Abbott/Liberal Govt Watch

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Re: Abbott/Liberal Govt Watch

Postby tigerpie » Wed May 15, 2019 7:19 pm

The End Q.
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Re: Abbott/Liberal Govt Watch

Postby Kahuna » Wed May 15, 2019 8:22 pm

I'm 61, voted Labor all my life and completely disenchanted with politics. Where the eff are the statesmen? Where is the vision? 2 main shades of grey and a multitude looking for relevancy in the Senate.
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Re: Abbott/Liberal Govt Watch

Postby Jimmy_041 » Thu May 16, 2019 7:28 am

Q. wrote:
Jimmy_041 wrote:
Adrian Blundell-Wignall is either stupid or being deliberately misleading. Again, using taxable income as the crux of his entire argument (and the crux of yours this whole time).


1. I expected that response to anyone that does not agree with you. Why is he being misleading? Because he's biased unlike Labor or your socialist publications? BTW, today's commentary from the Editor-in-Chief of the AFR:
Talking of Labor's tax plans, former OECD and Reserve Bank official Adrian Blundell-Wignall provided this searing demolition of its planned crackdown on the cash return of excess tax franking credits. I first came across Blundell-Wignall when he worked for the Hawke government's Economic Planning Advisory Council in the early-to-mid 1980s. He's no Coalition stooge.


Dr. Adrian Blundell-Wignall was the Special Advisor to the OECD Secretary-General on Financial Markets and Enterprise Affairs until October 2018.

He is founder and chairman of a charitable foundation (The Anika Foundation) that raises and invests an endowment fund to provide scholarships in a critical area of healthcare.

Mr. Blundell-Wignall is an Australian citizen. He has a 1st class Honours degree and PhD in Economics from Cambridge University, UK.

He is the author of extensive publications on financial markets and monetary policy in learned journals and books, as well as broker analyst studies and reports.

Senior Positions

2014- 2016 Director in the OECD Directorate for Financial and Enterprise Affairs
2007 -2014 Deputy Director in the OECD Directorate for Financial and Enterprise Affairs
2000 - Executive Vice-President, head of Asset Allocation, BT Funds Management
1993 - Head of Derivative Overlays and Levered Products at Bankers Trust Funds Management, building a new $4 billion business
1991 - Head of the Research Department at the Reserve Bank of Australia: directing a department and participating in monetary policy discussions at the internal pre-Board meetings
Early in his career he held economist positions in: the OECD Economics Department, the Reserve Bank of Australia and the Economic Planning Advisory Council of Australia.


Only an idiot would call him stupid and the Editor of the AFR rates him. Do I trust him or a person who did 1 year with Westpac and 2 years in the public service and thereafter a journalist and a spud HEALTH economist in socialist whinge rags? You have to be kidding! Sad thing is you aren’t!

2. Using taxable income has NEVER been the crux of my argument. My argument pertains to super and that that this policy only affects those with an SMSF. You can have two people with zero and $1m taxable income with their super in a retail or industry fund and both still get the excess franking credits. All those Labor politicians with salaries over $200k, massive super balances and multiple investment properties won't be touched.
This is, purely and simply; Labors attack on SMSFs and I have said that from Day 1.
IF excess franking credits are so unfair, why hasn't Labor proposed stopping them altogether? Because the unions wont let them. That's corruption right there?

This Letter to the AFR Editor says it all
Shorten targets a select group
In the final leaders’ debate, Bill Shorten said hundreds of thousands of dollars are going to rich retirees under the current franking credits regime. This is simply untrue. The truth is that a select group of self-funded retirees are the target under the ALP proposal. They are the group that have assets of around $800,000 to $1,600,000 in pension phase. Those retirees with less than $800,000 will not be affected. Those with more than $1.6 million in super will still be able to claim the rebates. So the maximum rebate/government gift is around $25,000 for that select group, if all assets were invested in fully franked shares.
Super is riddled with poorly thought through tax policies. Surely it’s time to reassess the taxation of super and not simply take an easy shot. It may well be franking credits are readjusted – as should the approach to renting and selling real estate within super, as should the huge balances accumulated over years past and lodged in the tax-protected super environment.

John Golden
Newport, NSW


But, on taxable income; this is being portrayed, by Labor, as an attack on the rich. It is not because:
(i) The rich will always have taxable income because they have income producing investments outside of super.
(ii) Anyone with over $1.6m in super will pay tax
(iii) Define rich? I was told by people who would know that there were many long term (read 40 year) Holden workers with balances in excess of $1.6m who had no idea they had that much

Plus, any "rich" person will mitigate the expected damage as stated by Blundell-Wignall.
My accountant and financial planner are already sending out newsletters about how to keep the payments.
Hell, I can sell an allotted amount of personal shares every year to pay tax

Who will get hit are those who don't have the nous or means to reorganise themselves and that has been the crux of my argument and it is exactly what Blundell-Wignall is saying, and both of us are also saying Labor's entire PR campaign is bull$hit. THAT is the crux of what I have been saying.
ANU have modelled Labor's tax plans: 89% of all franking credits claimed are paid to top 20% wealthiest households 2.7% of franking credits are paid to the bottom 50% of the wealth distribution. Av impact of policy change across all households=$489pa

https://t.co/DjIT1jtoAd

"the largest impact in dollar terms and per cent of disposable income terms is the
top 10 percent (decile 10). The top 10 per cent would, on average, pay $2,641 per year (1.1 per cent of disposable income) in more tax where franking credits are removed.
11 The average impact is $489
per year across all income groups or about 0.5 per cent of disposable income. The policy change has
virtually no impact on households in the bottom half of the income distribution
.

The impact is even more progressive when considered by wealth distribution (Figure 4) with virtually
no impact across the bottom 70 per cent of the wealth distribution. This should be no surprise as, in
most cases, large franking credits are related to large incomes that flow from large superannuation
balances. We estimate that around 89 per cent of all franking credits claimed are paid to the top 20
per cent of the wealth distribution. Around 2.7 per cent of franking credits are paid to the bottom 50
per cent of the wealth distribution."


I’ll read it when I get time. Of course it impacts those that get the most credits IF they don’t rearrange their affairs. Of course, those rich people in an industry fund don’t have to worry at all.
And we’re all happy that this includes Shorten, who is reported to be worth $61m, and has his Super in an industry fund so will always get the excess franking credits. But he’s a battler..
Last edited by Jimmy_041 on Thu May 16, 2019 8:58 am, edited 1 time in total.
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Re: Abbott/Liberal Govt Watch

Postby Jimmy_041 » Thu May 16, 2019 8:53 am

tigerpie wrote:The End Q.


Not quite: Godwin’s Law applies

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Re: Abbott/Liberal Govt Watch

Postby mighty_tiger_79 » Thu May 16, 2019 8:35 pm

RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader
Booooooooooo
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Re: Abbott/Liberal Govt Watch

Postby Grenville » Thu May 16, 2019 8:50 pm

mighty_tiger_79 wrote:RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader


One of the only two great PM's we've had in 50 years.
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Re: Abbott/Liberal Govt Watch

Postby tigerpie » Thu May 16, 2019 8:50 pm

mighty_tiger_79 wrote:RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader

Absolutely. Him and Keating would slaughter this mob.
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Re: Abbott/Liberal Govt Watch

Postby stan » Thu May 16, 2019 8:51 pm

Grenville wrote:
mighty_tiger_79 wrote:RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader


One of the only two great PM's we've had in 50 years.
Have a beer for Bob everyone. RIP Bob Hawke. I can't think of a PM that was more Aussie than this bloke.
Read my reply. It is directed at you because you have double standards
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Re: Abbott/Liberal Govt Watch

Postby Grenville » Thu May 16, 2019 8:54 pm

stan wrote:
Grenville wrote:
mighty_tiger_79 wrote:RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader


One of the only two great PM's we've had in 50 years.
Have a beer for Bob everyone. RIP Bob Hawke. I can't think of a PM that was more Aussie than this bloke.


Him and Howard are so far ahead of any others in my lifetime it ain't funny.
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Re: Abbott/Liberal Govt Watch

Postby stan » Thu May 16, 2019 8:55 pm

Got a text message from GetUp letting me know how evil Nicole Flint is. I mean you might as well start with the sms as it's bee pretty good for Clive as well.

Also I'm not in the seat of Boothby.

Then I get a call from Stevo, what's Stevo doing calling me? Is blue bringing me a West End Draught?
No.

He's telling me that JimBob Stevo in Sturt goes alright.

Bloody hell, When's the election over.
Read my reply. It is directed at you because you have double standards
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Re: Abbott/Liberal Govt Watch

Postby stan » Thu May 16, 2019 8:56 pm

tigerpie wrote:
mighty_tiger_79 wrote:RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader

Absolutely. Him and Keating would slaughter this mob.
My word they would.

Then look at Howard, Costello and Downer for instance on the other side.
Read my reply. It is directed at you because you have double standards
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Re: Abbott/Liberal Govt Watch

Postby PatowalongaPirate » Thu May 16, 2019 9:28 pm

Tony Abbott has tweeted about Hawke's passing....a simple Rest in Peace would have sufficed.

20190516_202657.jpg
20190516_202657.jpg (208.71 KiB) Viewed 314 times
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Re: Abbott/Liberal Govt Watch

Postby LMA » Thu May 16, 2019 11:23 pm

tigerpie wrote:
mighty_tiger_79 wrote:RIP Bob Hawke

Better than any of the current bunch in Canberra.
The last true labor leader

Absolutely. Him and Keating would slaughter this mob.


The pollies of today are up against the insane world of social media and political correctness so it's fair to say blokes like Hawke were more loved as we got to see their true personalities and hear their true thoughts. Hawke was the first PM I knew of and for Medicare alone will be remembered as one of the greats of this country.
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Re: Abbott/Liberal Govt Watch

Postby Armchair expert » Thu May 16, 2019 11:40 pm

how can you vote for Shorten, the guy is a bloody robot



*not voting for scomo either
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Re: Abbott/Liberal Govt Watch

Postby Jimmy_041 » Fri May 17, 2019 6:30 am

RIP Hawkey
Best PM in my lifetime
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Re: Abbott/Liberal Govt Watch

Postby stan » Fri May 17, 2019 11:35 am

PatowalongaPirate wrote:Tony Abbott has tweeted about Hawke's passing....a simple Rest in Peace would have sufficed.

20190516_202657.jpg
Is this legit or some satire piece?
Read my reply. It is directed at you because you have double standards
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Re: Abbott/Liberal Govt Watch

Postby Q. » Fri May 17, 2019 11:46 am

stan wrote:
PatowalongaPirate wrote:Tony Abbott has tweeted about Hawke's passing....a simple Rest in Peace would have sufficed.

20190516_202657.jpg
Is this legit or some satire piece?
Legit. There's something seriously wrong with that bloke.
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Re: Abbott/Liberal Govt Watch

Postby PatowalongaPirate » Fri May 17, 2019 11:48 am

Q. wrote:
stan wrote:
PatowalongaPirate wrote:Tony Abbott has tweeted about Hawke's passing....a simple Rest in Peace would have sufficed.

20190516_202657.jpg
Is this legit or some satire piece?
Legit. There's something seriously wrong with that bloke.

I assume you are talking about Tony Abbott and not me ;)
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Re: Abbott/Liberal Govt Watch

Postby Magellan » Fri May 17, 2019 11:51 am

Q. wrote:
stan wrote:
PatowalongaPirate wrote:Tony Abbott has tweeted about Hawke's passing....a simple Rest in Peace would have sufficed.

20190516_202657.jpg
Is this legit or some satire piece?
Legit. There's something seriously wrong with that bloke.

Abbott's disappointing sentiments reflect two things - (a) he's desperate, about to lose his seat, and without a place in federal politics his already low level of relevance evaporates; and (b) fundamentally, he's a political pugilist looking to start a fight with some controversy, which then provides some mileage and profile which he hopes will counteract point (a).

It also reflects that he's a wanker.
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Re: Abbott/Liberal Govt Watch

Postby PatowalongaPirate » Fri May 17, 2019 11:59 am

Magellan wrote:
Q. wrote:
stan wrote:
PatowalongaPirate wrote:Tony Abbott has tweeted about Hawke's passing....a simple Rest in Peace would have sufficed.

20190516_202657.jpg
Is this legit or some satire piece?
Legit. There's something seriously wrong with that bloke.

Abbott's disappointing sentiments reflect two things - (a) he's desperate, about to lose his seat, and without a place in federal politics his already low level of relevance evaporates; and (b) fundamentally, he's a political pugilist looking to start a fight with some controversy, which then provides some mileage and profile which he hopes will counteract point (a).

It also reflects that he's a wanker.

Wonderful to hear from you my seafaring friend.
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