

The red/green/getup/labour coalition have done more to widen the gap between rich and poor in this country than any other group.

Little history lesson for you, the Whitlam government simultaneously increased the value of the Aussie dollar, thereby killing off our export industries, then began removing the tariff barriers, thereby killing off, our manufacturing industries or radically increasing imports & decreasing exports.

Result, a progressively worsening current account deficit. Or how to bankrupt a nation 101? Between 1945 & 1972 the economy was dominated by small & medium sized businesses or Mr Big Enough's who were predominantly Australian citizen's, living permanently in Australia.

Whereas now, as a direct result of red/green/getup/labour coalition policies to sell off the farm, mine, house, ports, rail, everything whether nailed down or not, our economy is now, dominated by big business, banks, unions, bureaucrookracy, etc, etc, etc.

George Orwells "1984" nightmare has come true, except that its "Big Sista" looking over your shoulder & who needs the "jack booted riot squad" when the spin doctors from the "politically correct", "Ministry of information" have been doing such a good job on the sheeple.

The only thing our economy has had going for it is the mining boom & the red/green/getup/labour coalition even want to kill that.

Is this another example of Communists deliberately sabotaging our economy?

http://www.australiafirstparty.com.au/cms/

http://www.ldp.org.au/

Several commenters seem to think that minerals development should have stopped in the Stone Age. The rest of us depend on mining for our standard of living.

In a recent talk, BP exec David Eyton mentioned some of the issues re minerals projects in the developing world.

“How do we sign 30-year contracts and expect future governments to abide by them? BP [takes] huge risk over many years and backs this bet with our capital.” Often, after BP has spent billions of dollars, a country evicts them - during the last century, BP was asked to leave Iran, Iraq, Nigeria and Venezuela.

BP has learned is the importance of mutuality. Many countries with major new oil and gas discoveries lack the required expertise and technology.

"Governments realize that if they are going to extract those resources and profit from them, they need to partner with somebody who knows what they are doing. And most realize that abandoning a contract carries risks for them, too.

"What we need is a legal system - to have confidence that a deal can be enforced. There also has to be order, enforced by the police and/or an army. And lastly, we need a fiscal or regulatory regime which describes how the money flows and the rules of the game. These can be difficult in less well developed countries, but if we have them we can probably do a deal, and provided that we are sure we can keep our people safe, then we can begin operations.

"I would argue that mutuality is not simply about a deal, but structuring the relationship so that you are adding value over a long period of time. Absent this, the local community will turn around and kick you out."

The minerals industry involves very high risks and incurs huge capital expenditure long before any returns are made. The RSPT fails to acknowledge the risks and long return-free period for mines. The risk for mining in Australia's has moved much closer to that in developing countries. How can that benefit anyone?

If miners want "certainty", they have it. Staring them in the face. Just like the rest of us. Death and taxes. That's what I call certainty. Every business wants "certainty" but what they really mean is subsidy. Mining companies, banks, oil companies are forever moaning about taxes, payrolls, prices of commodities. Name it.Taxes are never low enough, wages are always way too high, Prices are too low, expenses too high. shareholders too stingy.What a performance when they had to stop sending children under 12 down the pits and pay their workers in money instead of gin and opium.It took an act of Parliament and they weren't happy. And they're still unhappy.And they always want more.Farmers used to demand "certainty"and they got non repayable loans, no tax,super subsidies, free vehicles and plant, the dole and retraining. Rent seekers and special pleaders. They can all pack up and go where ever they like.They wont though. They're on a very good wicket, turning in astronomical profits every year. Nothing like the sound of billionaires wingeing. A cacophony of me, me ,me me,and me, ad infinitum. They are bludgers.Smirking, wingeing bludgers.

The author is quite correct, the Govt has just shot itself and
Australia, in the proverbial foot with this one. They have just
not thought through the implications.

BHP is in fact 60% Australian owned, virtually every Australian
worker with a super fund, would be an investor. Another half a
million mums and dads own shares directly. Many are grey nomads
etc, who saved for their retirement.

Who will benefit most from this tax? The Chinese of course.
Given that it won't pay many Western companies to bother with
many projects, the Chinese will be able to buy into projects
fairly cheaply. Australian taxpayers will fund 40% of any
project that goes wrong, making taxpayers liable for billions.

The Chinese don't need to make a profit on the mining part,
so will do their best to use some creative Chinese accounting,
to transfer profits to China, bad luck sucker Aussies.

The Chinese will have their cheap resources, we'll have sweet
bugger all. All very clever, this Govt!

As a matter of interest, resources belong to the States, not the
Federal Govt. Its time Western Australia seceded from you lot,
judging by some of the ridiculous posts so far on this thread.

Then you'll have your banana republic, which many are apparently
so keen on.

Isn't it interesting that the Party that created the BIGGEST great big new tax is jumping up and down about the richest companies paying their share?

GST. Don't forget it as it grows bigger every hour. NZ are just about to go to 15%. What do you think Abbott will do to replace the mining tax? Yup, 15% for YOU.

Hypocisy rules. But of course Rudd won't raise this issue as he needs the GST. They never ever take a tax off without at least replacing it with something twice as greedy.

The amount of profit made by the Big Miners is small compared to a trillion dollars plus economy. The tax on that less still. Besides they did not produce the commodity - nature did. If costs go up, it is incumbent on the Miners to develop more efficent means of extraction.

Twenty-odd years ago, to bracket PAYEs were paying 61% (with Medicare) and the Liberal Party wasn't running around like chicken little.

As to the super-tax being Communism: I put, allowing high Chinese sovereign investment is closer to Communism.


On the other hand, I would have thought a higher withholding on outward foreign dividends a better approach.

If BHP and Rio don't like it. Tough. The govenment could always pull the leases and give the work to the Canadians. BHP and Rio, both have large overshore shareholdings, anyway.

Oh dear “Formersnag” are you seeing reds under the bed?
As to our standard of living Faustino, it is about to fall off a cliff. The next wave of the financial crisis is about to hit us and that will stop the ‘American dream’. Without that the Chinese steamroller economy will falter to a halt and then the Australian quarries will close down. On top of that peak oil will put the boot in and finish the whole thing off.
Don’t worry about your standard of living; start planning where your next meal will come from.
I am not convincing that “Saint BP” is the “nice guy” corporation that you seem to be seeing them as.
As for deals for the next 30 years that is a pipe dream that only the big end of town & the Government is having.
Dream on, while you can.

DAVID G....you want capitalism to crash ? :) it already has!

OECD nations owe more than their total GDP in debt...

now..

ORGANIZATION for ECONOMIC COOPERATION and DEVELOPMENT (OECD)
Welcome to the OECD, an international organisation helping governments tackle the economic, social and governance challenges of a globalised economy.

IE...THE RICH

Now..the Question of the century.

QUESTION If the richest nations in the world have BORROWED more than they can produce in a year... from..WHO have they borrowed ?

WHO has more money than all the richest nations in the world ?

(I smell Arjay and conspiracy theory drawing nigh :) and I see David F running as fast as he can.

Not being an economist..of course a dum dum like me would not know the answer.. so..I await our erstwhile learned brethren to instruct me.

PS.. who is going to save Japan ? 176% debt to GDP.

Does this not mean....that those countries owing more than they earn will have to have less net income so debt can be repaid ?

JAPAN.. average salary (example only) $5000/month

Of which. 176% is owed in debt...hmmmm *problem*

Ok.. we will pay debt off in 5 yrs.

$5000/5yrs = $4000 to debt leaving $1000/month net income avaiable.

Does anyone sense CRISIS looming ?

The HILARIOUS event will be as the whining Unions actually realize they can no longer promise something which simply isn't there. $$$
Ooooh won't there be hell to pay then eh :)

Just to put Formersnag's advocacy of Australia First in context, I covered the Sydney Forum in 2009, and although I was assured before entering that the members were not neo-fascists, the very first speaker finished his speech with three thunderous (and rapturously applauded) Nazi salutes, while Australia First Party members got around in combat boots and black shirts.

BUT DAVID G...... it has crashed because of SOCIALIST policies which broke the bank mate.

"Let's have a strong public service..and have great 'services' for the community"

I know..PAID MATERNITY LEAVE.. yeaahhhh that's a good one.

Try that in Japan :)
or
Greece!

Our wonder women feminists will be arcing up about that one from their deckchairs on the Economic Titanic and suddenly..while they are still in full verbal flight about 'social justice' and WOMENS RIGHTS.. GURGLE GURGLE GURGLE....woooosh.. all over red rover.

As the GLOBAL economy (via Kyoto/Strong socialism) takes hold.. OUR 10% debt to GDP means we have LOTS LOTS LOTS more money to 'help'
our less fortunate comrades out there in Greece etc. cos we are part of the OECD. WE are part of Kyoto.. WE are the biggest suckers on earth.
GLOBAL governance..GLOBAL responsibility..GLOBAL sharing of pain... GLOBAL everything.

The main greed being shown here is by a Government who can't stop spending and wasting billions on failed projects and increasing the pool of fat cats who receive more and more perks.They now want to tax hard working people more and more. It is a disgrace.
Posted by runner, Monday, 24 May 2010 12:14:05 PM.

And it is runner. Its like the Australian government( of the greedy ) is running backwards on the relems of thinking. Its like overpopulating a drying country and trying to follow a US point of view. This will not work,( 17 million People for a perfect Australia ) but the blind pigs can only see the money bin. The rich will get richer, if we don't stop them, the poorer we become.
The killers of the planet must be taxed and held accountable for their actions. I think Mr rudd is on the ball.
Who will move first.

Looks like center-link will get more new customers.( as you import more of that we don't need ) So while you fat cats get richer, don't call us dole- buglers. You want higher populations so you can pick and choose..........I think you want us all to go on a nation-wide strike? Cause if we drop tools, your F..ked.

Do some thinking and quickly.

TTM.

The issue with this type of tax being imposed is that is ruins Australia's reputation as having a stable government. The cost of borrowings as a result can increase leading to higher interest rates. The Australian dollar being pushed down with more than commodities links alone can lead to higher fuel prices.

The tax will be re-distributed to wealthy companies in the form of corporate tax cuts, not Mum and Dad partnerships so they will also share the burden when the extra supernnuation payment for staff kick in once the government has recovered it reckless spending overdraft.

It encourages uneconomic mining to go ahead meaning the miner may pay ZERO for the resource whereas now royalty is imposed whether the miner makes a profit or not. So claims this tax forces miners to pay for the resources is an outright lie, it could be the taxpayer footing the bill. Claims it is also designed to keep minerals in the gound is also outright lie and the whole ide of the 40% is to fund the mining of stuff that is being kepy underground now due to cost constraints.

In my mind the miners are greedy but at least some good comes from their greed. However those that support the tax are even greedier allowing envy and immaturity perhaps to allow our whole eocnomy to collapse just so a few companies pay extra tax. The trouble here is the mining companies are mobile, Australia is not. BHP can dilute the impact of this tax far easier than a local business not even mining related but king hit with added suuprannuation and interest rate expenses.

Why some pretend to be left support this is queer as there is no benefit really for ordinary Australians, or for the future, that is con job talk.

Dear AndrewRiddle, i am so glad that you mentioned the "black shirts" who are not a "neo fascist" group or "Australia First" but an AFL, or Anti FE"Man"Nazi League organisation, who are interested in the family law policies of "Australia First".

While i don't support killing 6 million Jews, i also don't support the loony, left murderers either, Pol Pot, Stalin, Mao, Kim Jong ILL, etc, etc, etc, as you clearly do if you are a supporter of the red/green/getup/labour coalition.

Graeme Campbell, the former ALP member for Kalgoorlie, party founder, is also not a "Neo Nazi" but in a Dumbocracy, everybody has the right to be wrong & people who support some sensible policies or beliefs are allowed to support others that some people might consider to be less sensible.

Arthur Caldwell, ALP leader before Whitlam was a proud supporter of the "White Australia" policy. ALP policies, all of them before WW2 were almost identical to Nazi Germany's policies before 1939.

"White Australia" "Social Credit" "Nationalise the Banks" "Blame Jewish International Bankers for the Great Depression" "Co-Operative Companies" "Good Pay & conditions for Workers" is any of this sounding familiar to you, AndrewRiddle?

Compere Newspaper Archives from 1930's Australia & Austria or Germany? See what you find AndrewRiddle?

My own personal politics are more closely aligned with the "Australian Democrats" http://www.democrats.org.au/ or the "Liberal Democratic Party" http://www.ldp.org.au/

if you have followed any of my bloging on OLO or The Punch you would know that i have been advocating for Almost all minor parties & independents other than the liberal, labour, national & red/green coalition.

http://australianpolitics.com/parties/list.shtml

BTW the Sydney forum was not an Australia first rally either

Looks as though the dumbing down of white Australia is nearing top gear. Congratulations to the left, job well done !