A definition;

Rent-seeking is the use of the resources of a company, an organization or an individual to obtain economic gain from others without reciprocating any benefits to society through wealth creation. Rent-seeking can be conducted by an individual, as in the case of a Real estate agent seeking a greater commission, or by a company or organization such as a bank applying additional unwarranted fees and charges. It can grow as large as organizations lobbying the government for unjustified loan subsidies, grants or tariffs.

It is claimed that Australia is the worlds leading nation accommodating rent-seekers. This includes the United States, the home of Capitalism, China the worlds fastest growing economy in general terms, and all the other nations on the planet. Speaking yesterday with a friend, a devout Communists, he expressed his abhorrence of rent-seekers in our society, and particularly their proliferation in Australia, where it is claimed they are doing untold damage to the economy. In his opinion far worse than the capitalists, whom he views as doing some good within society. he said, and I like this "Capitalists are the spiders within the house, but rent-seekers are the cockroaches!

It is further claimed that if allowed to go on unchecked, rent-seeking will eventually destroy the Australian economy.

Slavery creates the most wealth and is being enforced by gunmen in US. Rome was the clever country and created British coal-mines and Queensland shearing sheds after foolishly ending convict money-machines.
However the speed of circulation boosts the economy and giving all pollies a 100% pay rise will do wonders for coal consumption.

Damn, but you are so right, Paul1405. Those Greens senators are rent seekers, stirring, contributing nothing and draw whopping remuneration and entitlements.

Now if leader Richard Di Natale could shed the 'Watermelon' faction and the lunar fringe, Sarah 'Patrol Boat' as an example, the Greens might start to be a real party with real integrated policies instead of the protest party, throwing mud to appeal to (and encourage!) the serially disaffected

Only a "nation" can be a "nation of rent-seekers", so by raising this question whether Australia is "a Nation of Rent-Seekers", one inherently makes the false assumption as if Australia was a nation.

Forcing a regime over all the people of the land does NOT make them a nation, only victims of your tyranny!

It was positively asserted on The Drum the other day by that quantum computing guy that, yes, Australia's economy was based on rent-seekers!

That's why we have copper Internet... So we stay beholden to the mining companies!

Dear Mememememememe,

«That's why we have copper Internet... So we stay beholden to the mining companies!»

And you rather be beholden to fibre-optic companies?

Why aren't customers allowed to choose (and pay for) whatever cables they prefer?

Yuyutsu: ever heard of infrastructure?

We built the Asian century and gave our kids substandard infrastructure with the profits to compete for food and shelter in it!

That is the biggest practical joke the baby boomer generation ever played on its kids and it will never be forgotten!

(Yes, they are ashamed of it!)

It's the legacy you give when you're not really giving a legacy.... Go Australia: where are we allowed to go again?

"The Reserve Bank has retained its position as one of the world’s best paying central banks, with governor Philip Lowe’s salary holding at just over $1 million, or almost four times the earnings of US Federal Reserve chairwoman Janet Yellen."
Philip is seeking a Martin Place tent rent with Harbour views and copper /gold dial-up four times.

Dear Paul,

This may be a bit out of date, but nevertheless
I think it's worth reading what the Professor
has to say:

http://theconversation.com/audio-qanda-professor-joseph-stiglitz-on-inequality-rent-seeking-and-australias-brand-name-28964

nicknamenick, "The Reserve Bank has retained its position as one of the world’s best paying central banks, with governor Philip Lowe’s salary holding at just over $1 million, or almost four times the earnings of US Federal Reserve chairwoman Janet Yellen."

Well picked.
However in view of the alleged misreporting of PM&C executives pay rises I might wait and see,
http://www.themandarin.com.au/83536-parky-returns-fire-pmc-not-give-executives-12-pay-rise/

Good to see APS SES correcting the record though, eg.,Dr Gemma Carey .

leoj. you would be well familiar with what it is like to be a small time, small scale, 'rent-seeker', being one yourself. Having under your previous nick of onthebeach, once boastfully claiming on the forum, to have sold land to 'city slickers' at twice the market value. A little bit of profiteering at the expense of the unsuspecting, ah! A case of buyer beware, were you wearing your white shoes at the time, do you still dabble in that section of the property market, or are you retired and living off the profits?
This Green would like to know.

We know all about it in Queensland. They are still finding more corrupt councillors & rent seeking fellow travellers in the Lefty/Labor Ipswich council every day.

Paul1405,

You have the hide to come on here blowing hot air about 'rent seekers' but the Greens are the worst offenders. You have the seat-polishing rent-seeking Greens Senators bleeding the taxpayer while doing squat and wasting the Parliament's time for years on gay politics and economic migrants. Then you want the Aussie taxpayer to subsidise overseas corporations.

The Greens & Sarah 'Sea Patrol' in action,

"Greens think Australian taxpayers should help fund New York Times, other multinational media organisations"

http://www.smh.com.au/federal-politics/political-news/greens-think-australian-taxpayers-should-help-fund-new-york-times-other-multinational-media-organisations-20170914-gyhdre.html

The legitimate pursuit of profit in a free market economy, should not be confused with rent-seeking. Under normal circumstances those contributing to production through the input of capital, the capitalist, or labour, the worker, will in turn receive a normal profit as determined by market forces. In Australia's complex economy regulatory intervention by government to prevent excessive manipulation by those that would seek an unfair advantage is necessary to maintain economic balance.
The rent-seekers are not interested in economic balance, or the free market, just the opposite. On the largest scale, sectional interests are able to lobby government to minimise, or totally remove, free market forces that restrict profits. Rent-seekers by manipulating government obtain an unrealistic monopolising of the market, through the placement of barriers preventing free market entry by competition. This restrictive practice leads to unrealistic, unearned super profits being made without any contribution to wealth creation. Allowed to continue unchecked, the activity of profit-seekers, particularly large multi-national corporations channelling unearned profits overseas will lead to the economic collapse of the Australian economy.

leoj, I can understand how you would not want to discuss this topic, deflecting the attention to something unrelated as you are trying to do. As you admitted previously you were able to act as a small time rent- seeker yourself. Taking advantage of the unsuspecting and the gullible in the Queensland property market. Interested in how you operated? Did you hang around the tourists pubs and bars, looking out for a likely live one. What did you do?

Paul1405,

This is what you are hiding, the media corporations the Greens want the Aussie taxpayer to subsidise

"The New York Times operating profit for the three months to July 2017 was $35 million. BuzzFeed is reportedly preparing to launch on the stockmarket next year with an estimated valuation of $1.5 billion"

But the Greens elite aren't interested in the 'Struggle Streets'.

leoj, this topic is about "rent-seekers", and not about the new "Murdoch Laws". These laws so gleefully enacted by a grateful and compliant Turnbull as a reward to Rupert for his past support. It cost the taxpayer $60 million to get Nick Xenophon's vote for Rupert, he wants training wheels for country jurno's or some such thing. With a government that blows taxpayer money away like water, $122 million on a stupid survey for example, $60 million is nothing! Your own queen, the Wicked Witch of the North is calling for the blood of the ABC and SBS. why not start your own topic if you are so interested.

How about a bit of insight into how a small time "rent-seeker" such as yourself operated. I am interested.

Paul1405,

So, to get back at their adversaries Turnbull and Murdoch the Greens are going to take $$ from the Aussie taxpayer and subsidise,

"The New York Times operating profit for the three months to July 2017 was $35 million. BuzzFeed is reportedly preparing to launch on the stockmarket next year with an estimated valuation of $1.5 billion"

It is a fair bet that the less well off (than those millionaire Greens elite) would be aware of the idiom, to 'Cut off your nose to spite your face'. Greens' spite and revenge that only cause harm to the Aussie taxpayer.

Do the Greens elite even know of those 'Struggle Streets', Paul1405? Maybe take a drive though, with hankies wafting parfum before their noses?

Paul has given us a perfect description of the wind farm rip off merchants, aided & abetted by our Greens.

They have subsidised building of their asset, subsidised return on the Mickey Mouse power they produce. & a law requiring electricity suppliers to buy all they produce at excessive prices, & even pay them when their production is shut down, due to it causing problems for the grid.

Now if that aint rent seeking in the extreme, aided by the greens, I can't imagine what is.

One forgets that the greatest rent seekers are the unions.

No it was Oliver Twist the capitalist.

Nah, Hassy that is not rent-seeking. Are you blind to the real rip off of Australia, by the muti nationals that plunder our economy, sending billions in super profits off shore, and giving nothing in return.

I will say, when you were pumping bilge water and sump oil all over the Great Barrier Reef in the heady days of the 1960's, carting Jap tourists around the place, you were at least pumping a bit more than dirty water and slimy oil into the economy, more than these rent-seekers are doing.

Equally poor example Shadow.

Kim Inc will have some serious questions to answer after he makes US darkness and ashes and sinks Japan . Julie will be cross with him and Malcolm will have strong leader's words to say.

“As yet another hurricane barrels into the Caribbean, with extreme precipitation and the impacts of storm surges both exacerbated by past greenhouse gas emissions, we must begin to ask ‘how long can we expect taxpayers and those in the path of the storms to foot the entire bill for the impacts of climate change?'," Professor Allen said.

“In a paper published today in the journal Climatic Change, we show that nearly 30% of global sea level rise from 1880 to 2010 can be traced to products sold by just 90 large corporations. We need to start a conversation about whether it makes sense to exempt companies selling products that cause greenhouse gas emissions from all liability for the consequences of their use. As we found in 2008, giving companies unlimited license to make private profits while society underwrites the risk ends badly for everyone.”
-
Nice one. Hotter summers , more air con, more profit .

Wow I see you know a lot about the reef Paul.

Hardy Reef, that we used to take day trippers to, is 36,600 acres. Hook & Line adjacent reefs are similar in area.

As a city slicker Green I doubt you know it takes 26,000 gallons of water to irrigate one acre. How much oil do you think it would take to smear 100,000 acres of reef? Something approaching 3 trillion gallons should do it.

Like all green garbage propaganda, a few seconds arithmetic shows what absolute garbage it is.

Paul,

By your own standard "Rent-seeking is the use of the resources of a company, an organization or an individual to obtain an economic gain from others without reciprocating any benefits to society through wealth creation."

by your own measure Unions are rent seekers. They have a revenue stream of $93m p.a. yet represent only 14% of workers.

Cigarette tax helps people with their terminal cancer and pays fat cats who spread wealth to estate agents.
Oil companies and speculators help those who worry about AGW and waves coming in to island homes. Oil shares cool the planet.

Nah Shadow, a bad example. A good example would be that bus load of Liberals who took illegal back handers from property developers in NSW without reciprocating any benefits to society.

Not the good folk of the likes of the CFMEU!

Paul,

The prime rent seekers are the parasitic greens who take $ms in backhanders from the unions to protect them from the consequences of their criminal activities.

I see the "Goodfellas" of the crime family CFMEU got a $2.4m fine for their illegal activities, so the payoff to the greens might be a little less this month.

I wouldn't say that we are a 'nation' of rent-seekers, but we certainly seem to have more than our fair share of individual bludgers who are rent seekers; and we will continue to have these parasites as long as we have Left, Socialist politicians, which is what we now have. A good dose of Right-wing conservatism is the only thing that can save Australia.

The legal profession is the most Unionised occupation in Australia.
The Union sets rates such as $300 per hours ,etc.
When an innocent victim is dragged before a Court in Australia the Lawyer has won even before he sets foot in the Court.
Some legal firms are offering No Win No Cost.
So if it is a simple case of a Win Win in a court the legal firm will take it on.
If there is s light chance that the lawyer may not be able to slog the other side he will gain the confidence of the poor innocent victim and suggest that perhaps his"Person" "Mum'or "Dad" could help .
How many of our leaders are in the most corrupt Union in Australia.
The Law Institute.

G'day Shadow, what is it with the Liberal Party and property developers? Backhanders and payoffs are also a form of rent-seeking, getting something without contributing to the national wealth. Up on the Gold Coast in Queensland the 'White Shoe Brigade' are alive and well, and thriving! With the LNP dominated council ( Australia's 2nd largest LG area) giving the green light to anything and everything their cash generous mates in property want to develop.
On Monday night 'Four Corners' blew the whistle on what going on, I see why your mob hate the ABC.
"The program revealed Deputy Mayor Donna Gates (LNP) voted in favour of development applications linked to her campaign donors nearly 30 times since 2016. She had declared nearly $174,000 in campaign donations, with donors including developers and property industry firms." Then there is the local mayor, a stalwart of the Liberal Party, Tom Tate who got plenty of mention in the program as well, banning the ABC from council press conferences.
This is up there with your gang of NSW Liberals and their secret donations from developers.

Morality and Economics are not identical and capitalism requires inequality for incentive. Was it Bernard Shaw who asked a society lady would she be adulterous for 1 million quid , "yes". Fifty quid ?
"What do you think I am?" she asked. He said "Madam (!) we have established that , now we're bargaining on price".

Paul,

I look forward to the corrupt greens no longer taking backhanders from the criminal proceeds of the CFMEU to protect their criminal activities.

The only reason that the greens don't get money from developers is that they oppose any form of development.

I think the main point has been missed or glossed over. The reason we are a nation of rent seekers, is because of inflation. Property prices have been allowed to rise unchecked. I hear you say, 'how can we influence the price of property'? The answer is, 'you can't! The govt should have put stops on the foreign investors because they have been the problem. Chinese in particular. They are very wealthy and don't haggle so when an inflated price is put on a property it is immediately accepted. This act alone has pushed the property prices to a level way beyond their true value. When a local buyer looks at what his monthly repayments will be, he finds he cannot afford it, and so he is forced to fall back onto a rental property. Don't despair it's not all bad news. We will get a market downturn and there will be a collapse of sorts, BUT, only if the bloody govt gets off their face and allows a crash to happen. Which they won't. Besides if they don't lock out foreign (Chinese) buyers, nothing will change, they will be there with their hand up and this time they will pay even less because these houses will be sold by the banks on behalf of mortgage defaults.

Shadow, is there something wrong with my calendar, or has your Liberal mates in Macquarie Street gone completely troppo, and moved April Fools Day to today?
The loopie Liberals have been caught out hiding their latest developer friendly scheme. This is a corker! The Gladys Whatsgername government in NSW wants to let property developer mates build 25 story high blocks of dog box apartments on top of State owned schools. I kid you not. When confronted, the Education Minister said "It don't matter what's going on outside the classroom, the inside is more important." Then asked where will be the outdoor space for the children, the fool said "Well, der, they can play on the roof tops!" I know who needs an education,,,,,yes minister. What next, Meritons building on top of hospitals,cemeteries, parks etc. They have already given the go ahead for high rise on top of suburban train stations. What next will they think of?

I see the Greens sidekick GetUp has caught out rorting its followers:

"GetUp! pockets $2m with a ‘dirty’ deal

GetUp! claims to have helped 20,000 members switch from Australia’s “dirtiest” electricity retailers to green energy by referring them to a rival company, des­pite the rival admitting it has no idea where its power comes from.

The activist group was paid more than $2 million in exchange for referring members to online retailer Powershop, promoting it as “backed by a 100 percent ­renewable energy company”.

GetUp! has used the $2m — about $100 for each member ­referred — to campaign against Powershop competitors Energy­Australia, AGL and Origin, which GetUp! calls “the dirty three”.

Powershop, wholly owned by New Zealand firm Meridian ­Energy, buys electricity from the national power grid in the same way as its “dirty” competitors. The bulk of Powershop’s electricity, often all of it, is sourced from coal-fired power stations because renewable energy from wind or hydropower can only service just over 15 percent of the market at full cap­acity, and downtime is common.

Shadow, you played that one sometime ago, how about a comment on the latest Liberal lunacy they put up yesterday. Are you too ashamed?

Paul,

As I don't keep up with all the green's trivial causes, sometimes I just let you rave to yourself.

However, I guess that you are referring to the NSW trying to address the desperate shortage of inner-city schooling? Given the vast cost of land and the lack of any free space, schools without playgrounds is hardly a first in Sydney, with Sydney Grammar, SACs and Redham, etc having indoor or rooftop recreational areas.

Would you prefer that they pay $100ms to knock down a residential block or a bank to make a small play area? This is why no one takes the greens seriously.

Shadow, I know your only source of news is the Murdoch gutter press and Andrew (beat up) Bolt in particular, but you should stop reading Liberal propaganda and catch up with the real news. I recommend for you the ABC and SMH to start with, so you can get some balance and not just items about Biffo playing for the Wombats in the footy finals this week. They do not use too many big words, so you will be okay.

Paul,

Considering that I didn't quote anything, where does this Murdoch line come from?

I read the Aus and the SMH every day and quote from both. Clearly, you aren't so balanced.

For gods sake Paul, give over.

It is the Ipswitch Labor mayor & councillors who are getting arrested more by the day, for official corruption.

Why did that grinning conman Beattie amalgamate so many Queensland councils? Why to make them a better place, with higher wages, to reward lefty supporters. I'm sure the people of Ipswich are truly grateful.

Hassy, when it comes to CORRUPTION , you don't trust the Labor Party. When he gets out of jail, they are likely to send Eddie Obeid up to Queensland to take over the Ipswich Council. Then you'll know it.

"I guess that you are referring to the NSW trying to address the desperate shortage of inner-city schooling?"

No Shadow, this is a carte blanche proposal from the crazy mob running the state from Macquarie Street , without details been given it is covering all schools in Sydney. Obviously you are spending too much time reading the funnies, and not catching up with the serious news. Do you agree with building high rise above existing schools?

Up to 3600 homes will be built in the already jam-packed inner-west suburb of Rhodes under new plans unveiled by the state government. These plan include building a 25 story high apartment complex on top of Rhodes primary school. Rhodes is the first cab off the rank, without community consultation there will be others.