He's gone too Ruddy far this time

[bdc]

The people don't own the resources, especially so after they have "sold" it via royalties.
Just as much as you don't own a 1/22,000,000th share of my backyard, or me yours...!

I disagree with your whole idea of ownership of resources.

You can disagree all you like, you are still wrong, and he is still right.
Minerals are owned by the Crown.

http://en.wikipedia.org/wiki/Australian_mining_law

We can charge whatever we want for our minerals, if companies don't like it they can go elsewhere, which is what they are threatening they MAY need to do.

Companies always shout doom and gloom scenario's, most of which don't happen.

As for those who keep bringing up commies and pinkos, well big whoop if it is a "communist" policy (which is isn't but w/e), like any capitalist nation doesn't have a bunch of policies that are socialist/communist by their nature (welfare, health care, etc), even the USA has communist policies, get over it.

And whats with this dictatorship talk, you guys sound like crazy people.

I like how this is a communist decision, guys, governments are also allowed to charge more for the goods they sell if they wish, in fact, I would say it is an incredibly capitalist move to see that you can charge more than you are here, and less over here and make more money.

Why do you think we pay $100-$120 for an ps3 game in Australia and you can buy the same thing from a legitimate store for $40 AUD in another part of the world?

Because in a capitalist society you charge what the market will bear, but apparently the government is not allowed to do this?

 

[Aaron Sice]

of course i Ruddy care about it! of course i take it Ruddy personally - it's my f___ing state these Canberra-ites are messing with here.

retrospectively issuing a tax outside an initial agreement is socialist - period.

WA has little need of the eastern states except for two things - learning to make a good coffee and the concentrated population base for our mines. Considering that WA is not listed on the list of federatyed colonies, what right to Canberra have to implement another Tax on what is technically not theirs to tax?

If Canberra are pushing for a secession movement, then they're gonna get one at this rate.

Why do you think we pay $100-$120 for an ps3 game in Australia and you can buy the same thing from a legitimate store for $40 AUD in another part of the world?

ACCC allows no competition, taxes, taxes, no competition, taxes....

 

[Aaron Sice]

I dont even vote for Rudd but you guys are so biased its crazy. Liberals for life hey. Great stuff.

nope - not at all.

just one guys spouting communist technical jargon and dribble and the other actually having a little thinksie between opening his mouth and using plain english.

 

[steveadl]

I an a capitalist but the markets need to looked at with a longer term perspective than private enterprise can offer.

I'd say the likes of BHP have a MUCH longer term perspective than Rudd does. He sees to the next election, or if really confident the one after that. BHP are looking forward 20-30yrs working out which projects are feasible, which ones aren't, what gets the go ahead, what needs to be done for community/environment if go ahead is approved, what has too much risk, what commodities the world will be requiring in 20yrs, at what level that demand will be etc.

Rudd on the other hand - they're making profit now while times and commodity prices are up, grab it, worry about what happens when commodity prices crash later. Projects won't be developed, becoming uneconomical, jobs lost - oh well, that's a problem for the Prime Minister who's ruling in 20yrs time if China burns out.

Also, PerthInvestor - yes the resource tax is an idea from the Henry review. One of MANY, including many others which would see the eradication of a lot of other taxes, good reforms etc. But they've all been ignored for the chance to just cherry pick the one big extra tax grab that will result in billions for election promises.

 

[Player]

The cost of renting

http://www.businessspectator.com.au...tenancy-pd20100503-54BK2?OpenDocument&src=kgb

 

[Ausprop]

a super tax on banks would have been more equitable... they are a protected cartel that are a drain on our society and have not paid their dues for the taxpayer backed gaurantee.

 

[steveadl]

a super tax on banks would have been more equitable... they are a protected cartel that are a drain on our society and have not paid their dues for the taxpayer backed gaurantee.

I thought they did pay for the privilege of using the Govt.'s rating to borrow - wasn't it 50 or 100 basis points, something like that? For all the bleating about it, the Govt. did make money off it.

Don't agree with the bank bashing bit. They allow society/economies to function, or there won't be anywhere near as many people in houses, cars, jobs in industry etc - who, individual or business doesn't need financing?

The profits they make are a result, ie. a margin on the funds they facilitate. What is it, something like 2.5% (don't quote me on that figure)? So if 2.5% works out to a $5B profit next year for XYZ bank, and that's considered 'too much' - what's the correct figure, and who has the right to determine that? So you lower it to 1.5% and in 10yrs they're profit on that margin will be $10B. Then what, that's too big again so we need to chop their margin to .7% to make us all feel better?

 

[Ausprop]

they did pay a small amount for the gaurantee yes. they then bent the general population over and made super profits whislt the country was on its knees.

forget nationalising the miners, nationalise the banks. they are all but moron government departments anyway, it's just that the profits go to shareholders not the future fund where they belong

 

[Ausprop]

Don't agree with the bank bashing bit. They allow society/economies to function, or there won't be anywhere near as many people in houses, cars, jobs in industry etc - who, individual or business doesn't need financing?

yeh yeh, but who doesn't need steel, wheat, doctors, even a morning coffee served by a pimply 17 year old. the free markect economy is driven by $'s, except banks are handed them for diminished risk that is borne by (a) the taxpayers bearing risk and (b) consumers paying too much thru lack of competition

 

[Aaron Sice]

yeh yeh, but who doesn't need steel, wheat, doctors, even a morning coffee served by a pimply 17 year old...

....with complimentary attitude, annoyance and burnt coffee.

 

[Player]

Golden Geese might fly elsewhere

Some of the tenants (appear to) have other options:

http://www.eurekareport.com.au/iis/iis.nsf/lpages/RWIE-83SVH5?opendocument

Ti's winter, maybe the geese will fly north

 

[Ausprop]

things are looking grimmer by the day. our glimmer of hope from mining has been slashed up by our esteemed leader, IRs are rocketing, the economy is limping along. If China does stumble then the pain in this country will outwiegh the supposed recession we had last year

 

[Aaron Sice]

another labour induced "recession we had to have"....?

those Guinea iron ore places you mentioned there suddenly look very attractive.

 

[aussierogue]

Yes and Australia is 'limping along'....good one. irs rocketing....(you are kidding)...Get a hobby!

And yes Australias wealth is currently linked to China and our resources so if China does go belly up so does much of our wealth. Where is the news there?

Blue card you are ranting like a one of those right wing tv show hosts. It seems like you west australians are taking 'personal' credit for the wealth of this great country. Those minerals are mine just as much as yours and I want some green back action over here in the cold dreary south. Go ruddy!

 

[Ausprop]

Yes and Australia is 'limping along'....good one. irs rocketing....(you are kidding)...Get a hobby!

And yes Australias wealth is currently linked to China and our resources so if China does go belly up so does much of our wealth. Where is the news there?

Blue card you are ranting like a one of those right wing tv show hosts. It seems like you west australians are taking 'personal' credit for the wealth of this great country. Those minerals are mine just as much as yours and I want some green back action over here in the cold dreary south. Go ruddy!

the only thing not limping along is melbourne hosue prices, go figure. I think we can account for the difference in sentiment directly from housing price growth. The mining states are in pretty average shape and have just copped a big kick. We cant have a ripped off resources sector, a hiccupped china, melbourne house prices at 20% growth and a cappuccino strip in Sydney funded by rio shareholders.

nothign is adding up. the RBA is moving rates back to normal - why? what is normal about the global economy? it is a big mess.

also we saw last time the RBAs ability to control inflation with rates. spare us all if that remains the numero uno motivation because they are failing again before they have even started

Oooh fresh news confirmign our rampaging economy. RBA must act...

http://au.news.yahoo.com/thewest/business/a/-/business/7160845/clive-peeters-sinks-on-sales-slump/

and

http://au.news.yahoo.com/thewest/a/-/mp/7159833/super-tax-may-mean-end-of-super-pit/

leave the stuff in the ground! it belongs to all australians dam it

 

[aussierogue]

Ausprop

Question - who did the world bank recently name as the country that best came through the gfc? Australia.

Im not saying that the world economy isnt tenous and we are linked to that. But as a stand alone economy we are doing better then just about anyone else.

Why all of a sudden are we chicken littles?

This governement has done alot right!

 

[aussierogue]

BTW - all these articles and all the spin. We were warned that they are a well funded lobby group - there will be lots of scare tactics out there. More to come!

Remember the GST?

 

[oracle]

BTW - all these articles and all the spin. We were warned that they are a well funded lobby group - there will be lots of scare tactics out there. More to come!

Remember the GST?

The point aussierogue is that the big miners do have serious alternatives then to invest/expand projects here in Australia. If they decide now to put Australian projects on shelf and go elsewhere who is going to lose out?

They might very well come back in 10-15yrs time when they need to expand and they have run out of options elsewhere. Afterall, we still have all the minerals they want. But we might have just missed the 10-15 yrs of economic prosperity these mining companies would have delivered.

They might not go anywhere and cop the extra tax on the chin but with other options available and millions of shareholders to please they might be just forced to look at projects elsewhere where their returns are higher.

Just my 2 cents.

Cheers,
Oracle.

 

[aussierogue]

We have the stuff! Thats the point. Every tom dick and crappy mine in the world is on someones radar and even with this tax our costs and geo positition will mean that someone will exploit it.

As I said before this tax contitutes one years price rise for the iron ore guys. That means that mines are still worhtwhile developing. You have to remember China is screeming for coal, iron ore and bauxite. Most other producers cannot provide the same quality (huge point) and they are much further away.

At the same time other mines in other part of the world that are much less financial are still being advanced.

 

[The Fence]

Can someone define for me a "Super profit" and or explain the difference between a "super profit" and a "profit"....?

I suggest there is no difference.

Maybe bdc can supply this as you seem to know all.....

bdc said
Because in a capitalist society you charge what the market will bear, but apparently the government is not allowed to do this?

This govt has no idea about markets, they operate in a non market orientated atmosphere. They take money from the population and spend it on what they like with no consideration to making a profit...let alone a 'super profit'.

They do not get paid for making profits, therefore no incentive to make profits so how do you suppose they understand profits to begin with ?

This govt has no handle on what is appropriate to charge or let others charge them...see BER scheme and Insulation for starters.

This govt is digging a hole now and is sinking fast....largest fall today in popularity in the history of such polls apparently.
Krudd will be fuming that his tenure is slipping away with all the failures of late and he has no-one to blame but himself. That's what you get for employing rockstars and celebrities to win an election and then have the audacity to call them 1st class ministers....pfffffttt!

Pity he didn't consult the experts on how to dig successfully.