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1. I have noticed a lot of talk about stimulus packages, I thought I would use my isolation time to gather a few facts that will resolve a few questions. It is going to be a long thread. I am calling it
๐๐ก๐ ๐๐ฒ๐ญ๐ก ๐จ๐ ๐๐จ๐ฐ๐๐ซ๐ ๐๐ง๐ ๐๐จ๐ฌ๐ญ๐๐ฅ๐ฅ๐จ
๐๐ก๐ ๐๐ฒ๐ญ๐ก ๐จ๐ ๐๐จ๐ฐ๐๐ซ๐ ๐๐ง๐ ๐๐จ๐ฌ๐ญ๐๐ฅ๐ฅ๐จ
2. Owing to our current economic issues (both prior to COVID-19 and now) I have seen people posting uninformed words like 'Howard & Costello were great economic managers' OR our problems are because Rudd wasted money.
3. This thread details why I don't share the belief that Howard & Costello were great economic managers. From the initial debt through 2 selling Gold below markets price & finally squandering the 'additional the Billions from the mining boom. We could be in a much better place.
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4. After selling 76 Govt Assets, there was nothing left 2 sell, nobody can repeat what they did because there is no silverware left. Our Debt was $96B & selling Telstra eliminated ยฝ of that ($46.1B). More on 'The Debt' later.
4. After selling 76 Govt Assets, there was nothing left 2 sell, nobody can repeat what they did because there is no silverware left. Our Debt was $96B & selling Telstra eliminated ยฝ of that ($46.1B). More on 'The Debt' later.
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5. As mentioned above 1/2 of our debt was removed by selling Telstra, there was no need to have a fire sale on all Assets. But we did & it meant we sold some for cheap. We sold 167 Tonnes of gold for $2.4B that gold would be worth $13.5B 2day
5. As mentioned above 1/2 of our debt was removed by selling Telstra, there was no need to have a fire sale on all Assets. But we did & it meant we sold some for cheap. We sold 167 Tonnes of gold for $2.4B that gold would be worth $13.5B 2day
๐๐ฌ๐ฌ๐๐ญ ๐๐๐ฅ๐๐ฌ-๐๐ข๐ซ๐ฉ๐จ๐ซ๐ญ๐ฌ
6. With many COVID19 ppl entering through Airports, Sydney especially, the tax payers are needing to pay for increased security which is difficult to organise. Sydney Airport is a Corporate Leech. Its paid no Tax on $6B of revenue.
6. With many COVID19 ppl entering through Airports, Sydney especially, the tax payers are needing to pay for increased security which is difficult to organise. Sydney Airport is a Corporate Leech. Its paid no Tax on $6B of revenue.
7. We sold 21 Airports in 5 yrs from 1997. The Big 4, Mel, Syd, Bri & Per 4 $7.5B . 2 yrs (16-18) The 4 airports earned $1.6B Profit. I have est since being sold they've earned $11B (op profits). Now Syd is a corporate Leech paying 0 tax (Bne,Mel,Per all paid tax). (C
4 calcs)
4 calcs)
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8. Often referred to as "Labors Debt" but it is a fabrication repeated constantly by @SkyNewsAust. and the Many uninformed Murdoch Minions. ~half ($40b) of the debt Howard/Costello ($96b) got in 97 was from Fraser.
8. Often referred to as "Labors Debt" but it is a fabrication repeated constantly by @SkyNewsAust. and the Many uninformed Murdoch Minions. ~half ($40b) of the debt Howard/Costello ($96b) got in 97 was from Fraser.
9. Fraser undertook a stimulus in early 80's b/c of a recession, just as Keating did in early 90's (C Charts ) Keating ran 3 consecutive budgets where govt spending fell & returned the budget to surplus. The Global 90s recession led 2 increased govt spending & some asset sales.
) Keating ran 3 consecutive budgets where govt spending fell & returned the budget to surplus. The Global 90s recession led 2 increased govt spending & some asset sales.
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10. The Dow Jones peaked (14,164.53) just prior just prior to Rudd (Dec 07), becoming PM & the GFC kicking in. Rudd was greeted with the GFC. With US banks going broke or nationalised the phrase โToo Big To Failโ became common as Share-markets tumbled
10. The Dow Jones peaked (14,164.53) just prior just prior to Rudd (Dec 07), becoming PM & the GFC kicking in. Rudd was greeted with the GFC. With US banks going broke or nationalised the phrase โToo Big To Failโ became common as Share-markets tumbled
11.The Maxim โWhen America Sneezes, we catch a coldโ held true, with both Business and Consumer confidence plummeting. There were fears a recession was imminent. Prior planning and Scenario modelling by expert Public Servants meant a Stimulus plan was quick to develop.
12. With effectively no Assets left 2 sell and our bank balance empty owing to Costello's Middle Class Giveaways, borrowing money was the only option. The largest single year deficit was $23.4B. Contrast with LNP who have averaged $55B each yr since.
13. When the LNP took over Australiaโs Debt levels were the 3rd lowest in the OECD By April 2017 (3 yrs in power) the LNP had doubled the debt Labor had accrued (in 6 years with a GFC) and with the Current Debt (March 2020) $571B there is little prospect of it coming down
By April 2017 (3 yrs in power) the LNP had doubled the debt Labor had accrued (in 6 years with a GFC) and with the Current Debt (March 2020) $571B there is little prospect of it coming down
14.
๐๐๐ ๐ซ๐๐ฉ๐๐๐ฅ๐๐ ๐ญ๐ก๐ โ๐๐๐๐ญ ๐๐๐ข๐ฅ๐ข๐ง๐ โ. The LNP can go further in2 debt w/out needing 2 explain the increased debt 2 parliament or public. Even the sale of Medibank 4 $5.7B (With promise it would lead to lower costs) hasnโt slowed the growth of LNPs debt.
๐๐๐ ๐ซ๐๐ฉ๐๐๐ฅ๐๐ ๐ญ๐ก๐ โ๐๐๐๐ญ ๐๐๐ข๐ฅ๐ข๐ง๐ โ. The LNP can go further in2 debt w/out needing 2 explain the increased debt 2 parliament or public. Even the sale of Medibank 4 $5.7B (With promise it would lead to lower costs) hasnโt slowed the growth of LNPs debt.
15.
This is like the current SportRorts, where the LNP have exploited several loopholes that allow them to only represent those Australians in Marginal Electorates. The LNP acts in an immoral and unethical manner and they can do this without explanation.
This is like the current SportRorts, where the LNP have exploited several loopholes that allow them to only represent those Australians in Marginal Electorates. The LNP acts in an immoral and unethical manner and they can do this without explanation.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ
16.
Selling assets or hoping 4 a mining boom R not sound platforms 2 establish economic security. Labor tried 2 emulate Norway (Norway has $1 TRILLION in their SWF) & establish economic security by ensuring those extracting resources
16.
Selling assets or hoping 4 a mining boom R not sound platforms 2 establish economic security. Labor tried 2 emulate Norway (Norway has $1 TRILLION in their SWF
) & establish economic security by ensuring those extracting resources
17.
(Petroleum for Norway) contributed 2 the nation so there is money when the resources run out. Norways effective tax rate 4 Oil Coโs is 78% much higher than Australiaโs RSPT/MRRT was going 2B. The RSPCT/MRRT was only on โSuper Profitsโ (Above $75m & only on Coal & Iron Ore).
(Petroleum for Norway) contributed 2 the nation so there is money when the resources run out. Norways effective tax rate 4 Oil Coโs is 78% much higher than Australiaโs RSPT/MRRT was going 2B. The RSPCT/MRRT was only on โSuper Profitsโ (Above $75m & only on Coal & Iron Ore).
18.
The LNP destroyed (& Murdoch/Reinhart/Palmer/Forrest) Labors plan 2 get these Co's 2 contribute 2 the running of the country.
Chart shows smaller nations establishing large SWF using commodities. I was unable 2 find any Co's leaving any of these countries b/c of these taxes
The LNP destroyed (& Murdoch/Reinhart/Palmer/Forrest) Labors plan 2 get these Co's 2 contribute 2 the running of the country.
Chart
shows smaller nations establishing large SWF using commodities. I was unable 2 find any Co's leaving any of these countries b/c of these taxes
19. Oz is 1st on many league tables 4 resources xported. Contrasting with some nations, our infrastructure, educated & healthy workforce etc make Oz a top choice 4 sourcing resources. Even if a company left as a protest against the RSPT/MRRT, others would happily take up the spot
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ-๐๐๐ฑ๐๐ญ๐ข๐จ๐ง
20.
With LNP saying business are paying their fair share (Quote from Josh F), there is little chance of Oz getting tax from these Co's. Last yr 718 of 2,247 large Co's paid 0 TAX on income of $458B (Almost 1/2 a Trillion$).
20.
With LNP saying business are paying their fair share (Quote from Josh F
), there is little chance of Oz getting tax from these Co's. Last yr 718 of 2,247 large Co's paid 0 TAX on income of $458B (Almost 1/2 a Trillion$).
21. The LNP R putting a disproportionate amount of time & money into creating a 1/2 Billion Robodebt to focus on the debts/over-payments from Social Security. Senate Estimates revealed The LNP had spent at least $400m 2 recover $500m from ppl. (I do not use the word โWelfareโ,
22.
our constitution (Sec 51iixxxA) gave us โSocial Securityโ
Additionally the government has argued it does not owe a duty of care to these people. How can a nation feel secure when its government is so divisive and callous to the less fortunate?
our constitution (Sec 51iixxxA) gave us โSocial Securityโ
Additionally the government has argued it does not owe a duty of care to these people. How can a nation feel secure when its government is so divisive and callous to the less fortunate?
23.
Contrast with the Corporate Leeches like NewsCorp ($14B in revenue (5 yrs)=0 Tax, Murdochs took $1.4B in salary=0 Tax) (Thx @MichaelWestBiz) & Mining Giants. LNP happily entertains them @ tax payer cost, takes donations & cushy jobs from them, and ignore the Coโs tax records
Contrast with the Corporate Leeches like NewsCorp ($14B in revenue (5 yrs)=0 Tax, Murdochs took $1.4B in salary=0 Tax) (Thx @MichaelWestBiz) & Mining Giants. LNP happily entertains them @ tax payer cost, takes donations & cushy jobs from them, and ignore the Coโs tax records
24.
Paying tax ensures the government is able to provide a healthy, clean, educated, efficient and compassionate place in which 2 earn $$. Those earning massive profits & paying 0 tax are leeches. While thousands of Oz below the poverty line these Co' take their billions overseas
Paying tax ensures the government is able to provide a healthy, clean, educated, efficient and compassionate place in which 2 earn $$. Those earning massive profits & paying 0 tax are leeches. While thousands of Oz below the poverty line these Co' take their billions overseas
25.
Using BHP as a guide (BHP paid US$7.1B in tax on $44B in Revenues ~16.13%) The amount of forgone tax revenue from those Mining Companies would be US$7.34B. Which is more than Australia got by selling 21 Airports.
Using BHP as a guide (BHP paid US$7.1B in tax on $44B in Revenues ~16.13%) The amount of forgone tax revenue from those Mining Companies would be US$7.34B. Which is more than Australia got by selling 21 Airports.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ-๐๐๐ ๐๐๐ญ๐ข๐ง๐ & ๐๐๐ฌ๐ญ ๐๐ซ๐๐๐ฌ๐ฎ๐ซ๐๐ซ ๐๐ฐ๐๐ซ๐
26.
Yes we had no debt in 2007. However as we got there by asset sales, we had no plans or structure 2 show what Oz was going 2 do next. Ratings Agencies look 2 the future not the past
26.
Yes we had no debt in 2007. However as we got there by asset sales, we had no plans or structure 2 show what Oz was going 2 do next. Ratings Agencies look 2 the future not the past
27.
Rating Agencies are primarily assessing each country according to the risks associated with meeting its debt obligations .Howard & Costello๐ฌ๐ฉ๐๐ง๐ญ ๐ญ๐ก๐ ๐๐๐๐ข๐ญ๐ข๐จ๐ง๐๐ฅ $๐๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง and we only had a $40B future fund to show for it
Rating Agencies are primarily assessing each country according to the risks associated with meeting its debt obligations .Howard & Costello๐ฌ๐ฉ๐๐ง๐ญ ๐ญ๐ก๐ ๐๐๐๐ข๐ญ๐ข๐จ๐ง๐๐ฅ $๐๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง and we only had a $40B future fund to show for it
28.
As Treasury noted (See excerpt below) $334M was either spent or locked in as tax cuts. It was the LNP who created โMiddle Class Welfareโ
The hypocrisy then became evident when Labor developed a $52B stimulus package & Costello who squandered $334B launches attacks like
As Treasury noted (See excerpt below
) $334M was either spent or locked in as tax cuts. It was the LNP who created โMiddle Class WelfareโThe hypocrisy then became evident when Labor developed a $52B stimulus package & Costello who squandered $334B launches attacks like
29.
Australia achieved the 3*AAA rating this going against the tide, With the America losing theirs in 2010.
It has been a while since Australia was reviewed, 2016 was the most recent review by any of the agencies. It will be interesting to see what the next review brings
Australia achieved the 3*AAA rating this going against the tide, With the America losing theirs in 2010.
It has been a while since Australia was reviewed, 2016 was the most recent review by any of the agencies. It will be interesting to see what the next review brings
30.
This honour recognised [sic]"Wayne Swansโ work as directly benefiting both the performance and perception of Australiaโs economic and financial achievements". The Eurozone also seeks opinions from the leading global bankers and investors.
![30.This honour recognised [sic]"Wayne Swansโ work as directly benefiting both the performance and perception of Australiaโs economic and financial achievements". The Eurozone also seeks opinions from the leading global bankers and investors.](https://pbs.twimg.com/media/EUhSmrYUwAEhGdj.png "30.This honour recognised [sic]\"Wayne Swansโ work as directly benefiting both the performance and perception of Australiaโs economic and financial achievements\". The Eurozone also seeks opinions from the leading global bankers and investors.")
This honour recognised [sic]"Wayne Swansโ work as directly benefiting both the performance and perception of Australiaโs economic and financial achievements". The Eurozone also seeks opinions from the leading global bankers and investors.
31.
Paul Keating achieved his honour with the successful transitioning to a Floating Australia Dollar, banking deregulation, removing tariffs and removal of the Union based "Price Accord".
Paul Keating achieved his honour with the successful transitioning to a Floating Australia Dollar, banking deregulation, removing tariffs and removal of the Union based "Price Accord".
32.
Wayne Swan achieved his by accruing very little debt, ensuring the banking sector & undertaking a broad & targeted stimulus, which allowed Australia to be 1 of 3 OECD nations to not fall into during the GFC.
Wayne Swan achieved his by accruing very little debt, ensuring the banking sector & undertaking a broad & targeted stimulus, which allowed Australia to be 1 of 3 OECD nations to not fall into during the GFC.
33.
The other nations r shownby comparison the other countries had 
debt going in2 the GFC. This shows that the absence of debt does not correlate to avoiding recession & therefor it was gifted 2 Labor as the 
Blind Right from @SkyNewsAust SkyNews & co keep saying ad museum
The other nations r shown
by comparison the other countries had debt going in2 the GFC. This shows that the absence of debt does not correlate to avoiding recession & therefor it was gifted 2 Labor as the Blind Right from @SkyNewsAust SkyNews & co keep saying ad museum
34.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ-๐๐ข๐ ๐ก๐๐ซ ๐๐๐ฑ๐ข๐ง๐ ๐๐๐ซ๐ญ๐ฒ
Another โtalking pointโ that Skynews & other right wing Murdoch Minions spout is Labor is a higher taxing party. This chart show taxation revenue obtained under each party each year as a percentage of GDP.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ-๐๐ข๐ ๐ก๐๐ซ ๐๐๐ฑ๐ข๐ง๐ ๐๐๐ซ๐ญ๐ฒ
Another โtalking pointโ that Skynews & other right wing Murdoch Minions spout is Labor is a higher taxing party. This chart show taxation revenue obtained under each party each year as a percentage of GDP.
35.
It is clear that Taxation is lower under Labor. The OECD avg is 34% so comparatively we are a low tax nation. But the lie perpetrated by Murdoch & LNP is clearly false and deceitful and above all insults Australians intelligence.
It is clear that Taxation is lower under Labor. The OECD avg is 34% so comparatively we are a low tax nation. But the lie perpetrated by Murdoch & LNP is clearly false and deceitful and above all insults Australians intelligence.
36.
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The current LNP government have now added more than half of the debt Australia has ever had. They did this in just 6 years. When LNP took power in 2013 we had a debt to GDP ratio that was the envy of many other counties.
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The current LNP government have now added more than half of the debt Australia has ever had. They did this in just 6 years. When LNP took power in 2013 we had a debt to GDP ratio that was the envy of many other counties.
37.
Not all debt is bad. If debt is being used 2 increase productivity or output & can b paid 4 then debt is
. Our Under LNP: Debt 2 GDP ratio has climbed from 31% (Oz 8th-OECD) to 41%. (Oz 5th-OECD) This indicates the $
spent by the LNP isn't giving productivity improvements
Not all debt is bad. If debt is being used 2 increase productivity or output & can b paid 4 then debt is
. Our Under LNP: Debt 2 GDP ratio has climbed from 31% (Oz 8th-OECD) to 41%. (Oz 5th-OECD) This indicates the $ spent by the LNP isn't giving productivity improvements
๐๐จ ๐๐ฎ๐ฆ๐ฆ๐๐ซ๐ข๐ฌ๐
38.
LNP Squandered $334B during the boom years, leaving nothing for the bad years
LNP sold our Gold when we didnโt need to and lost over $10B by comparison to if it was sold today.
LNP Have taken our Debt to never before seen levels
38.
LNP Squandered $334B during the boom years, leaving nothing for the bad yearsLNP sold our Gold when we didnโt need to and lost over $10B by comparison to if it was sold today.LNP Have taken our Debt to never before seen levels
39.
LNP didnโt need 2 sell all our Assets, some were monopolies & highly profitable & now we r paying very high rates 2 use. The subsequent profits yielded from some assets exceed the sale price with interest.
LNP r happy 4 the former Govt Assets 2 pay 0 tax (& Leech of Oz)
LNP didnโt need 2 sell all our Assets, some were monopolies & highly profitable & now we r paying very high rates 2 use. The subsequent profits yielded from some assets exceed the sale price with interest.LNP r happy 4 the former Govt Assets 2 pay 0 tax (& Leech of Oz)
40.
LNP achieved the 0 debt position with 'one off' asset sales. This isn't sustainable as we have run out of assets to sell.
LNP have said they do not owe a duty of care to those who have the least.
LNP r happy with half a trillion dollars of revenue to go un-taxed
LNP achieved the 0 debt position with 'one off' asset sales. This isn't sustainable as we have run out of assets to sell.LNP have said they do not owe a duty of care to those who have the least.LNP r happy with half a trillion dollars of revenue to go un-taxed
41.
LNP are making life unbearable for the less fortunate, but letting big business Leech and Bludge off the country
LNP tax the country more than Labor
LNP do not see any issue with spending tax payer money as a means of getting re-elected.
LNP are making life unbearable for the less fortunate, but letting big business Leech and Bludge off the countryLNP tax the country more than LaborLNP do not see any issue with spending tax payer money as a means of getting re-elected.
42.
LNP bypasses checks & balances by removing the debt ceiling
LNP destroyed Labors attempt at using a commonly used method of building a countries economic security by taxing the super profits of Miners.
LNP bypasses checks & balances by removing the debt ceilingLNP destroyed Labors attempt at using a commonly used method of building a countries economic security by taxing the super profits of Miners.
43.
LNP said they would return us to surplus & reduce debt. The world has had 6 yrs of economic growth & Australiaโs debt continues upward.
LNP & the Murdoch press were (& still r) scathing about Laborโs โskyrocketing debtโ. They remain silent when their lies r call out.
LNP said they would return us to surplus & reduce debt. The world has had 6 yrs of economic growth & Australiaโs debt continues upward.LNP & the Murdoch press were (& still r) scathing about Laborโs โskyrocketing debtโ. They remain silent when their lies r call out.
44.
Labor has the only treasurers who have received โBest Treasurer Awardsโ.
Labor got Australiaโs Credit Rating to the best possible rating in the world.
Labor had a plan for Economic Stability & get miners who pay no tax to contribute to the nations running costs.
Labor has the only treasurers who have received โBest Treasurer Awardsโ.Labor got Australiaโs Credit Rating to the best possible rating in the world.Labor had a plan for Economic Stability & get miners who pay no tax to contribute to the nations running costs.
๐๐จ๐ฆ๐ ๐
๐ข๐ง๐๐ฅ ๐๐๐ค๐ง๐จ๐ฐ๐ฅ๐๐๐ ๐๐ฆ๐๐ง๐ญ๐ฌ
45.
I know my calcs donโt include time value of money etc. They only need 2b approx to validate the points that we have been lied to by the One Eyed Murdoch empire with falsehoods about LNP economic management and Labor Debt.
45.
I know my calcs donโt include time value of money etc. They only need 2b approx to validate the points that we have been lied to by the One Eyed Murdoch empire with falsehoods about LNP economic management and Labor Debt.
46.
With MSM controlled by Murdoch and 7/8 of ABC board members $ CEO being LNP appointees we are seeing the LNP rort, lie & deceive with impunity and there is no longer any media who will shine a light on these crimes and stop our Democracy from dying.
With MSM controlled by Murdoch and 7/8 of ABC board members $ CEO being LNP appointees we are seeing the LNP rort, lie & deceive with impunity and there is no longer any media who will shine a light on these crimes and stop our Democracy from dying.
47.
Heaps of what I'v posted here was gathered from these sources, there is very little truth left in newsprint or TV. I suggest adding these ppl 2 your follow list
@GuardianAus
@slpng_giants_oz
@independentaus
@TheNewDailyAu
@MichaelWestBiz
@jommy_tee
@RonniSalt
@crikey_news
Heaps of what I'v posted here was gathered from
these sources, there is very little truth left in newsprint or TV. I suggest adding these ppl 2 your follow list@GuardianAus
@slpng_giants_oz
@independentaus
@TheNewDailyAu
@MichaelWestBiz
@jommy_tee
@RonniSalt
@crikey_news
