Fucking banks.
I'm curious to see whether they start a war and end up with a royal commission or just soak it up. If I were a betting man I'd say they'll cover profit margins at all costs.
I hope the ALP still bring on a royal commission and slam the bastards twice.
I tried reading this, but had a kind of anaphylactic shock due to the ridiculously high levels of hypocrisy.
Which part? Besides the obvious handjob being given to Turnbull in the article. I thought the bank comments were actually on the money.
"The banks may try on an emotive ad campaign, last executed to stunning success by the big mining companies when the Kevin Rudd-Wayne Swan government mooted a “resource super-profits tax”.
The accepted wisdom is that the mining companies’ hugely expensive ad campaign was so brilliant it persuaded the entire population of Australia the super-profits tax was a dog, thereby killing it off.
Actually, that’s not what happened at all."
No fucking shit.
No mention at all of the relentless LNP (and thus big miner's) cheer-leading from this rag, and the others in Murdoch's shitty stable, let alone the lock-steppin' rest of the corporate media??
The total un-self awareness is delusional bordering on psychotic.
Then again this is the same actual rag that gave us this?!
Bank Tax v Mining Tax
Heard the leader of the WA National Party on the radio today calling the Turnbull government hypocrites because this bank tax looks, feels, tastes, and smells exactly like the Mining Tax they wanted to introduce as part of their policy platform at the recent WA state election.
We all might recall how Turnbull and his ministers universally criticised the WA Nationals proposal and, further, the miners dipped into their fighting fund again and raged war on the then Nationals leader to the point he lost his seat at the election.
Heard a sound grab of Turnbull saying the proposed mining tax was wrong because it was singling out specific businesses and sector in the economy .... I guess that doesn't apply to the banks ................ anything to avoid Labor's Royal Commission into Banking and to appease LNP members wanting the RC.
The LNP are trying to introduce it as a means of balancing the budget , whilst hoping like crazy no one notices that it's actually an attempt to derail the banks debt fuelled housing feeding frenzy without scaring the economy.
They're shitting themselves and it's not about any budget deficit. It's about systemic instability.
Hang on, hang on, I think I'm getting the PR message...
Not just good debt, bad debt, but...
Good tax (banks), bad tax (miners)...
Got it!
4 legs, good, 2 legs, baaaaaaaad
The mining tax was shitty policy not because of its ideaology, but because it was calculated based on "profits". Offshore corporations easily manipulate that by increasing management/rent/processing charges from the international parent companies so whilst the idea was good, the policy behind it was awful. They gave the ATO jurisdiction instead of ASIC.
The existing bank tax is better policy because banks have to report their balance sheet to APRA all the time and jump loads of compliance hoops, so there's less chance to skirt it. ASIC also gets to monitor it which puts the directors personally on the line if they try and dodge it.
WA Nationals redux? The Minerals Union, sorry, Council of Straya ads were rippers!
Wasn't the Mining Tax Mark 1 very similar to the Resources or Petroleum Rent Tax (I think that's what its called) that was or is used for the Bass Straight rigs for petroleum and gas extraction.
My memory might be wrong here but the miners jumped up and down in protest to KRudd against this because it actually works (as in the Bass Straight rigs) and good tax receipts are collected. Big bun fight ensued both in the media and with the ALP.
Then KRudd got rolled and Gillard in an attempt to appease the miners came up with Mark 2 and that was shut down when Abbott came to power.
If you want worlds best practice on taxing miners look no further that Norway, the little country with soon to be the world's biggest sovereign wealth fund!
mmmmm, Norway with its sovereign wealth fund and all politicians here talk about on the topic of a mining tax is so called sovereign risk (for the rent seekers)
Media bun fight, indeed. Remember when Gina got so het up, she took to the barricades, busted out some megaphone rhymes, and even tried to buy some of her own media outlets quick smart!
Now, she just needs that railway built, boys. Don't make her go media-shopping again!
Same old same old with the Federal government and the banks.
https://www.theguardian.com/australia-news/2021/jan/19/banking-royal-com...
Guysmiley norways sovereign fund is allso their superfund, monies of which are only to be used for creating jobs in new technology and manufacturing industries.
Ozland superfunds are run by rruleing elite rellies and mates (nepotism and cronism) , media adverts cost$millions of dollars /year, all for uni degree mates etc who work for media, cheap finance for developers in construction and mineing etc etc.
The biggesr rort, ponzi scheme ever.
Norways way is the way, royal commision now!
About time someone finally slapped them across the face. Every quarter we have to watch the embarrassed CEO's squirm as they report their ever increasing profits, despite wages & business conditions sinking.