Ok for now , but who can you trust to keep their word ?

I agree Tadpole. They know the GST is virtually untouchable for now. But they have to find money to repay the debt.

The high tax on the mining resources will lead to less investment...less money flowing...fewer consumers buying...job losses... Costs up.





"The Federal Government will pay $48 billion in interest over the next four years."



From the "Money and Me " section in the Daily Telegraph.

It is inevitable if re-elected the GST will go up to 12.1/2% and then later to 15% as the states need it for the many more people arriving daily and services for them and those already waiting.



Notice that population debate has now been closed down by health plans and now Henry tax and anything to stop anyone of us needing to slow down the arrivals which are pushing up prices on homes and rents but keep the business end of town happy as they cry out for more and more consumers to make profits endlessly growing larger until the whole planet is knee deep in humans and their waste and nothing else survives. On its merry way already.



House prices are up by 20% overall and so they surely will put up interest rates but still only low compared with 1990 and 18%.

I believe that there was no way that the GST would be touched

as an announcement from the Henry Report. In any case, this

money all goes to the States, so cannott be used for the Federal

debt. I don't think you will hear anything about raising the GST

until the State Budgets are all handed down, & Coliin Barnett caves in.

I am not very confident about saying anything, but I will have a go.

The tax on the mining companies is causing huge controversy, but I am sure I will be corrected when I say that I believe that of the mining companies profits much of it goes overseas.

If that is so then what is the main bone of contention?

Firstly Leigh007, all the income is taxed in Australia, before any

money goes overseas, which would be altered dramatically if

the Company, like BHP moved to Hong Kong or Singapore.

Secondly, there are around $100 Billion in new Australian mining

ventures in the pipeline. I wonder how many of those were

cancelled this morning? Thirdly, BHP is the biggest mining

Company in the World. Why would they take on new ventures

in Australia, at great cost, when they can use the same money

in Brazil, Chili & South Africa, or even the USA & Canada, where

they would not only pay a lot lower rate of tax, but even get tax incentives.

Between the Euro zone economies and the new mining tax, the effect on the stock exchange is obvious.

It will soon become obvious in the retirement incomes of superannuant retirees.

GFC 1 = Global Financial Crisis

GFC 2 = Governments Financial Crunch

COPY AND PASTE

"THE government's proposed super-profits tax on the mining industry has slashed the retirement savings of investors by up to $6 billion in just three days, undermining its parallel push into increased superannuation contributions."



http://www.theaustralian.com.au/business/news/super-hit-by-resources-sell-off/story-e6frg906-1225862763750



Jee thanks

It has nothing to do with the justice of this super tax.

Just look at the primary school mathamatics & bear in

mind that Rudd has the benefit of very expensive modelling

from over 2,000 employees in the Treasury.

The tax is estimated to raise a little over $5Billion mostly

from 2 or 3 Companies. The superannuation fund have

reportedly lost $6Billion in the last 3 days. We have been

reported to have around $100Billion in new mining proposals,

of which over half have been cancelled & the remainder put

on hold. That means that not only will we lose the export

income & thousands of jobs, but we will be out of pocket,

an estimated $3Billion P/A from lost withholding tax.

In short, the plan proposes to raise $5Billion P/A, which will

never happen because the Upper House, will not pass it.

In exchange, we have already lost $6Billion Super & can write

off $3Billion in withholding tax P/A & thousands of jobs & the

Bill will not even be tabled, until after the Election, If ever.

Somebody, on here, must be able to explain this sheer lunacy.

I just checked the Stock Exchange & BHP down another 86cents &

Rio down another $1.64. Another $2Billion loss to the super funds.

Brilliant economics from Saint Kevin.

Ruddy Hell