Coalition’s failure to tax gas windfall profits cost the nation billions
Coalition’s failure to tax gas windfall profits cost the nation billions
Tag: LNP Economic Management
Two Sydneysiders made their fortune on the back of short-term loans to cash-strapped customers. JobKeeper helped. Callum Foote reports on executive pay and public subsidies.
Source: Executive bonus bonanza: Afterpay CEOs’ quarter billion pay juiced by Jobkeeper – Michael West
Contrast this with what Morrison and Frydenberg were telling us, and reality bites the lies told. Now Peter Dutton is here to tell us what good managers they were.
The Independent Australia ranking on economic management (IAREM) for 2022 reveals Switzerland now leads the world and Australia remains outside the top 20, reports Alan Austin.
Australia’s dismal 22nd ranking – behind Portugal, Malaysia, Guatemala and Ecuador – is the nation’s fourth year outside the world’s top 20. This contrasts with being in the top spot under Labor in 2009 and from 2011 to 2013. This decline reflects the long-term effects of hundreds of billions lost offshore in company taxes not collected and billions more lost to corruption and gross mismanagement under the Coalition.
Variables which have deteriorated most severely over recent years in Australia are inflation, economic growth, the tax burden and federal government debt.
Source: IAREM 2022: Switzerland tops economic rankings, Australia out of top 20
Morrison’s “I feel Optimistic” v Department Head Reports
The heads of Treasury and the Finance Department have just issued the most pessimistic Pre-Election Economic and Fiscal Outlook report since PEFOs have been a thing, as Alan Austin reports. LAST WEEK’S official assessment of the health of Australia’s economy foreshadows continuing worst-ever outcomes on virtually all important indicators. Had this been released with Labor in office, screaming headlines would be demanding the incompetent regime’s immediate sacking. The tabloids would be exhorting readers to take to the streets with pitchforks and flaming brands.
Source: Department heads give worst ever economic report after eight Coalition years
With an election looming, the Coalition government will attempt to recultivate its image as the party for efficient government, and Labor as the party of bureaucratic red tape. Callum Foote investigates how the government has been run.
Source: Don’t be so reckless: Coalition government is anything but efficient – Michael West Media
Morrison says the LNP are the best economic managers and that’s no lie. Well the facts prove otherwise.
Today we heard him say that his government has instituted more changes than any other to deal with bullying and sexual abuse in the work place. When you bunjee jump and publicly take the LNP to the lowest state ever in the history of the parliament any changes made could be considered the “most” ever. However the historic record public humiliation still shows the Morrison government the worst. So much so the changes were in fact slow and forced on him by the victims and not really any SNAGs male or female in the LNP ministry or Scott Morrison himself. How clear was he whe he said he wasn’t going out to speak to the protesting women. He was too busy. Compared with the ALP the Morrison LNP remains lower in the eyes of the public than any other time in history. Victims sacked, mocked and gone while the perpertrators merely slapped on the wrist praised and then promoted.
I’ve just finished watching Dopesick about the Sacklers,their Pharmaceutical Company, Oxycontin and how they managed to avoid prosecution for years by applying the same token strategies as Morrison. Who like the Sacklers was found praising himself for some nominal changes while continuing to carry on down the same road. Morrison has the ad-mans confidence but he certainly lacks any real leadership skills.
Recent economic data brings the tally of failures in economic management by Prime Minister Morrison and Treasurer Frydenberg to 40, as Alan Austin documents. WORLD BANK DATA shows the value of manufacturing in Australia as a percentage of gross domestic product (GDP) was 13.83% when that dataset began in 1990. It stayed above 12% until 1999, when a decline began. This fell to an all-time low of 5.64% in 2019, six years after the Coalition was elected on promises to ‘re-invigorate manufacturing industry’. The 2020 level was 5.72%, the second-lowest ever. The Australian Sovereign Capability Alliance reports that Australia now has the lowest manufacturing self-sufficiency of any country in the Organisation for Economic Cooperation and Development (OECD).
Source: Morrison Government notches up 40 ‘worst on record’ economic outcomes
Here are just ten records set by Prime Minister Scott Morrison and his hapless Treasurer Josh Frydenberg which the media have failed to report accurately — if at all.
Source: Morrison Government sets records in economic mismanagement
Duxton Water executives have been boasting about “beautiful” structural imbalances in Australia’s water market, and potentially dazzling profits from drought. Corporate nut farming is thirsty business and the proliferation of almond farms is poised to whip up prices and crush traditional agriculture in Australia’s food bowl, reports Callum Foote.
By 2019, profits were up 69.3%, far outstripping wages which had lifted only 51.1%. By March this year – the latest numbers – wages were up just 59.3% on 2008, but profits had surged 91.9%. Thus, it seems clear there is only one explanation for any working Australian still supporting the Coalition. A kick in the head by a horse.
Source: Rising living costs plunge Australia’s economic ranking
Australia’s serious economic mismanagement demands more attention than it is getting, reports Alan Austin reports.
Morrison Government piling Australia in debt
By 2029 public schools will be underfunded by $60 billion; private schools overfunded by $6 billion. In the decade to 2019, private schools received an extra $2,164 per student, public schools just $334 per student. The huge costs to society as a result of such disadvantage includes higher unemployment, poor health and low economic growth but Minister Alan Tudge claims the school funding wars over. Trevor Cobbold reports.
Disadvantage accelerates as private school funding rises six times public schools over the decade – Michael West
Independent Australia has reported on the unconscionable Robodebt fiasco from the outset and its toll continues to mount, despite the recent class action.
Porter, Tudge, Robert and Morrison’s shameless Robodebt record
A survey by ANU shows workers born overseas and older Australians bore the brunt of cuts to hours compared with other groups
Australian workers lost $47bn in wages during first eight months of Covid recession, study says | Australia news | The Guardian
The PM wants to repeal laws my government introduced to protect Australians – and the banks are popping champagne corks
Under the cover of Covid, Morrison wants to scrap my government’s protections against predatory lending | Banking | The Guardian
And let’s put the $1.5 billion in perspective. Just last month $1.9 billion was announced for a 10-year plan to invest in technologies to lower emissions, while far more is to be given away in futile tax cuts to the already-well off.
Manufacturing Announceables: malaise needs more than a bag of goodies – Michael West
New analysis reveals the government intends to cut billions of dollars from university research, while re announcing funds from elsewhere in the budget The government’s proposed changes to higher education funding will cut $2 billion a year from university research budgets, according to new analysis prepared by the sector’s peak body.
National Times | Facebook
I haven’t met a person who lived or lives on the streets and has not said that it is the hardest, scariest, worst of living.
Australia’s homeless — third highest rate and street homeless deaths increasing
The promise to change irresponsible lending practices force the LNP to draw up a bill to put the reins on payday lending so that people aren’t simply caught up in the debt trap the LNP in their wisdom are cancelling that bill. Australians already carry am inordinate amount of personal debt an the government are about to increase that. Yes the talk about the abstract but divide peoples lives.
Customers will be promised faster access to loans under simpler rules that aim to free up credit and lift the economy by ending confusion over lending obligations for banks and finance companies.
Simpler lending rules for home loans and credit to free up the economy
And with the money we save we could afford to give even greater tax cuts to those having a go. Yes, it’s all in how you frame it. Apparently it’s fine to suggest that we can’t afford any economic slowdown just to keep old people alive. After all, they’ve had a pretty good innings so they can just shut up and accept that Covid-19 will kill a few of them. Yes, that seems to be an acceptable way to treat the elderly if you’re a politician or an economist or someone who has a media gig… But if you should suggest touching their franking credits, you’re some sort of monster!
The Economy Above All – Even Life Itself! – » The Australian Independent Media Network
Leadership: The LNP is practiced in not giving answers when asked quite the opposite can be said of Dan Andrews.
That made no sense to me. During the course of a 23-year career in DFAT, which involved briefing ministers and ministerial advisers, I cannot recall the provision of such simple and straightforward information not being provided under the circumstances prevailing in this matter. I went back:
China policy: Our trading relationship is being ruined by the Right wing
Paul Keating and Kevin Rudd warn the Coalition government will destroy the superannuation system if it bows to pressure to dump legislated increases in employer contributions.
Paul Keating, Kevin Rudd warn government seeking to destroy superannuation
Morrison is sitting pretty – at least until the next election – with a more than adequate income, a roof over his family’s heads, ability to take a holiday and enjoy life for brief spells, so he appears to be one of two things: the first is – someone totally lacking in empathy and compassion – which is bad enough – while the second is – an out and out sadist, getting pleasure from other people’s pain!
via Mr Morrison – are you a sadist? – » The Australian Independent Media Network
This is a fair assumption, too, considering for 100 years every new generation of Australians has moved out of their parents’ house with a good wage and started the climb up an ever-growing job ladder.
LNP use Neoliberal Logic (ODT)
via Liberal strategy to lower greenhouse gas emissions is to use more fossil fuels
Australia is right behind America walking in Trump’s shadow, (ODT)
via Millions in US face financial ruin as emergency jobless benefits end
Surely history speaks loudly to not repeat the mistakes of the past (ODT)
Reaganomics and Thatcherism were characterised by huge transfers of income and wealth from the poor to the rich, writes Roger Beale. Even such august institutions as the Productivity Commission argue that there’s little to be gained by going down the road of labour market flexibility.
Treasurer Josh Frydenberg has suggested we look to the Reagan and Thatcher legacies for inspiration to climb out of the Covid-19 recession – i.e. supply side economice. In lay terms, this means bringing forward tax cuts, increasing workplace flexibility and reducing green tape.
via Are Thatcherism and Reaganomics your best answer, Josh? – Michael West
No LNP Transperancy. Another Morrison On the Water Matter
A landmark review into Australia’s national environment laws has called for a major overhaul, including establishing an “independent cop” to oversee them.
Key points:
- The 124-page interim report comes 20 years after the laws were first implemented by the Howard government
- The report’s author has called for a “strong, independent cop” on the environment beat
- The Federal Government has accepted some recommendations, but rejected the report’s call for an independent regulator
“The foundation of the report was that there is too much focus on process and not enough focus on outcomes and that should be changed entirely,” Graeme Samuel, the review’s independent author, said.
He concluded that Australia’s environment was getting worse under the laws designed to protect it.
Crisis has proved renewable energy is now a safer investment, and accelerated the shift
The reality was that the insulation program covered 1.2 million homes which had, by 2015, produced savings of approximately 20,000 gigawatt-hours (72,000 TJ) of electricity and 25 petajoules (6.9×109 kWh) of natural gas. But this was of little interest to the Coalition partners.
Their interest focussed on the tragic loss of life of four workers, accidentally electrocuted, while they were installing the batts. It was this tragedy that the Opposition and the media sought to magnify, purely to discredit the government and gain political advantage.
Notwithstanding the benefits to the economy, particularly in the area of employment, the ongoing reduction of greenhouse gas emissions and being able to avoid a recession, the political outcry from the Opposition and the media, over the four deaths and anecdotal evidence of rorting, was unrelenting.
The Rudd government subsequently suffered a drop in popularity and a perceived mis-management of the economy.
Since then, under intense media attack, the Labor party has been cast as responsible for all ongoing budget deficits (aka, the debt and deficit disaster), while the Liberal/National Coalition has enjoyed the confidence of the media and a deceived public, in matters of financial management, despite the reverse being the reality.
As they say in politics, that’s politics.
Now, however, it seems some comeuppance is on the horizon.
via Is Morrison’s Pink-Batts Moment Coming? – » The Australian Independent Media Network
Cutting government services to pay off government debt post the current pandemic is not a necessity but rather a political and ideological choice. History has shown that if we focus on full employment and the real economy, the budget will take care of itself. Economist Warwick Smith reports.
via History shows future generations don’t need to suffer from government debt – Michael West
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