Yes one of the reasons Australia has virtually no foreign debt is efficient tax collection, and a level of tax that pays its way. 21 years since the last recession, they must be doing something right.
Actually no, the entire Australian mining industry contributes less than 6% of Australia's GDP. (In 1900 it was 10%.)
It's a significant export earner certainly (making up a little over a third of Australia's total exports), but by no means as significant as many people seem to think (thanks in no small part to an industry that is well practised at blowing it's own horn). Less than 2.5% of the workforce is in mining.
As has been the case forever, Australians (like Americans and most other industrial nations), sell most most of what they produce to themselves. And most of what they produce isn't iron ore, coal and minerals.
I love how people like to use GDP statistics to try and prove their point (which boils down to we don't need those filthy miners, as the economy is really built on public school teachers, public relations firms, solar panel installers and lattes).
Fact is, if it wasn't for the mining boom, the Australian economy would look very european. And the only point of the european economies seems to be to make the american one look not as bad as it really is.
The Australian government is doing anything it can to claw back revenue, as its a wasteful, socialist government hell bent on taxing everything from cigarettes, fast food,and alcohol out of existence. There's a meme going about that's says, "that's looks like fun........ Let me tax that for you". They're now looking at placing a 10% tax on anything bought over the net. Their solution to the teenage binge drinking issues, is to tax low cost alcohol and wine. All this while its Prime Minister who was once a union lawyer, is suspected of stealing $400,000 dollars of union funds back in the 1990's, while sleeping around with married men, who were high powered union leaders at the time. All her conspirators have been given positions on the high court or heads of work place regulators, and jobs as overseas ambassadors. And you Americans think you have a leadership problem?
Yes one of the reasons Australia has virtually no foreign debt is efficient tax collection, and a level of tax that pays its way. 21 years since the last recession, they must be doing something right.
I think you need to take your blinkers off when you read the balance of trade figures buddy. Australia is in debt to the tune of $165 billion dollars. Where do you think they borrow the money from? The money fairy? Considering we had a surplus of $43 billion back in 2007 should ring alarm bells anywhere. The carbon tax has nothing to with the environment, it's a guilt trip designed to gouge $11 billion out of the public to prop up its deficit. Effective tax collection, god that makes me laugh. You can't live in Australia without a tax affecting every part of your life. "That looks like fun......... Let me tax that for you". The chicken are coming home to roost, and we will be in the tish, just like the rest of the western world. Enjoy your distorted reality while it lasts.
I think you need to take your blinkers off when you read the balance of trade figures buddy. Australia is in debt to the tune of $165 billion dollars. Where do you think they borrow the money from? The money fairy? Considering we had a surplus of $43 billion back in 2007 should ring alarm bells anywhere. The carbon tax has nothing to with the environment, it's a guilt trip designed to gouge $11 billion out of the public to prop up its deficit. Effective tax collection, god that makes me laugh. You can't live in Australia without a tax affecting every part of your life. "That looks like fun......... Let me tax that for you". The chicken are coming home to roost, and we will be in the tish, just like the rest of the western world. Enjoy your distorted reality while it lasts.
Nevertheless it's within historical bounds, and it doesn't mean a lot. Australia is right up there with Bulgaria in terms of national debt, so there's no need to freak out. Well, I'd freak out about the relentless pursuit of a budget surplus, which in the end will be a paper one only, if at all. But national debt is hardly the boogeyman people make it out to be,
The Australian government is doing anything it can to claw back revenue...
...They're now looking at placing a 10% tax on anything bought over the net.
There is nothing wrong with levelling the playing field, so the 10% GST introduced by Howard, which honest retailers have to pay, doesn't put them at a disadvantage.
How many more retailers have to go under, how many more workers do they have to lay off, until you are satisfied?..
...but what the hey, as long as you can keep importing cheap shit from China.
I think you need to take your blinkers off when you read the balance of trade figures buddy. Australia is in debt to the tune of $165 billion dollars. Where do you think they borrow the money from? The money fairy? Considering we had a surplus of $43 billion back in 2007 should ring alarm bells anywhere. The carbon tax has nothing to with the environment, it's a guilt trip designed to gouge $11 billion out of the public to prop up its deficit. Effective tax collection, god that makes me laugh. You can't live in Australia without a tax affecting every part of your life. "That looks like fun......... Let me tax that for you". The chicken are coming home to roost, and we will be in the tish, just like the rest of the western world. Enjoy your distorted reality while it lasts.
I remember when Keating brought in the first surplus after decades of deficits.
All a surplus shows the Government is not spending money on the people who provided it.
But before that - the rest of Australia was propping up WA - and you forgot about the vast mines in Queensland - Oh, yeah... and the fact the WA has some of the laziest working hours in Australia. - JUST SAYING...
The Australian government is doing anything it can to claw back revenue, as its a wasteful, socialist government hell bent on taxing everything from cigarettes, fast food,and alcohol out of existence. There's a meme going about that's says, "that's looks like fun........ Let me tax that for you". They're now looking at placing a 10% tax on anything bought over the net. Their solution to the teenage binge drinking issues, is to tax low cost alcohol and wine. All this while its Prime Minister who was once a union lawyer, is suspected of stealing $400,000 dollars of union funds back in the 1990's, while sleeping around with married men, who were high powered union leaders at the time. All her conspirators have been given positions on the high court or heads of work place regulators, and jobs as overseas ambassadors. And you Americans think you have a leadership problem?
Socialist? Australia spends less on Welfare to GDP than America does? Socialist? You're an idiot.
But before that - the rest of Australia was propping up WA - and you forgot about the vast mines in Queensland - Oh, yeah... and the fact the WA has some of the laziest working hours in Australia. - JUST SAYING...
LOL yeah don't get me wrong, I am not from WA itself, it's interesting seeing how things play out. I've now lived in Brisbane, Sydney, Melbourne and Perth. Really interesting. I hope to get my Aust. citizenship in 3 years time when I qualify for it.
Let's see: Apple's paying 1.9% on revenue in company tax and ATO calculates they should have paid 2.5%.. "not that big of a deal" (as SJ would have said) in the bigger picture.
The Oz gov gets a lot of money from the 10% GST (value-added tax included in the ticket price), but which is refunded if you carry the device overseas within a month of purchase (so if it's a 3k purchase, you effectively get $300 off the price of your travel ticket. Wonderbar!)
LOL yeah don't get me wrong, I am not from WA itself, it's interesting seeing how things play out. I've now lived in Brisbane, Sydney, Melbourne and Perth. Really interesting. I hope to get my Aust. citizenship in 3 years time when I qualify for it.
UK? Whatever! Join the crew! Dual citizenship is the way to go if you've got the required immigration 'points'.
Let's see: Apple's paying 1.9% on revenue in company tax and ATO calculates they should have paid 2.5%.. "not that big of a deal" (as SJ would have said) in the bigger picture.
The Oz gov gets a lot of money from the 10% GST (value-added tax included in the ticket price), but which is refunded if you carry the device overseas within a month of purchase (so if it's a 3k purchase, you effectively get $300 off the price of your travel ticket. Wonderbar!)
the suggestion, often touted by tax avoiding firms, that the government receives sales taxes from their trade is a poor defence given that the average person would have spent that money on another product that is subject to sales tax.
The irony is that the likes of apple, amazon, Starbucks and google, with their elaborate tax avoiding "scams", are too short sighted to see that by only caring about their shareholders, they potentially risk not having a market to sell to in the first place. It is those taxes that they avoid paying that enable their future customers to go to school, to get the job that will provide them sufficient income to be able to afford their wares in the first place. Do they care, nope, they can just free load off the indigenous firms that will, in time, have to subsidise them through even higher taxes. this will reduce the profits of the honest firms and allow the cheats to turn to their shareholders and say "look at us, we made billions in profit, we must be better than the rest".
Comments
Quote:
Originally Posted by Lerxt
Yes one of the reasons Australia has virtually no foreign debt is efficient tax collection, and a level of tax that pays its way. 21 years since the last recession, they must be doing something right.
Digging up rocks and selling them to China.
Hell yeah. Here in WA (Western Australia ie. the West third of the country for the yanks) most people think we're paying for the rest of the country.
Actually no, the entire Australian mining industry contributes less than 6% of Australia's GDP. (In 1900 it was 10%.)
It's a significant export earner certainly (making up a little over a third of Australia's total exports), but by no means as significant as many people seem to think (thanks in no small part to an industry that is well practised at blowing it's own horn). Less than 2.5% of the workforce is in mining.
As has been the case forever, Australians (like Americans and most other industrial nations), sell most most of what they produce to themselves. And most of what they produce isn't iron ore, coal and minerals.
As so often is the case "most people" are wrong.
Fact is, if it wasn't for the mining boom, the Australian economy would look very european. And the only point of the european economies seems to be to make the american one look not as bad as it really is.
I think you need to take your blinkers off when you read the balance of trade figures buddy. Australia is in debt to the tune of $165 billion dollars. Where do you think they borrow the money from? The money fairy? Considering we had a surplus of $43 billion back in 2007 should ring alarm bells anywhere. The carbon tax has nothing to with the environment, it's a guilt trip designed to gouge $11 billion out of the public to prop up its deficit. Effective tax collection, god that makes me laugh. You can't live in Australia without a tax affecting every part of your life. "That looks like fun......... Let me tax that for you". The chicken are coming home to roost, and we will be in the tish, just like the rest of the western world. Enjoy your distorted reality while it lasts.
Quote:
Originally Posted by Kr00
I think you need to take your blinkers off when you read the balance of trade figures buddy. Australia is in debt to the tune of $165 billion dollars. Where do you think they borrow the money from? The money fairy? Considering we had a surplus of $43 billion back in 2007 should ring alarm bells anywhere. The carbon tax has nothing to with the environment, it's a guilt trip designed to gouge $11 billion out of the public to prop up its deficit. Effective tax collection, god that makes me laugh. You can't live in Australia without a tax affecting every part of your life. "That looks like fun......... Let me tax that for you". The chicken are coming home to roost, and we will be in the tish, just like the rest of the western world. Enjoy your distorted reality while it lasts.
You say $165bn like it's a bad thing, but it represents about 10% of Australia's GDP, or about half of the Australian Government's tax receipts. However, http://www.tradingeconomics.com/australia/government-debt-to-gdp paints a slightly different picture.
Nevertheless it's within historical bounds, and it doesn't mean a lot. Australia is right up there with Bulgaria in terms of national debt, so there's no need to freak out. Well, I'd freak out about the relentless pursuit of a budget surplus, which in the end will be a paper one only, if at all. But national debt is hardly the boogeyman people make it out to be,
http://en.wikipedia.org/wiki/United_States_public_debt#Table:_International_debt_comparisons
And the 2007 surplus? So what? Economies are cyclical. Govt spending goes up when the shit hits the fan - it's counter cyclical.
There is nothing wrong with levelling the playing field, so the 10% GST introduced by Howard, which honest retailers have to pay, doesn't put them at a disadvantage.
How many more retailers have to go under, how many more workers do they have to lay off, until you are satisfied?..
...but what the hey, as long as you can keep importing cheap shit from China.
I remember when Keating brought in the first surplus after decades of deficits.
All a surplus shows the Government is not spending money on the people who provided it.
Quote:
Originally Posted by dshan
As so often is the case "most people" are wrong.
But before that - the rest of Australia was propping up WA - and you forgot about the vast mines in Queensland - Oh, yeah... and the fact the WA has some of the laziest working hours in Australia. - JUST SAYING...
Quote:
Originally Posted by Kr00
The Australian government is doing anything it can to claw back revenue, as its a wasteful, socialist government hell bent on taxing everything from cigarettes, fast food,and alcohol out of existence. There's a meme going about that's says, "that's looks like fun........ Let me tax that for you". They're now looking at placing a 10% tax on anything bought over the net. Their solution to the teenage binge drinking issues, is to tax low cost alcohol and wine. All this while its Prime Minister who was once a union lawyer, is suspected of stealing $400,000 dollars of union funds back in the 1990's, while sleeping around with married men, who were high powered union leaders at the time. All her conspirators have been given positions on the high court or heads of work place regulators, and jobs as overseas ambassadors. And you Americans think you have a leadership problem?
Socialist? Australia spends less on Welfare to GDP than America does? Socialist? You're an idiot.
LOL yeah don't get me wrong, I am not from WA itself, it's interesting seeing how things play out. I've now lived in Brisbane, Sydney, Melbourne and Perth. Really interesting. I hope to get my Aust. citizenship in 3 years time when I qualify for it.
We also might actually have more liberties than certain parts of the US. Hold on to this for dear, dear life.
The Oz gov gets a lot of money from the 10% GST (value-added tax included in the ticket price), but which is refunded if you carry the device overseas within a month of purchase (so if it's a 3k purchase, you effectively get $300 off the price of your travel ticket. Wonderbar!)
Quote:
Originally Posted by sr2012
LOL yeah don't get me wrong, I am not from WA itself, it's interesting seeing how things play out. I've now lived in Brisbane, Sydney, Melbourne and Perth. Really interesting. I hope to get my Aust. citizenship in 3 years time when I qualify for it.
UK? Whatever! Join the crew! Dual citizenship is the way to go if you've got the required immigration 'points'.
Enz in Brisbane
We end up buying some of those rocks back value-added by a considerable margin.
We also end up buying some of those rocks back value-added by a considerable margin. (Where the financial balance might fall, I don't know, however.)
Quote:
Originally Posted by enzos
Let's see: Apple's paying 1.9% on revenue in company tax and ATO calculates they should have paid 2.5%.. "not that big of a deal" (as SJ would have said) in the bigger picture.
The Oz gov gets a lot of money from the 10% GST (value-added tax included in the ticket price), but which is refunded if you carry the device overseas within a month of purchase (so if it's a 3k purchase, you effectively get $300 off the price of your travel ticket. Wonderbar!)
the suggestion, often touted by tax avoiding firms, that the government receives sales taxes from their trade is a poor defence given that the average person would have spent that money on another product that is subject to sales tax.
The irony is that the likes of apple, amazon, Starbucks and google, with their elaborate tax avoiding "scams", are too short sighted to see that by only caring about their shareholders, they potentially risk not having a market to sell to in the first place. It is those taxes that they avoid paying that enable their future customers to go to school, to get the job that will provide them sufficient income to be able to afford their wares in the first place. Do they care, nope, they can just free load off the indigenous firms that will, in time, have to subsidise them through even higher taxes. this will reduce the profits of the honest firms and allow the cheats to turn to their shareholders and say "look at us, we made billions in profit, we must be better than the rest".