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#1 2014-04-26 23:22:22

dagsgarrett
Silver Stacker
From: Australia
Registered: 2010-10-26
Posts: 284
Trades :   

Debt Levy

Prime Minister Tony Abbott has refused to comment on reports his government may soon introduce a debt levy to tackle the budget deficit, whats going to be next?

https://au.news.yahoo.com/a/23000840/ab … in-or-out/


You can THINK as much as you like but it's the DOING that counts!

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#2 2014-04-26 23:34:59

Clawhammer
Silver Stacker
From: Gone Fishin'
Registered: 2010-02-26
Posts: 9,494
Trades :   

Re: Debt Levy

Qld's Premier (@ocksmoker) Newman has proposed a debt levy as an option on it's "strongchoices" stacked options feedback website

http://www.strongchoices.qld.gov.au/


Specialisation is for insects

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#3 2014-04-27 00:08:40

bja
Silver Stacker
Registered: 2013-12-05
Posts: 423
Trades :   26 

Re: Debt Levy

Debt Levy, thats what taxes are!

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#4 2014-04-27 00:09:22

Old Codger
Silver Stacker
Registered: 2011-05-13
Posts: 5,128

Re: Debt Levy

Commonwealth Government Securities on Issue*     $315,625m
Treasury Bonds     $293,037m
Treasury Indexed Bonds     $22,569m
Treasury Notes     $0m
Other Securities     $19m




Will NOT fix it!

Will have to be a BIG levy for a LONG time!

And it is going up at about $35 to $40 billion a year!

OC


"The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields."   -  ALP Constitution.

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#5 2014-04-27 01:45:43

long88
Member
From: Melbourne
Registered: 2012-06-19
Posts: 761
Trades :   13 

Re: Debt Levy

sounds like it is better to have a lot of debt..  rather than have savings...

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#6 2014-04-27 01:49:33

bja
Silver Stacker
Registered: 2013-12-05
Posts: 423
Trades :   26 

Re: Debt Levy

I do love how the Liberals were going to end 'class warfare' yet this will again be aimed at a specific group, much like the superannuation grab.  Surely there would not be a tax on savings as well, now that would see PMs 'go to the moon'.

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#7 2014-04-27 03:21:38

Gilligan
Member
From: Australia
Registered: 2013-10-07
Posts: 322
Trades :   22 

Re: Debt Levy

Looks.like they'd possibly try something akin to the flood levy, but to reduce the deficit. Which is basically the same as increasing taxes, but re badged. Bastards

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#8 2014-04-27 03:40:25

Old Codger
Silver Stacker
Registered: 2011-05-13
Posts: 5,128

Re: Debt Levy

Does everybody think that solving this ALP disaster is going to be painless?


"The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields."   -  ALP Constitution.

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#9 2014-04-27 04:08:04

Newtosilver
Silver Stacker
From: QLD
Registered: 2012-07-05
Posts: 1,731
Trades :   42 

Re: Debt Levy

Australia owes money, it has to be paid back. No-one likes it but it has to happen.


"Never go into a deal believing the other side will treat you fairly. That doesn't mean you screw people just that you expect them to do that to you and then you will never be disappointed."

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#10 2014-04-27 04:31:23

Nugget
Silver Stacker
From: Brisbogan
Registered: 2009-08-15
Posts: 4,667
Trades :   15 
Website

Re: Debt Levy

Old Codger wrote:

Does everybody think that solving this ALP disaster is going to be painless?


Err - It was the Lib's who baked the turd pie. The greatest largess in living memory / a once in a generation golden age was blown by on tax cuts to the Boomers when they were at peak earnings ( you know... pay for their pension), middle class welfare & expensive housing.

And for the record the MAJORITY of Australians voted Labor http://en.wikipedia.org/wiki/Australian … tion,_2013 "Coalition" that's Silver and Bronze deciding that together they deserve Gold


(Ooooh) And I want it bad..
Because you walk pretty,
Because you talk pretty,
'Cause you make me sick

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#11 2014-04-27 04:40:21

dagsgarrett
Silver Stacker
From: Australia
Registered: 2010-10-26
Posts: 284
Trades :   

Re: Debt Levy

Perhaps as a start the Federal Government could utilise the current 5 Billion Dollars spent per annum on foreign aid on getting it's own affairs in order, before putting its hand in the peoples wallet yet again.

Last edited by dagsgarrett (2014-04-27 04:41:51)


You can THINK as much as you like but it's the DOING that counts!

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#12 2014-04-27 04:52:05

dagsgarrett
Silver Stacker
From: Australia
Registered: 2010-10-26
Posts: 284
Trades :   

Re: Debt Levy


You can THINK as much as you like but it's the DOING that counts!

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#13 2014-04-27 05:14:15

Nugget
Silver Stacker
From: Brisbogan
Registered: 2009-08-15
Posts: 4,667
Trades :   15 
Website

Re: Debt Levy


Looks bad, how about we throw in a graph showing income (taxation)?

My uncles worked for Mount Isa Mines during a boom time. Everyone was raking in money. Unlimited overtime. One day the overtime ended and people were losing houses and cars left right and centre. They hadn't lost their jobs, they'd just lost the overtime. They were still working 38 hours a week with every benefit but their outgoings were based on a, wait for it, a temporary boom.


(Ooooh) And I want it bad..
Because you walk pretty,
Because you talk pretty,
'Cause you make me sick

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#14 2014-04-27 06:06:08

Big A.D.
Silver Stacker
From: Sydney
Registered: 2009-10-29
Posts: 6,381
Trades :   51 

Re: Debt Levy

Nugget wrote:

Looks bad, how about we throw in a graph showing income (taxation)?

How about a graph showing how good we are at getting into shedloads of debt all by ourselves?

Don't worry, it's private debt used to create an asset bubble so it's much better that government debt used to fend off a major recession.

90_govdebt-housingdebt.jpg


I am the Leafy Sea Dragon.

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#15 2014-04-27 06:48:51

bordsilver
Silver Stacker
From: The rocks
Registered: 2012-05-23
Posts: 9,496
Trades :   36 

Re: Debt Levy

Yes. It is much better (even if it is potentially poisonous).


The only good tax is a repealed tax.

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#16 2014-04-27 07:36:35

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 10,984

Re: Debt Levy

So you think that when the RBA called and said the banking system is going to be non-existent next week unless you throw money into households, that Rudd said 'wow that really fits into my plans now I'll spend everything.'

One of the reasons I loathe Howard is that he was the consumate politician, probably the best we've seen: Not a principle to be found, to the manor born and happy to stuff the country for another term of being kow-towed to. Loathe Rudd for the same reason.

Abbot is just incompetent and Hockey is a sock puppet. They're following the RBA's orders again, using it as an excuse to impose their neo-con agenda. Budgets are choices. Whose orders do you think they're following when they lay out 24 billion for war planes?

This is just a version of 'bail-in' and all the numpties will say - oh good job Libs didn't Labor stuff it up. Until it's Labor's turn and then it's 'oh good job Labs didn't Liberals stuff it up.'

Look at America - the democracy that no longer exists that is run by oligarchs in a fascist framework, and look at how they did it. Now look at Australia and see the future - and it's short sighted opportunists like the current Lib and Labor mobs leading us down the path, and the gimme gimme sheep helping them do it.

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#17 2014-04-27 07:49:50

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,596
Trades :   29 

Re: Debt Levy

Get ready for a hard landing.

Australian Government Debt Ceiling

wikipedia wrote:

Australian law formerly imposed a debt ceiling on how much the federal government could borrow. The debt ceiling was created in 2007 for itself by the Rudd Government and set at $75 billion. It was increased in 2009 to $200 billion,[13] $250 billion in 2011 and $300 billion in May 2012. In November 2013, Treasurer Joe Hockey requested Parliament's approval for an increase in the debt limit from $300 billion to $500 billion, saying that the limit will be exhausted by mid-December 2013.[14] With the support of the Australian Greens, the Abbott Government repealed the debt ceiling despite the opposition of the Australian Labor Party in December 2013.

http://en.wikipedia.org/wiki/Australian_government_debt
6641_australian-debt-ceiling.png

ScreenHunter_12-Oct.-21-09.49.gif
Source: www.macrobusiness.com.au

National General Government Net Financial Postion (flipped vertically)
6641_national-general-government.png
Source: wikipedia


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#18 2014-04-27 08:00:08

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,089
Trades :   118 

Re: Debt Levy

Nugget wrote:

"Coalition" that's Silver and Bronze deciding that together they deserve Gold

"Watermelons"  that's ALP and Greens deciding that together they deserve Oxygen


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#19 2014-04-27 08:08:59

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,089
Trades :   118 

Re: Debt Levy

Nugget wrote:

Err - It was the Lib's who baked the turd pie. The greatest largess in living memory / a once in a generation golden age was blown by on tax cuts to the Boomers when they were at peak earnings ( you know... pay for their pension), middle class welfare & expensive housing.

you-are-funny.gif


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#20 2014-04-27 08:11:40

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,596
Trades :   29 

Re: Debt Levy

Total Australian Debt: 4,797,176,000,000
Annual Interest on Total Australian Debt (at 5%): 239,858,800,000
Total Australian Income Tax Revenue: 159,800,000,000
Total Australian Tax Revenue (2011-12):  390,067,000,000

So interest payments on total Australian debt is more than income taxes, and equal to about 61% of the total Australian tax revenue.

It's crazy how much wealth is going just into interest payments.


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#21 2014-04-27 08:21:27

dagsgarrett
Silver Stacker
From: Australia
Registered: 2010-10-26
Posts: 284
Trades :   

Re: Debt Levy

Speaks for itself

685_wages.jpg


You can THINK as much as you like but it's the DOING that counts!

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#22 2014-04-27 08:21:45

errol43
Silver Stacker
From: Bundaberg
Registered: 2010-04-13
Posts: 6,313
Trades :   

Re: Debt Levy

Old Codger wrote:

Does everybody think that solving this ALP disaster is going to be painless?

It wont be painless paying for the bank bailout in the USA...Where do the Australian banks borrow the $$ to fuel the housing and retail spending in Australia.? By the way OC was it the USA RED OR BLUE TEAM THAT GOT THE USA INTO $17trillion debt plus derivatives..  smile  When the USA sneezes, Australia catches a cold was the old saying an I think it still applies today.

Regards Errol 43

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#23 2014-04-27 08:22:43

trew
Silver Stacker
From: Melbern
Registered: 2011-08-24
Posts: 3,958
Trades :   

Re: Debt Levy

willrocks wrote:

Total Australian Debt: 4,797,176,000,000

where does this figure come from ?

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#24 2014-04-27 08:30:02

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,089
Trades :   118 

Re: Debt Levy

dagsgarrett wrote:

Totally underpaid IMO.
Give me an example of a CEO of an entity turning over $390 billion on a paltry salary of a mere half mil?
If they started paying correctly, we might have a half a chance of attracting some talent.


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#25 2014-04-27 08:32:42

errol43
Silver Stacker
From: Bundaberg
Registered: 2010-04-13
Posts: 6,313
Trades :   

Re: Debt Levy

Nugget wrote:

Looks bad, how about we throw in a graph showing income (taxation)?

My uncles worked for Mount Isa Mines during a boom time. Everyone was raking in money. Unlimited overtime. One day the overtime ended and people were losing houses and cars left right and centre. They hadn't lost their jobs, they'd just lost the overtime. They were still working 38 hours a week with every benefit but their outgoings were based on a, wait for it, a temporary boom.

Is happening right now in CQ.. Houses in the mining boom that were fetching over $1million and were be rented for $3000 per week are now selling for less than $300k and you can rent one for $300 per week.The boom is over for now unless the gas industry starts exporting big time.

Regards Errol 43

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