@SirRumpole I have long thought that an export tax of some sort or formula should have been invoked many years ago.Chicken feed really.
We should be putting an export tax (say 10-20% of the current market price) on all our natural resources.
Major Export Commodities – Value Estimates for 2024
- Total goods & services exports: AUD 644.4 billion Australian Bureau of Statistics+1
Top commodities by value:
Commodity Value (Approx.) Notes Iron ore & concentrates (Largest share) ~60% of exports to China (≈ US$100 b among ~US$340 b total goods) The AustralianTrading Economics+1 Coal (thermal & metallurgical) multi-billion AUD Forecast ~A$36 b (thermal) & A$47 b (metallurgical) in 2023-24 minister.industry.gov.au LNG (petroleum gases) A$63 b–A$71 b forecast Down from A$93 b in 2022-23 minister.industry.gov.au Unwrought gold & precious metals ~A$22 b forecast Down from A$24 b in 2022-23 Industry.gov.au
So at 10% export tax that's
Iron ore $34b pa
Coal $ 8.3b pa
LNG $6b pa (say)
Gold $2b pa
Not to be sneezed at.
Hey 'diddim's'....The reductio ad absurdum argument would then say that any taxation less than 100% is revenue forgone I guess.
One major problem with Australia’s tax system is the wealthy don’t pay their share.
One way to solve this is an inheritance tax
On asset’s worth more than $5 to $10 million.
I have no interest in interacting with someone who has zero idea about the difference between your and you're.Hey 'diddim's'....
If only I could elevate you're commentary to to level of absurdist ... 'ahhh' a seemingly unattainable dream.
love'd ya melt down on the %100 inheritance tax.
Seeing as you're across, in society terms as to 'who has what' (nasal snort) ... Could you give the audience here a percentage number as to who would pay such a tax, if say the value of the average family home was a lower threshold exemption ???
Or is that to hard a question?
as an important note .. my view in the regard of inherited wealth aligns with Andrew Carnegie.
to hard a question hey 'sweetness'?I have no interest in interacting with someone who has zero idea about the difference between your and you're.
However, I would point out legitimate questions ≠ meltdown, which highlights your disingenuity.
Other conversational transgressions forgiven, apart from the juvenile unpleasantness.To hard a question, hey 'sweetness'?
Do you need the 'Master' to spell it out for you? I can, orr ...(the Catholic church has numbers on this.. up your alley )
Percentage'(<- X)s....??? darling?
w-Anlyel..You started this one. Are you to pizz-weak to go on?
They are numbers.However I am the enquirer, perhaps you have those answers.
That is the easiest and most practicle answer, the thresholds can be adjusted easily and it is easy to implement.Australia is the 8th lowest taxed country in the OECD if we were average there would be another $100bil taken in each year.
One major problem with Australia’s tax system is the wealthy don’t pay their share.
One way to solve this is an inheritance tax
On asset’s worth more than $5 to $10 million.
Not disagreeing with you but could you increase the lowest asset base a tad more. It'd kinda help if you know what I mean.
Increasing the asset base doesn’t have a big impact (cannot remember the exact numbers) which surprised me.
Such is the amount of wealth that dodges tax.
Presumably you did however make a considerable effort to own these investments in the first place?Whereas while I am also subject to personal tax, I'm not doing a darn thing to get it since it is all income from investments in addition to an account-based pension which is tax free. In my view, I really cannot call what I do as endeavour nor am I working hard to get it. It seems skewed tax wise in many respects.
And now no doubt those same people who worked hard and saved to fund their own retirement, will no doubt be the ones who will be hit with budget changes.Presumably you did however make a considerable effort to own these investments in the first place?
That's certainly the case in my own circle. I know several who've done reasonably well financially, but they all have a few things in common. All worked 7 days a week, all worked nights, all did work that was at least somewhat physically unpleasant and many wouldn't choose to do.
Nobody forced them obviously. But plenty of others get away with spending the lot on holidays etc then claiming welfare the moment something goes wrong.
Presumably you did however make a considerable effort to own these investments in the first place?
That's certainly the case in my own circle. I know several who've done reasonably well financially, but they all have a few things in common. All worked 7 days a week, all worked nights, all did work that was at least somewhat physically unpleasant and many wouldn't choose to do.
Nobody forced them obviously. But plenty of others get away with spending the lot on holidays etc then claiming welfare the moment something goes wrong.
I believe that there is a move to treat income from "personal exertion" differently to investment income for tax purposes.And now no doubt those same people who worked hard and saved to fund their own retirement, will no doubt be the ones who will be hit with budget changes.
The reality is the money to fund a failing economy has to come from somewhere, so the Government has to find a way of putting lipstick on it.
The fact is nothing will change, the economy is still in a slide and nothing is being done to reverse that.
Politically the Coalition would be dead against one assumes, but there are a lot of "Chardonay socialists" in Labor( and Greens) these days.
Yes, that happens in a number of seats, but with a large overall majority to Labor they can afford to ignore the Independents for the medium term at least.Case in point, in this part of the country in the electorate of Bean. In 2022 Labor held the seat by a margin of about 12%. Fast forward to 2025, the Labor candidate out-polled the independent by only 700 votes. There are over 100,000 voters in Bean. He wasn't seen to be doing anything for the electorate and, I think, was punished accordingly.
Which could be a dangerous move in time, if all of a sudden Independents became a force to be reconded with.Yes, that happens in a number of seats, but with a large overall majority to Labor they can afford to ignore the Independents for the medium term at least.
Yes, that happens in a number of seats, but with a large overall majority to Labor they can afford to ignore the Independents for the medium term at least.
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