It's a sure bet that Malcolm Turnbull will try to raise the GST

Date
    November 3, 2015
    Canberra Times

About a year ago, I began confidently predicting the Coalition would not be going to next year's election with any proposal to increase the goods and services tax. I've been tardy in advising you that. With the removal of Tony Abbott and the ascension of Malcolm Turnbull, that prediction has become, as George W. used to say, inoperative.   

Indeed, I now confidently predict the Coalition will be seeking the voters' agreement to an increase in the GST.

    The whole country knows Turnbull will be a better manager of the economy than Abbott and that if this silver-tongued barrister can't 'sell' economic reform, no one can. 

Why the reversal? Turnbull doesn't have much choice but to run with a GST increase for pretty much the opposite reasons that Abbott had little choice but to avoid one.


Abbott and his treasurer, Joe Hockey, would love to have championed a GST rise – and, early in their term, fully intended to do so – but their disastrous first budget, with its blatant unfairness and broken promises, robbed them of their popularity, authority and trustworthiness. They repeatedly demonstrated their inability explain complex and controversial policy proposals.

But the government's big-business backers – not to mention most economists – have convinced themselves the only cure for the sluggish economy is major economic reform, and top of their list is a cut in the rate of company tax, plus a cut in the top rate of personal income tax. This is why they became so dissatisfied with Abbott and Hockey, and so expectant of better things from one of their own, Turnbull.

The whole country knows Turnbull will be a better manager of the economy than Abbott and that if this silver-tongued barrister can't "sell" economic reform, no one can. So great is the confidence in the confident Turnbull that the best way for him to stumble would be to baulk at this challenge.


Prime Minister Malcolm Turnbull will learn from his predecessors' mistakes and ensure any reform package appears fair.

Trouble is, by the time he's knocked tax reform into political shape, it will have fallen well short of its proponents' grand vision, won't deliver the promised economic benefits and won't make much difference to anything, apart from making the tax system less fair.

Right now, Turnbull is grappling with the desired shape of the GST increase. My guess is he'll definitely want to increase the rate of the tax, and won't go through all the angst for a piddling increase to 12.5 per cent. No, he'll go all the way to 15 per cent.   

Broadening the tax's narrow base is more problematic, as the academics say. My guess is he'll avoid the practical minefield of extending the tax's coverage to health and education (even though taxing private health insurance and private schools would do much to reduce the tax's regressiveness​), but may include financial services.

His big temptation will be to tax fresh food but, though this would greatly increase his takings, it would also greatly increase the tax's regressiveness (because low-income households devote a much higher proportion of their budgets to food than high-income households do) and thus require much of this gain to be returned as "compensation", while adding much agonising and indignation from the elderly.

Of course, the GST increase will just be part of a much bigger package of tax reforms. Since the object of the exercise will be to change the "mix" of taxation – increasing indirect taxes on consumer spending while reducing direct taxes on income – it will include big tax cuts.

Turnbull will learn from his predecessors' blunder and ensure his reform package looks fair by including imposts aimed mainly at high-income earners. If he decides to cut the top rate of income tax – benefiting just the wealthiest 3 per cent of taxpayers – he'll probably include a crackdown on superannuation concessions and discounted capital gains tax favouring the well-off.

He'd also want to throw in abolition of some inefficient state taxes, such as the stamp duty on insurance policies.

He's making it very clear that low- and middle-income families would be protected from the effect of the higher GST by adequate compensation, in the form of special increases in pensions, dole payments and family benefits. People on low wages would be compensated by tax cuts.

But just because Turnbull has the smarts, political credit and credibility to raise the GST and hope to keep his job, this doesn't give him a magic wand to wave away the iron laws of arithmetic.

The sad truth is that the untiring advocates of a higher GST have plans to spend the proceeds many times over. Big business wants to devote the proceeds to covering the cost of cutting the rate of company tax.

The nation's grossly over-taxed chief executives want to use the proceeds to cut the top rate of income tax – all to produce a flowering of innovation and agility, naturally.

Then there's the Treasurer and his department, who profess to want to use the proceeds to counter the effects of bracket creep on everyone paying less than the top rate.

And, finally, there are the premiers, who think they own the GST and want to use the proceeds to cover the ever-rising cost of their spending on schools and hospitals. In principle and in political reality – although not strict legality – the premiers have a veto over any increase.

As ever, they'll go along with the deal once they've extorted enough moolah from the feds. Right now, they're in negotiating mode.

But not to worry. St Malcolm has promised to square the circle.

Ross Gittins is the Herald's economics editor.

comments so far   :( 

        Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%   

    Commenter
        Great Steaming Turd
    Location
        somewhere
    Date and time
        November 03, 2015, 4:26PM

        To compare the issue of raising GST rate from 10% to 15%, one needs to consider the following:

        - Singapore, a successful economy with no natural resources like Australia, has a 7% GST.

        - In OECD group, Australia's social expenditure is made up of:
        - 4.8% income support for working age population
        - 3.6% for pension,
        - 6.1% for health, and
        - 3.5% for all social services excluding health.
        18.1% total (including rounding error) of GDP.

        It is below the OECD average of 21.4%
        (source:
        http://www.oecd.org/els/soc/OECD2014-Social-Expenditure-Update-Nov2014-8pages.pdf).

        This means Australia is far from being a welfare dependent country as some politicians imply.

        But now they already in the process of paving the way for raising GST rate by 50%. I'd suggest it's a lazy and unimaginative way of tackling Australia's long term budgetary position. For example, the inequalities of other policies such as the negative gearing, car novated lease and super tax concession and.

        In a nutshell, negative gearing effectively subsidies negative geared property investors through tax system while greatly disadvantages prospective home buyers, especially first home buyers. As for the argument of higher rental costs of accommodation, facts do not support this argument.

        We will soon have no local car manufacturer, what is then the point of car novated leases? What about the rich transferring income to lower-tax super and promptly retire overseas?

        On a different angle, what about a strategic plan to help build sustainable exports of Australian goods and services, other than in the ground, to the increasing affluent Asians around us to earn a reasonable standard of living in the decades to come?

        All they want to concentrate on is raising GST.

        The real question is why these well-paid politicians simply want to take the easy way out?

        We deserve much better politicians. Not lazy bums.

    Commenter
        An Observer
    Date and time
        November 03, 2015, 6:30PM

The first step towards fixing the economy is a change of government.

Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%   


That.

And increase the dole to equal the pension rate.

Actually, increase the pension rate as well, now that's still not even a rocket.

I'm sure 90% of that money would flow back into the economy.

There's no point in forcibly increasing the cost of living, that will have the opposite effect and cause small businesses to close.

The article had its good moments but count resist the left-wing influence of wanting PRIVATE health insurance taxed and PRIVATE schools taxed. Heaven forbid that Public schools and Public health services should be taxed as well!

Bring on the next election and a 15% GST.

wrote on Nov 4^th, 2015 at 7:02am:

comments so far   :(          Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%        Commenter         Great Steaming Turd     Location         somewhere     Date and time         November 03, 2015, 4:26PM         To compare the issue of raising GST rate from 10% to 15%, one needs to consider the following:         - Singapore, a successful economy with no natural resources like Australia, has a 7% GST.         - In OECD group, Australia's social expenditure is made up of:         - 4.8% income support for working age population         - 3.6% for pension,         - 6.1% for health, and         - 3.5% for all social services excluding health.         18.1% total (including rounding error) of GDP.         It is below the OECD average of 21.4%         (source:         http://www.oecd.org/els/soc/OECD2014-Social-Expenditure-Update-Nov2014-8pages.pdf).         This means Australia is far from being a welfare dependent country as some politicians imply.         But now they already in the process of paving the way for raising GST rate by 50%. I'd suggest it's a lazy and unimaginative way of tackling Australia's long term budgetary position. For example, the inequalities of other policies such as the negative gearing, car novated lease and super tax concession and.         In a nutshell, negative gearing effectively subsidies negative geared property investors through tax system while greatly disadvantages prospective home buyers, especially first home buyers. As for the argument of higher rental costs of accommodation, facts do not support this argument.         We will soon have no local car manufacturer, what is then the point of car novated leases? What about the rich transferring income to lower-tax super and promptly retire overseas?         On a different angle, what about a strategic plan to help build sustainable exports of Australian goods and services, other than in the ground, to the increasing affluent Asians around us to earn a reasonable standard of living in the decades to come?         All they want to concentrate on is raising GST.         The real question is why these well-paid politicians simply want to take the easy way out?         We deserve much better politicians. Not lazy bums.     Commenter         An Observer     Date and time         November 03, 2015, 6:30PM

If you want to play 'compare the GST rate' then use UK at 17.5%, Sweden at 25% and a whole slew of countries higher than ours and still higher after we go to 15%. In fact, Singapore is probably the only place that is lower.

Kat wrote on Nov 4^th, 2015 at 7:11am:

The first step towards fixing the economy is a change of government.

Yes they have had 2 years and failed miserably by killing 2 revenue streams and doubling the budget deficit, it's time they stepped aside and let the real grown ups take over.

So raise GST and cut company and top tax brackets?
And people thought Turnbull was a progressive lefty  ;D

Class warfare is back to normal.

Ex Dame Pansi wrote on Nov 4^th, 2015 at 7:16am:

Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%    That. And increase the dole to equal the pension rate. Actually, increase the pension rate as well, now that's still not even a rocket. I'm sure 90% of that money would flow back into the economy. There's no point in forcibly increasing the cost of living, that will have the opposite effect and cause small businesses to close.

everyone of your selfish suggestions involves borrowing money to prop up the lifestyles of the over indulged pensioners and welfare recipients.

every cent given to this "me me me ' generation who have failed australia ( developed no new industries except the negative neurotic whinging industry) , will have to be paid back by their children and grand children .

the definition of inter generational theft.

BOTR and i hope the younger generation reflect on this truly awful selfish pensioner generation and strip their gold standard benefits back to bread and water, because this is truly all they deserve after ripping off the system for the last 30 years  >:( >:( >:(

Kat wrote on Nov 4^th, 2015 at 7:11am:

The first step towards fixing the economy is a change of government.

Yes the Govt should indeed change its tack and stop pandering to the Lazy ochlocrats that want to live out of everyone else's pocket.


Kiron22 wrote on Nov 4^th, 2015 at 7:27am:

Class warfare is back to normal

Yes, the rank smell of the politics of envy is very ripe in the Leftist media (but then again what's new?)

Kiron22 wrote on Nov 4^th, 2015 at 7:27am:

So raise GST and cut company and top tax brackets? And people thought Turnbull was a progressive lefty  ;D Class warfare is back to normal.

Get over it, Vladimir. The rest of the world has moved on past 1917.

Politics of Envy? that when concessions and loopholes are taken into place, poor people pay more tax than the rich on percentage?

Yes I'm envious, I'm envious that Australias landed wealth oligarchy has held this country back for decades and is kicking everyone else down.

Class warfare, is exactly what it is. Its funny whenever infrastructure needs to be built or hospital funding increased, you reactionary scum cry "class warfare" but whenever it really happens, the kicking down of the population by the landed oligarchs with their immense political and social power, its "politics of envy"

Well guess what bucko, in 50 years when Australia is relegated to a global backwater, climate change has destabilized the earth and millions are out of work due to automation, that "politics of envy" is going to have people like you lined up against a wall.

mariacostel wrote on Nov 4^th, 2015 at 7:35am:

Kiron22 wrote on Nov 4th, 2015 at 7:27am: So raise GST and cut company and top tax brackets? And people thought Turnbull was a progressive lefty  ;D Class warfare is back to normal. Get over it, Vladimir. The rest of the world has moved on past 1917.

And the rest of the world moved passed 1934. But it doesn't stop a reactionary fascist piece of filth like yourself posting here does it?

Kiron22 wrote on Nov 4^th, 2015 at 7:39am:

Politics of Envy? that when concessions and loopholes are taken into place, poor people pay more tax than the rich on percentage? Yes I'm envious, I'm envious that Australias landed wealth oligarchy has held this country back for decades and is kicking everyone else down. Class warfare, is exactly what it is. Its funny whenever infrastructure needs to be built or hospital funding increased, you reactionary scum cry "class warfare" but whenever it really happens, the kicking down of the population by the landed oligarchs with their immense political and social power, its "politics of envy" Well guess what bucko, in 50 years when Australia is relegated to a global backwater, climate change has destabilized the earth and millions are out of work due to automation, that "politics of envy" is going to have people like you lined up against a wall.

The leftard ego hates success so much, it will even wish death upon the successful to try to protect itself.
The lefty...ruled by their emotions.

Heres a suggestion for lefties.

study hard, work hard, save hard

buy a big estate and employ liberal voters to clean your toilets and trim your hedges...

oh, but that would require EFFORT.

far easier to just let the ego spit venom then to go thru a process of growth and improvement
carry on  ;) ;)

Kiron22 wrote on Nov 4^th, 2015 at 7:39am:

Politics of Envy? that when concessions and loopholes are taken into place, poor people pay more tax than the rich on percentage?

No, that's your politics of delusion.... ;D


Kiron22 wrote on Nov 4^th, 2015 at 7:39am:

Yes I'm envious, I'm envious that Australias landed wealth oligarchy has held this country back for decades and is kicking everyone else down.

"Landed Wealth Oligarchy"?  Is that another term for Unions?  If so, I agree with you.  :D


Kiron22 wrote on Nov 4^th, 2015 at 7:39am:

Class warfare, is exactly what it is. Its funny whenever infrastructure needs to be built or hospital funding increased, you reactionary scum cry "class warfare" but whenever it really happens, the kicking down of the population by the landed oligarchs with their immense political and social power, its "politics of envy"

That's 'Mister'..... "Reactionary Scum" to you.... ;D


Kiron22 wrote on Nov 4^th, 2015 at 7:39am:

Well guess what bucko, in 50 years when Australia is relegated to a global backwater, climate change has destabilized the earth and millions are out of work due to automation, that "politics of envy" is going to have people like you lined up against a wall.

Hmm, I'll look forward to that in 50 years.  Would beat the hell out of palliative care.  ;D

Kiron22 wrote on Nov 4^th, 2015 at 7:40am:

mariacostel wrote on Nov 4th, 2015 at 7:35am: Kiron22 wrote on Nov 4th, 2015 at 7:27am: So raise GST and cut company and top tax brackets? And people thought Turnbull was a progressive lefty  ;D Class warfare is back to normal. Get over it, Vladimir. The rest of the world has moved on past 1917. And the rest of the world moved passed 1934. But it doesn't stop a reactionary fascist piece of filth like yourself posting here does it?

And the resident communist shows his true colours - a hammer and sickle on a red background.

You are an unpleasant person, but then again you are a communist so that is part of the deal, isn't it?

Yeah, I'm the unpleasent person for caring about the plight of my fellow man, while you look at anyone below you as subhuman. How many countless times have you made fun of people here for their jobs? I've seen it hundreds.

You are absolute reactionary fascist trash Maria.

wrote on Nov 4^th, 2015 at 7:02am:

comments so far   :(          Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%        Commenter         Great Steaming Turd     Location         somewhere     Date and time         November 03, 2015, 4:26PM         To compare the issue of raising GST rate from 10% to 15%, one needs to consider the following:         - Singapore, a successful economy with no natural resources like Australia, has a 7% GST.         - In OECD group, Australia's social expenditure is made up of:         - 4.8% income support for working age population         - 3.6% for pension,         - 6.1% for health, and         - 3.5% for all social services excluding health.         18.1% total (including rounding error) of GDP.         It is below the OECD average of 21.4%         (source:         http://www.oecd.org/els/soc/OECD2014-Social-Expenditure-Update-Nov2014-8pages.pdf).         This means Australia is far from being a welfare dependent country as some politicians imply.         But now they already in the process of paving the way for raising GST rate by 50%. I'd suggest it's a lazy and unimaginative way of tackling Australia's long term budgetary position. For example, the inequalities of other policies such as the negative gearing, car novated lease and super tax concession and.         In a nutshell, negative gearing effectively subsidies negative geared property investors through tax system while greatly disadvantages prospective home buyers, especially first home buyers. As for the argument of higher rental costs of accommodation, facts do not support this argument.         We will soon have no local car manufacturer, what is then the point of car novated leases? What about the rich transferring income to lower-tax super and promptly retire overseas?         On a different angle, what about a strategic plan to help build sustainable exports of Australian goods and services, other than in the ground, to the increasing affluent Asians around us to earn a reasonable standard of living in the decades to come?         All they want to concentrate on is raising GST.         The real question is why these well-paid politicians simply want to take the easy way out?         We deserve much better politicians. Not lazy bums.     Commenter         An Observer     Date and time         November 03, 2015, 6:30PM

Crooky, the article is a bit misleading. The welfare figures don't appear to include things like child care subsidies, private health rebates, family tax benefits etc. These are certain welfare items. We are very much a welfare nation.

Kiron22 wrote on Nov 4^th, 2015 at 7:55am:

Yeah, I'm the unpleasent person for caring about the plight of my fellow man, while you look at anyone below you as subhuman. How many countless times have you made fun of people here for their jobs? I've seen it hundreds. You are absolute reactionary fascist trash Maria.

What jobs?  LOL

You don't care at all. You have a political ideology to fulfil - communism. Wow that only killed about 100million people outside of war.

Communism is a failed idea, Vladimir. You are 100 years too late to be relevant. But at least you can still be rude and disgusting!

mariacostel wrote on Nov 4^th, 2015 at 8:09am:

What jobs?  LOL

Go **** yourself.


Quote:

You don't care at all. You have a political ideology to fulfil - communism. Wow that only killed about 100million people outside of war. Communism is a failed idea, Vladimir. You are 100 years too late to be relevant.

Have fun with your little fallacy rant?


Quote:

But at least you can still be rude and disgusting!

I'm not the fascist who ranks people as subhuman based on their class and race.

I don't care if I'm rude and disgusting to you Maria, because you are legitimately a failure as a human being and a good example of everything that is wrong with society.

Selfish, pretentious, racist, classist, sexist, anti-intellectual.

Classic outright reactionary. How about you go protest a mosque somewhere? Oh right because whenever you idiots turn up you are sent running with your tail between your legs by AntiFa.

aquascoot wrote on Nov 4^th, 2015 at 7:32am:

Ex Dame Pansi wrote on Nov 4th, 2015 at 7:16am: Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%    That. And increase the dole to equal the pension rate. Actually, increase the pension rate as well, now that's still not even a rocket. I'm sure 90% of that money would flow back into the economy. There's no point in forcibly increasing the cost of living, that will have the opposite effect and cause small businesses to close. everyone of your selfish suggestions involves borrowing money to prop up the lifestyles of the over indulged pensioners and welfare recipients.

Firstly, boosting NewStart and pensions will boost the economy and a fair bit of the increase will come back as tax. 

And no need to borrow money to boost NS/pensions. Just cut into Howard’s profligacy STILL in the Budget! $50Bn superannuation tax exemptions. This is rapidly growing. Plenty of other tax expenditures to be cut, FBT to be tightened and major companies made to pay tax on their Australian earnings, if necessary by deeming EBIT and company tax due unless a better way is found (sometime next millennium  ;))

Applying the GST to private school fees good and apply to health insurance but only after overhauling that—Howard left it in a mess.

I know who is overindulged and it isn’t pensioners and the unemployed.

mariacostel wrote on Nov 4^th, 2015 at 7:52am:

Kiron22 wrote on Nov 4th, 2015 at 7:40am: mariacostel wrote on Nov 4th, 2015 at 7:35am: Kiron22 wrote on Nov 4th, 2015 at 7:27am: So raise GST and cut company and top tax brackets? And people thought Turnbull was a progressive lefty  ;D Class warfare is back to normal. Get over it, Vladimir. The rest of the world has moved on past 1917. And the rest of the world moved passed 1934. But it doesn't stop a reactionary fascist piece of filth like yourself posting here does it? And the resident communist shows his true colours - a hammer and sickle on a red background. You are an unpleasant person, but then again you are a communist so that is part of the deal, isn't it?

You wouldn't know a communist if it was humping you.

mariacostel wrote on Nov 4^th, 2015 at 7:20am:

The article had its good moments but count resist the left-wing influence of wanting PRIVATE health insurance taxed and PRIVATE schools taxed. Heaven forbid that Public schools and Public health services should be taxed as well! Bring on the next election and a 15% GST.

geez you're an idiot ... go ahead, tax public schools. I doubt a single public school or hospitals makes any sort of taxable profit.  That's not what they are there for.

:D :D :D :D

aquascoot wrote on Nov 4^th, 2015 at 7:32am:

Ex Dame Pansi wrote on Nov 4th, 2015 at 7:16am: Raising the GST won't put a rocket under the economy - it would nuke it. It would mean even lower retail sales, with subsequent job losses and business closures. If you want to stimulate the economy - CUT the GST to 5%    That. And increase the dole to equal the pension rate. Actually, increase the pension rate as well, now that's still not even a rocket. I'm sure 90% of that money would flow back into the economy. There's no point in forcibly increasing the cost of living, that will have the opposite effect and cause small businesses to close. everyone of your selfish suggestions involves borrowing money to prop up the lifestyles of the over indulged pensioners and welfare recipients. every cent given to this "me me me ' generation who have failed australia ( developed no new industries except the negative neurotic whinging industry) , will have to be paid back by their children and grand children . the definition of inter generational theft. BOTR and i hope the younger generation reflect on this truly awful selfish pensioner generation and strip their gold standard benefits back to bread and water, because this is truly all they deserve after ripping off the system for the last 30 years  >:( >:( >:(

Not selfish.

Sensible.

And reasonable.

Kiron22 wrote on Nov 4^th, 2015 at 8:35am:

I don't care if I'm rude and disgusting to you Maria, because you are legitimately a failure as a human being and a good example of everything that is wrong with society. Selfish, pretentious, racist, classist, sexist, anti-intellectual. Classic outright reactionary. How about you go protest a mosque somewhere? Oh right because whenever you idiots turn up you are sent running with your tail between your legs by AntiFa.

I see you've got Maria worked out already ... didn't take you long!

John Smith wrote on Nov 4^th, 2015 at 9:07am:

mariacostel wrote on Nov 4th, 2015 at 7:20am: The article had its good moments but count resist the left-wing influence of wanting PRIVATE health insurance taxed and PRIVATE schools taxed. Heaven forbid that Public schools and Public health services should be taxed as well! Bring on the next election and a 15% GST. geez you're an idiot ... go ahead, tax public schools. I doubt a single public school or hospitals makes any sort of taxable profit.  That's not what they are there for. :D :D :D :D

Definitely not the sharpest drill in the toolbox, that's for sure.

John Smith wrote on Nov 4^th, 2015 at 9:09am:

Kiron22 wrote on Nov 4th, 2015 at 8:35am: I don't care if I'm rude and disgusting to you Maria, because you are legitimately a failure as a human being and a good example of everything that is wrong with society. Selfish, pretentious, racist, classist, sexist, anti-intellectual. Classic outright reactionary. How about you go protest a mosque somewhere? Oh right because whenever you idiots turn up you are sent running with your tail between your legs by AntiFa. I see you've got Maria worked out already ... didn't take you long!

aquascoot is a classic....he comes down hard on the pensioners and their measly benefits, but never a bad word for the banksters who squeeze people dry to get their $5 billion profit or the big end of town that pay NO tax.

Ex Dame Pansi wrote on Nov 4^th, 2015 at 9:51am:

John Smith wrote on Nov 4th, 2015 at 9:09am: Kiron22 wrote on Nov 4th, 2015 at 8:35am: I don't care if I'm rude and disgusting to you Maria, because you are legitimately a failure as a human being and a good example of everything that is wrong with society. Selfish, pretentious, racist, classist, sexist, anti-intellectual. Classic outright reactionary. How about you go protest a mosque somewhere? Oh right because whenever you idiots turn up you are sent running with your tail between your legs by AntiFa. I see you've got Maria worked out already ... didn't take you long! aquascoot is a classic....he comes down hard on the pensioners and their measly benefits, but never a bad word for the banksters who squeeze people dry to get their $5 billion profit or the big end of town that pay NO tax.

Scoot understands how an "ecosystem" works.

sure our banks are successful

GREAT

look after them, dont disturb them
Dont destroy what you can enjoy.

THEY can expand into asia and provide billions of dollars of revenue . The asians are going to love our world class banks. 100's of 1000s of aussie kids can work in them

WHY DO LEFTIES HATE SUCCESS.



lefties are so stooopid.

Its like they would look at a prize bull earning $10,000 a service and say
"he's got it too good, just rooting cows all day and making money, lets cut him up for hamburger"
Thats the mentality
Its up to rightards with common sense, such as myself, to save you from yourselves.

We will be leaving our banks alone, thank you very much  ;) ;).
If labor and the greens see them as a cash cow thats reason enough to know we shouldnt touch them

Yeah, funny how the banks are so successful. Look at all their fees, look at the interest rate on credit cards and personal loans, ten times and five times the cash rate and that does not take into account the fact the banks charge compound interest.

The banks also hold the country back by not being willing to lend money on a business idea, only on real estate. That is why so many inventions have been developed and marketed overseas.

The banks are a bull that might earn $1000 a day but costs $2000 a day.

Jovial Monk wrote on Nov 4^th, 2015 at 10:22am:

Yeah, funny how the banks are so successful. Look at all their fees, look at the interest rate on credit cards and personal loans, ten times and five times the cash rate and that does not take into account the fact the banks charge compound interest. The banks also hold the country back by not being willing to lend money on a business idea, only on real estate. That is why so many inventions have been developed and marketed overseas. The banks are a bull that might earn $1000 a day but costs $2000 a day.

There is nothing preventing you or pansi saving up and buying bank shares and participating in the joy of the free market

And what does that have to do with ANYTHING I wrote?

Kat wrote on Nov 4^th, 2015 at 7:11am:

The first step towards fixing the economy is a change of government.

Already been done in 2013.

Kat wrote on Nov 4^th, 2015 at 9:04am:

mariacostel wrote on Nov 4th, 2015 at 7:52am: Kiron22 wrote on Nov 4th, 2015 at 7:40am: mariacostel wrote on Nov 4th, 2015 at 7:35am: Kiron22 wrote on Nov 4th, 2015 at 7:27am: So raise GST and cut company and top tax brackets? And people thought Turnbull was a progressive lefty  ;D Class warfare is back to normal. Get over it, Vladimir. The rest of the world has moved on past 1917. And the rest of the world moved passed 1934. But it doesn't stop a reactionary fascist piece of filth like yourself posting here does it? And the resident communist shows his true colours - a hammer and sickle on a red background. You are an unpleasant person, but then again you are a communist so that is part of the deal, isn't it? You wouldn't know a communist if it was humping you.

But you do because a Communist is humping you, right?

aquascoot wrote on Nov 4^th, 2015 at 10:25am:

Jovial Monk wrote on Nov 4th, 2015 at 10:22am: Yeah, funny how the banks are so successful. Look at all their fees, look at the interest rate on credit cards and personal loans, ten times and five times the cash rate and that does not take into account the fact the banks charge compound interest. The banks also hold the country back by not being willing to lend money on a business idea, only on real estate. That is why so many inventions have been developed and marketed overseas. The banks are a bull that might earn $1000 a day but costs $2000 a day. There is nothing preventing you or pansi saving up and buying bank shares and participating in the joy of the free market

My conscience wouldn't allow it.

I want no part in banks or their idiocracy.

None of the OZ Politicians and certainly none of the major Political Party's are providing the truth, the whole truth & nothing but the truth, regarding the OZ or the Global Economy!

In short, there is nothing that any OZ Politician or the RBA can do, to restore the "old Economy", of the post WW2 era!

The fact is, "All actions & Inactions have Consequences" and as Japan, Europe, the USA, China & now OZ are finding out and what started around 1989 with Japan, has continued to flow & grow, Globally, with no country or CB being able to restore the old Economy!

The causes behind those events are now downloading thru the OZ economy & there is nothing that anyone can do to prevent the Consequences happening in OZ!

The only influence available is IF the Politicians (All of Them) & the RBA finally accept that their "Previous Actions & Inactions" & their "short term thinking" are partially responsible for what is happening now AND they CHANGE NOW, stop living in the past and they IMMEDIATELY CHANGE THE WHOLE SYSTEM, TO MAKE SURE "EVERYONE PAYS THEIR FAIR SHARE & THAT FREELOADERS ON THE SYSTEM (INCLUDING THEMSELVES) ARE STOPPED!   

Then, MAYBE, we MAY NOT, get the worst of what is coming at us?

John Smith wrote on Nov 4^th, 2015 at 9:07am:

mariacostel wrote on Nov 4th, 2015 at 7:20am: The article had its good moments but count resist the left-wing influence of wanting PRIVATE health insurance taxed and PRIVATE schools taxed. Heaven forbid that Public schools and Public health services should be taxed as well! Bring on the next election and a 15% GST. geez you're an idiot ... go ahead, tax public schools. I doubt a single public school or hospitals makes any sort of taxable profit.  That's not what they are there for. :D :D :D :D

Wow you continue to amaze at how dumb you are. GST does not apply to PROFIT, dimwit. It applies to everything they sell and every service they provide.

So if the public schools don’t make a profit making them pay GST on fees would mean they would be claiming a lot of GST back. They’d be delighted!