Thursday 21 April 2016 -73
1 So what happened to the “it’s not a revenue problem”? The Coalition is set to raise a lot of it with the news that they are about to hit the superannuation of high income earners. So they should of course. It was an immoral tax discount that had it continued would have in the next couple of years cost as much as the aged pension. Labor can rightfully claim that the Coalition is playing catch up politics because it had addressed the problem months ago.
Remember not so long ago the Treasurer was adamant they would not touch super. This is further proof that it is Labor who is setting the economic agenda.
Mind you, the most confusing of all Coalition spokespeople, Matthias Cormann on News 24 was denying the policy but we all know the good news leaks have begun.
Also consider that Tony Abbott was saying that Labor intended raising five taxes, “a carbon tax, a “housing tax” (reduced negative gearing), a “wealth tax” (a lower capital gains tax discount), a “seniors tax” (superannuation) and a “workers’ tax” on smokers, and they would oppose it all. Now they have ticked off two of them . . . for now.
The word “lying” (in political terms) has been replaced with the more subtle reference of “overstatement”.
2 Playing catch up also applies to the Coalition’s proposal to make the banks pay the restoration of funding that it had taken away in the 2014 budget. It is estimated thy will have to fork out $120 million. Although given their propensity for ripping people off we might safely assume it will be the consumer who eventually foots the bill.
The Government plans to strengthen ASICs powers but is still saying no to a Royal Commission which the public are overwhelmingly in favor of.
With a list of accusations about poor financial advice, dodgy life insurance, mortgage fraud, rate rigging, corporate bribery and corruption you would think they would take it more seriously.
To quote Ross Gittens:
“For years they’ve been locked in a race to maximise profits. They’ve put profits and executive bonuses ahead of the interests of their customers, and seem keen to resume profit maximising as soon as the fuss declines”.
In any case they are yet again reacting to Labor’s initiatives.
3 At this point it looks as though the Government is set to use our taxes to sell its budget. Well they wont deny it so I’m assuming they will. The dishonesty is appalling. The use of taxpayer funds for political purposes should be banned.
The advertising campaign is set to highlight measures including, super changes,multinational tax changes and an increase to the tobacco excise. All measures the Opposition has had on the table for some time.
Cabinet Secretary Arthur Sinodinos is set to face a Parliamentary Enquiry into Liberal Party donations. Remember the NSW Electoral Commission is holding back money until it reveals the names of private donors. In order to pass the basic pub test Arthur might have to take a lie detector test this time.The last time he gave evidence before ICAC he was suffering from selective amnesia.
5 Further research by Corporate Tax experts reveals that 76 of Australia’s biggest multinationals pay on average 16.2% tax which is half the corporate tax rate.
6 Julie Bishop is again repeating and repeating her lie of 2015 when she said that the Coalition inherited ‚‘the worst set of financial accounts inherited by any incoming government in Australia’s history‘‘ Back then she won Fact Checks Zombie, for the undead claim of the year.
Update. Despite Ms Bishops multiple repetitions of the claim, she was, and still is wrong.
7 Flashback circa 2013.
“As far as school funding is concerned, Kevin Rudd and I are on a unity ticket. There is no difference between Kevin Rudd and myself when it comes to school funding” Mr Abbott said.
My thought for the day.
“Never in the history of this nation have the corporate and privately rich been so openly brazen”.