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The Forum > Article Comments > This year's G20: getting the fundamentals right > Comments

This year's G20: getting the fundamentals right : Comments

By Tony Abbott, published 28/1/2014

For the leaders of the countries generating 85 per cent of the world’s GDP merely to agree on the principles needed for taxation to be fair in a globalised economy would be a big step forward.

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Foyle,

Stating that 3 particular policies were wonderful in spite of all the evidence shows that you are economically inept and driven by politics. (i.e. the $9bn cash splash that studies showed was only about 1% effective, the school halls debacle where buildings where built at double the cost they should have been, and delivered halls that were a long way from optimal, and finally the pink batts stuff up where people were killed, houses burnt down, and the project was cancelled mid stream leaving thousands unemployed and contractors with materials they could not use.)
Posted by Shadow Minister, Wednesday, 29 January 2014 4:46:50 AM
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Arjay and Shadow Minister
You both show that you do not understand how money flows in economy, or the effect of those flows.

The money used for stimulus handouts and projects progressively flows from the initial recipients to second, third and the umpteenth in the line with small proportions flowing to profits, savings and taxes at each exchange.

Leighton made some profit but paid out most of the money received for each contract as wages and to pay for construction materials used. The wages paid to Leighton employees was re-spent on fuel, food, electricity etc., as was the wages paid by the initial suppliers of building materials.

This process is repeated over time until every last dollars ends up as savings somewhere. If Leighton made an excessive profit most of that profit still went to other people such as shareholders of new capital projects and was thus stimulatory.

Sovereign governmemts pay their bills by creating balances in citizens' and businesses' accounts. They don't need to see if they have the money before they decide to spend. They monitor the economy and tax money out of existence any money that was likely to cause inflation.

You send in a tax return. Your employer has built up a credit balance for you with the Tax Office from the taxes it takes out of your wage. When you submit a return the tax office cancels the amount you are assessed and returns to you any left over. Your account is in effect reset to zero and there is no pile of money left either as notes or in numbers in accounts. If you think there is tell me where it is.

Anyone who knows me knows that I have had a fairly clear understanding of macro-economics for over forty years. And I keep up-to-date.
Posted by Foyle, Wednesday, 29 January 2014 6:11:21 AM
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Foyle eg stimulus. A 9 square m School Tuckshopto refurbished cost $600,000.00 The transport and positioning of a School Portable Cost $800,000.00

Leightons would have got a small contractor to do the work. If a Contractor cannot do either if these for $100,000.00 ,something is wrong. Who pocketed the $1.2 million for doing nothing? Who was signing off on these contracts and probably getting secret commissions?
Posted by Arjay, Wednesday, 29 January 2014 8:11:58 AM
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Arjay,
In addition to commenting here and probably elsewhere did you ever approach the Federal Police or any other anti-corruption authority seeking to have specific incidents investigated?

In the supermarket anti-competitive shopper docket rip off I started campaigning about 12 years ago when I realised that all disabled, and even just the aged, were being disadvantaged by being overcharged for groceries to subsidise the fuel discounts.

I wrote several times to the ACCC and at a meeting addressed by the commissioner asked a question that caused him difficulty. I even had a private conversation with him afterwards.

Yesterday the supermarkets and the ACCC came clean. The whole shopper docket system was a program to deceive customers and destroy other businesses.

When you see something that is wrong, don't winge, do something
Posted by Foyle, Wednesday, 29 January 2014 10:00:45 AM
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Foyle,

Spare me the ideologically twisted high school economics and an equally uninformed article that makes a schoolboy error of using a single example to draw a general conclusion. Having a degree in economics I am fully aware of the multiplication factor and its limitations which you obvious don't. I also doubt you have any qualifications in economics.

KRudd and Juliar were also equally economically incompetent, but made up for it with ideological drivel. It is nice to have an economically astute PM for a change.
Posted by Shadow Minister, Wednesday, 29 January 2014 4:08:28 PM
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No degree here. Just a couple of questions thanks.
Chinas debt is $24 trillion? Who to and why would it be allowed to get so high?
Australian Govt have or may raise the ceiling of their deficit to $500 billion? Is it at $50b now? (if so the proposed $6.00 added to the medicare card transactions fades into insignificance) I hope I misread.
The 'bail in policy'? Oh dear.

Foyle. Good on you for your hard work and persistence with the ACCC and the shopper docket farce. Now that they have finally admitted guilt to major deceit, pretty much of the whole country, Im sure we all look forward to them being punished to the full extent of the law. As any other multi million dollar company who abuses their position surely is.
I will be watching for the news.
Posted by jodelie, Friday, 31 January 2014 5:54:27 AM
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