The Abbott government has moved to repeal Labor’s controversial mining tax, releasing draft legislation to abolish the tax from July 1, 2014.‘‘The minerals resource rent tax (MRRT) is a complex and unnecessary tax which struggled to raise the substantial revenue predicted by the former government,’’ Treasurer Joe Hockey said in a statement. ‘‘This failed tax imposed significant compliance costs on one of our most important industries, while damaging business confidence which is critical to future investment and jobs.’’While many of the measures linked to the tax will also be scrapped, the coalition government will keep the increase in compulsory superannuation from 9 per cent to 12 per cent, currently paused for two years.Mr Hockey said the government was still considering the issue of the ‘‘onshore administration’’ of the petroleum resource rent tax.The draft laws repeal a range of Labor policies including the SchoolKids Bonus, the business loss carry-back, accelerated depreciation for motor vehicles, geothermal exploration provisions, the low income superannuation contribution and the income support bonus.Read more: http://www.smh.com.au/business/the-economy/joe-hockey-moves-to-scrap-mining-tax-20131024-2w2wy.html#ixzz2ibKpmtFH
Labor and the unions have leapt on reports the Abbott Government is considering a plan for Australia Post to take over Centrelink's front office operations.
Treasurer Joe Hockey is known to be in favour of consolidating service delivery and has put "everything on the table" for the Government's newly formed Commission of Audit.
That includes a proposal which could mean closing Centrelink's service centres and job losses, the Australian Financial Review reports.
A spokesman for the Treasurer says there are no recommendations before Government yet and nothing will be considered from the Commission of Audit before the budget process begins.
What do you expect with the little shit Abbott is charge... ?
About 16,000 of Australia's wealthiest superannuants who earn $100,000 a year from their funds will not have those earnings taxed. Earmarked to raise $313 million over four years, the tax was ditched because, Mr Hockey said, it was ''undeliverable'' due to the complexity of assessing super liabilities. A move for multinationals to demonstrate a clear link between the interest deductions they make in Australia and the income earned here was also dumped.It was part of an effort to stop global companies from shifting their profits earned in Australia to lower-taxing countries abroad. Mr Hockey argued that the measure unintentionally discouraged Australian firms from investing abroad.Labor treasury spokesman Chris Bowen accused Mr Hockey of hypocrisy, given the long history of the Coalition talking up a budget crisis before it came to government.Mr Bowen also accused the government of favouring wealthier individuals and companies over ordinary Australians. As part of its repeal of the mining tax, the Coalition said it would not proceed with a payment of $500 to about 3.6 million low-income superannuants to be paid from the proceeds of the tax.Read more: http://www.smh.com.au/federal-politics/political-news/treasurer-joe-hockey-blows-a-3-billion-hole-in-budget-20131106-2x1su.html#ixzz2juy67uwrSo there...
Australia has been living in “blissful detachment” from its debt problems for the past six years and may be about to face sharp spending cuts, according to Tony Abbott’s top business adviser.
In a speech delivered on Monday night, Maurice Newman said Australian wages were “very high by international standards”, with the workplace an “important area of reform” for the new Coalition government.
Newman, who chairs Abbott’s business advisory group, told theCommittee for Economic Development of Australia annual dinner in Sydney that the previous Labor government’s spending on the Gonski education reforms and the national disability insurance scheme was “reckless”, requiring the Abbott administration to look at the “elephant in the room” of debt.
“Reducing debt and deficits too quickly may temporarily slow activity,” Newman said. “With three-year election cycles it's a tough political call. But the lesson from Europe, the UK and the US is that there will never be a good time...
Of course, The first area in which to reduce wages is politicians. Say a cut by about 25 to 30 per cent with NO PERKS, no "entitlements" — some people would suggest 50 or 60 per cent but that would be a bit to drastic in one go. Then we can see how to restructure the real workforce into valued employees, not the banking traders who don't produce goods of tangible usage, like a saucepan. So, the banking traders, we send them to tin-dunny collecting and sewage inspector school, and voila, the whole country is back on track, as long as the casual workforce is on full employment benefit. Casinos become illegal and suddenly the whole nation hangs on to its cash to spend at Harvey Norman... Blissful. Pubs charge a bit more for booze in order to moderate the intake... We also export our dung beetles to the north pole.
And we put Joe Hockey on a more severe diet... The fellow is willing to spend twice as much as Labor's deficit, while telling us to bleed for the country as he gives oodles of Christmas presents to the rich...
CLASS WARFARE IS IN THE BOOKS...
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