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A once in a century chance (part 3)

Continued from Part 2.

Why an Albanese Government Should be Elected

My Morrison Must Go article set out a number of reasons why an Albanese Government should be elected, but let us drill down a little further regarding the policies which the ALP have announced or have recorded on their website.

This is not change for the sake of change. I repeat what I said in my AIMN article of 28 April 2022 about the reasons why change is now necessary, in the interests of our democracy, and even in the compromised interests of our Fourth Estate. Indeed, when it comes to media bias in favour of the Liberal Party, I have previously raised these facts of concern. This week we saw that bias on full display as an impertinent reporter from Channel 9 tried to make a hero of himself with a gotcha question asked of Albanese, when all he did was interrupt the flow of policy discussion at an energy forum.

Notwithstanding the ongoing imbecilic reporting by Channels 7, 9, and the Murdochracy (and even some reporters at the ABC), there are very important policy objectives which the ALP will introduce to make Australia a better nation again, brought together and not the divided horde which Morrison has deliberately planned for it to be (take the intrusion by Morrison into the NSW Branch of the Liberal Party to insert as a candidate for Warringah, Katherine Deves).

In Part 1 of these articles I provided a link to the ALP’s 2022 policy agenda, and I ask that you take time to read those items of policy (if you haven’t done so as yet), before reading the matters I raise here-on-in.

So, as I said earlier in reference to the theatrical work of art, “away we go.”

Cost of Living

Child Care

Nowhere have young families felt the cost of living more than in the failure of the Morrison Government to implement a policy regarding the costs of childcare. Indeed, for many families this cost makes it uneconomic for both parents to work when the child care fees almost consume one of the incomes being brought in by a parent. An ALP government led by Anthony Albanese will:

  • Lift the maximum child care subsidy rate to 90 per cent for families for the first child in care;
  • Increase child care subsidy rates for every family with one child in care earning less than $530,000 in household income;
  • Keep higher child care subsidy rates for the second and additional children in care;
  • Extend the increased subsidy to outside school hours care.

96 per cent of Australian families will be better off under the ALP’s child care reforms. Which in real terms amounts to 1.26 million families. The ALP will also get the ACCC to design a price regulation mechanism to drive out of pocket costs down for good, and the Productivity Commission will conduct a comprehensive review of the sector with the aim of implementing a universal 90 per cent subsidy for all families.

The ALP will also develop and implement a whole of government Early Years Strategy to create a new integrated approach to the early years and develop of program of action. The ALP will invest approximately $5.4 billion to make child care cheaper, starting from July 2023.

Economic Plan and Budget Strategy

I have already in the matters discussed above regarding the Morrison Government’s mismanagement of the economy highlighted how unnecessary it has been for Australians to be subjected to the inflationary pressure (remember we did not go into recession under the helm of the Rudd and Gillard Governments).

Undoubtedly this is the worst nightmare of poor economic performance being displayed by the Morrison Government as it is an out of control truck of pork barrelling lacking criteria for billions of dollars of our money being handed over to undeserving recipients which would not meet the proper criteria for such large amounts of money being distributed to them. Indeed, it is almost like watching pigs in mud as the Morrison Government displays its focus on channelling funds into seats it needs to retain to be returned to government, and with that intention the beneficial outcome for the public has been negligible, such as building a carpark where there is no train station.

An ALP government’s Budget Strategy is tailored to Australia’s economic conditions and is designed to:

  • Make room for smart, targeted investments that expand the capacity of the economy, so that it can grow stronger, broader and more sustainably.
  • Improve the quality of spending to generate a budget position that will allow us to reduce debt as a share of the economy over time, while delivering real outcomes for Australians in essential areas like Medicare, aged care and child care.

The ALP will do this by:

  • Prioritising smart, responsible and targeted investments that deliver economic value.
  • Dealing with the Liberals’ wasteful spending including by trimming spending on contractors, consultants and labour hire in the public service.
  • Conducting a waste and rorts audit.
  • Closing down loopholes which allow multinationals to avoid their tax obligations to Australians.

An Albanese Government will not impose new taxes on Australians, but it will go after the multinational companies trading here in Australia who have not paid tax under the Morrison Government. The ALP will tackle multinational tax avoidance in four ways:

  1. Supporting the OECD’s Two-Pillar Solution for a global 15 per cent minimum tax, and ensuring some of the profits of the largest multinationals – particularly digital firms – are taxed where the products or services are sold.
  2. Limiting debt-related deductions by multinationals at 30 per cent of profits, consistent with the OECD’s recommended approach, while maintaining the arm’s length test and the worldwide gearing ratio.
  3. Limiting the ability for multinationals to abuse Australia’s tax treaties when holding intellectual property in tax havens.
  4. Introducing transparency measures including reporting requirements on tax information, beneficial ownership, tax haven exposure and in relation to government tenders.

An Albanese Government will support a global 15 per cent minimum tax and ensuring some of the profits of the largest multinationals are taxed where the products or services are sold as it will implement the OECD’s global Two Pillar Solution, which was designed to address challenges created by the digitisation of our economies. The Two-Pillar solution includes:

  1. a Global Minimum Tax proposal to ensure multinationals pay an effective tax rate of at least 15 per cent on the profits they make around the world; and
  2. a fairer distribution of profits by multinationals, in particular digital firms.

Countries around the world are committing to implementing these measures, which will only affect the largest companies in the world. Australia should also take action domestically to ensure we do not lose out when other jurisdictions are implementing these arrangements. The ALP would join other OECD members in implementing the arrangements in line with global action. The OECD is expecting these arrangements to begin in 2023. The ALP will adopt the OECD’s recommended approach for limiting the deductions multinational firms can claim for interest payments (Anthony Albanese).

Creating artificial debts and repayment arrangements within related entities is one of the main strategies multinational groups use to minimise their profits in higher tax countries while maximising income in low tax countries. An Albanese Government will adapt Australia’s rules on deducting interest to fit with the OECD’s recommended approach to limit net interest expenses to 30 per cent of profits (EBITDA – earnings before interest, taxes, depreciation, and amortisation) from 1 July 2023.

An Albanese Government will ensure we are targeting tax minimisation and firms may be able to make further deductions if they can substantiate those under the arm’s length test or worldwide gearing ratio test.

Many countries around the world have adopted similar approaches including the US, UK, Germany, Japan, Sweden, Norway, Spain and many other European countries.

Housing

A major cost of living issue in Australia is the price of housing.

Under the Morrison Government we have witnessed market politics at its worst in relation to the cost of housing. To put it in simple terms, the Morrison Government have been economically negligent in allowing the cost of housing to skyrocket.

An Albanese Labor Government will help more people get into the housing market sooner by:

  • Cutting the cost of buying a home by up to 40 per cent. This will mean a smaller deposit, a smaller mortgage and smaller mortgage repayments. Help to Buy will be open to 10,000 Australians each financial year.
  • Implementing a system whereby eligible home buyers will need a minimum deposit of 2 per cent, with an equity contribution from the Federal Government of up to a maximum of 40 per cent of the purchase price of a new home and up to a maximum of 30 per cent of the purchase price for an existing home. This would mean that for a homebuyer in Sydney, buying at the maximum price cap of $950,000 with 40 per cent equity, monthly mortgage repayments would be over $1,600 cheaper.
  • Implementing a system for a homebuyer in regional Queensland, buying at the maximum price cap of $500,000 with 40 per cent equity, monthly mortgage repayments would be over $850 cheaper.

Similar schemes are already successfully operating in several states including Western Australia and Victoria. Homebuyers will not be required to pay rent on the stake of the home held by the Federal Government. Help to Buy will cost around $329 million over the forward estimates. Real Estate groups support the scheme.

 

Tomorrow: Why an Albanese Government should be elected (continued).

 

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16 comments

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  1. Canguro

    (Not) the final word from the Australien Government…

  2. Albos Elbow

    Shitfuckery explained. You should know how to vote now.

  3. Albos Elbow

    More than a bit odd that 19.1% of voters in Commander Potato Head’s Qld seat of Dixon have applied to do a postal vote.
    That’s nearly one in five voters in his electorate want to put in a postal vote.

    Looks very very suspicious to me when usually postal vote applications are around 2-3% of voters.
    Will we have a fair and honest election, or another Scummo Hillsong “miracle”?

  4. Terence Mills

    I tune into Murdoch’s Sky-after-dark periodically to find out what their latest prank is.

    They are, as we know, blatantly biased politically, with Paul Murray having acknowledged previously that ‘Sky News at night is a Liberal echo chamber’.

    Last night it was, even with their past performance, surprising to me that they were actually harvesting preferences from their base for the Liberal party. Their core audience it seems are mainly supporters of Hanson’s One Nation, Palmer’s United Australia and the rather shadowy Liberal Democratic Party – in the latter case, discredited former Queensland LNP Premier Campbell Newman is the frontman hoping to take a senate seat in Queensland.

    Paul Murray is using Sky – allegedly a news broadcaster – to represent himself as a Liberal how to vote card. If this does not breach The Australian Communications and Media Authority (ACMA) broadcasting standards then ACMA is a waste of time and money as a media regulator.

    OK, we know that Sky have a very small audience nationally but they do carry a great deal of political clout : they were after all able to snare the first leaders debate illustrating just how much influence Murdoch has on our political system – clearly more than the ABC.

    In the final days before the election we have to be on guard against dirty tricks and lies as the born to rule Liberals look for their miracle – it’s going to get very dirty from here on in.

  5. Bob

    If nothing else Labor is putting a distinctly Ozzie stamp on its version of socialism in regards to housing policy. A 2 per cent deposit will do nothing to moderate the quantity of debt in the economy and will complicate future sales. Given the current trajectory of govt mis-management of all it touches, imagine 30 yrs into the future and trying to negotiate a sale with govt as silent partner, the very partner writing the rules of sale and allocation of proceeds no less. The obvious trap in the interim, thanks to the already-signaled rate rises, is default on loans by new homebuyers. Both Labor & LNP have shown their readiness to assist the nation to go into more debt at the bottom of a rate cycle. Brilliant. My recommendation is to allow new homebuyers a 0 per cent deposit which includes a ‘No Blowback’ clause on all debt, a contract that sheets all repayment of defaulted loans back to the public. I’m not being sarcastic. If new homebuyers are being led into a cunningly planned economic enslavement situation, better if they at least get a ‘Get out of Debt Free’ card. Voting en masse for stupid policies from Labor & LNP means the stupid public deserves to pick up the tab for agreeing to irresponsible lending.

  6. Ill fares the land

    Let’s be clear here. Under the Coalition government, Australia has only gone in one direction. For the bulk of Australians – backwards. By any measure, our democracy has been eroded (it’s not gone, but it is a work in progress for Hiviz Bargearse-McSmirky and his bunch of lying buffoons. Under the Coalition, debt has increased and there have been no budget surpluses – not that either is necessarily a bad thing. Under Morrison as treasurer, under both measures of economic management, by his own trumpeted standards, Australia went backwards. But, what did we as a nation have to show for that fiscal largess? Pretty much nothing but rampant asset inflation, so the rich got richer and gained even more say in government decisions, tradies have never had it so good, but those sinners on any form of Centrelink benefit are worse off. We have a lying PM who is a total halfwit – who announces but never actually does anything. An emotional vacuum, except where his wife, mother and daughters are concerned. It strikes me as interesting. Hitler probably lover Eva Braun in a way, but that existed in a little compartment in his persona and, whilst I’m not comparing Morrison to Hitler, it is clear to me Morrison has zero capacity to make any kind of broader emotional connection. This guy failed on bushfires, failed on floods, failed the Arts sector during Covid, failed on vaccinations (“it’s not a race”), failed on RATS, failed aged care. On all of those things, he was far too busy making announcements as part of his eternal quest for self-aggrandisement to do much at all. JobKeeper was a good measure, but it was Labor that pushed for it (Morrison rejected it initially) and the failure to include even a rudimentary “clawback mechanism” meant the cost was $40 billion higher than it should have been. On environment, whenever the despicable Ley (the great numerology proponent) makes any comment about how much the government is doing for the environment, you can be pretty sure the actuality is the total opposite to what she has said. Democracy? Ha. 100 Liberal hacks and flunkies appointed to jobs in the AAT is not about jobs – its about infecting the AAT so that the AAT makes decisions that are more consistent with the government’s perverted ideology – if you take an NDIS appeal to the AAT and the sitting member is a Liberal flunky, what sort of outcome should you expect? Decision flawed, no problem – appeal to the Federal Court. Sophie Mirabella on the Fair Work Commission. Fossil fuel execs appointed, in large numbers to government boards and committees. These appointment are about making Australia better for all? Of course not – its about putting in place the nut-job conservative’s vision of what Australia should be – a haven for the rich and powerful who then exploit the weak. If re-elected (God forbid), will the Coalition raise taxes to reduce its deficit? No way. Tax cuts for the rich are a priority. It will slash spending – which, in fact, was the reason, in part, the RBA kept dropping interest rates – the government refused to provide some greater economic stimulus, despite being implored to do that by the RBA. I could go on….and on. But sadly, for the media, all of the Coalition’s woeful economic management, the lies, corruption, boondoggles, pork-barrelling and the abject petulant and boorish incompetence from the PM is just airbrushed out of history.

  7. GL

    Did my prepoll voting yesterday morning and in the carpark were the different party volunteers, surprisingly only one of each, handing out the usual voting crap. Guess which blue party had six people, all of whom were hanging around outside (and almost blocking) the entrance?

  8. Albos Elbow

    A Vote for Scumbag Palmer’s UAP is a vote for Scummo.

    After falsely claimimg that he would “put the major parties last” the Lying Fat Boy Billionaire COAL Miner has announced today all his preferences will go to Scummo.

    Corruption pure and simple to spend so much on an election, not win any seats, with the sole purpose to get Scummo and The Minister for Burning Fossil Fuels to approve more of his COAL PROJECTS without any proper scrutiny.

  9. Harry Lime

    All those punters falling over one another to cast or post their votes indicates only one thing…an awful lot of people are in an all fire rush to get rid of boof head Morrison and his gang of thieving fuckwits.The so called ‘expert’ commentators straining to find a path for a coaltion victory are pissing into a gale,and that includes all of Murdoch’s morons.
    The jig is well and truly up..the Liar is going to get a well deserved thrashing.The new Parliament may well have some new Independents,but it will not alter an historical trouncing.Believe nothing you see or hear from the trash media.

  10. totaram

    Harry Lime: May the cosmos give more strength to your arm! May your prophesies come true!
    I look forward to this thrashing that you speak of. I shall weep if it does not come to pass.

  11. Harry Lime

    Be of good cheer ,totaram,we can always move on to the next wrong prediction,after all, economists and political soothsayers make a living out of it.
    Morrison is fucked three ways from the sabbath..

  12. wam

    few would argue with loopholes being plugged except those in them.
    Billy tried one and got smacked.
    This time the internationals should be safer?
    The one I’d like to see slammed shut is church money sent overseas to be taxed.

  13. New England Cocky

    @ wam: You are too generous. Much better to remove all taxation concessions from institutions claiming to be churches, require pastors to be paid a working wage with overtime payments and account for the expenditure of any and all government grant moneys. In an egalitarian society even sky fairies have to pay their way.

  14. Bob

    NEC, good call. Although there are many people doing virtuous work under the umbrella of church service, there is a longstanding hypocrisy of purpose that permeates the upper levels of power. In particular in the case of The Vatican, my impression is that they are really a front for communism. This from Pope Francis in 2021: “We build social justice on the basis of the fact that the Christian tradition has never recognized the right of private property as absolute and untouchable, and has always emphasized the social function of any of its forms”. Ring a bell? Remember Klaus Schwab (World Economic Forum) and his ‘you will own nothing and be happy’.
    It all begins to make sense when one considers who the Pope hangs out with, ie the parasite class – the UN, WHO and WEF, eg. https://www.weforum.org/agenda/2020/10/here-s-the-pope-s-prescription-for-resetting-the-global-economy-in-response-to-covid-19/
    My early Xmas wish is that Aus withdraws from the WHO ASAP, before we find ourselves under the tyranny of a WHO Constitution complements of the LNP/Labor signing off on their Pandemic treaty.

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