The business group that is the Australian Chamber of Commerce and Industry (ACCI) has warned that Australia’s economy could become a basket case similar to Greece. What do they want? Yep reforms on the middle class and poor via taking away the family tax benefit, reforming aged pensions, and means testing the child care rebate. They also want to review the aged pension and force retirees who own their homes to transform the pension into a loan that would be repaid after the home is sold. So if you’re an elderly pensioner who has fought for your country, worked your guts out all your life to give the banks money, then tough shit, that means nothing to a business group who lobbies the government to get what they want (more money thrown at them). The chief executive of the ACCI said “in Australia today, everyday the government raises about $1 billion and spends $1.1 billion, so everyday we have to borrow $100 million”.
Maybe if they stopped implementing the recommendations supplied by the International Monetary Fund (IMF), bring back bank and financials regulation, make corporations pay their fair share, and use independent economists Australians would be in a better position.
The following is an excerpt from the IMF’s website on Australia’s concluding statement of the 2015 article IV mission released in June 2015. Note this is the institution (private company nothing to do with governments) that Australia borrows money from. This is the IMF’s recommendation on paying the money back.
‘• Shifting towards more efficient and simple taxes. In particular: by preventing a large share of individual taxpayers from facing higher tax rates through unchecked bracket creep (which would affect those on lower and middle incomes most), reducing the corporate tax rate to international levels, and eliminating stamp duties and minor taxes. This would be paid for by broadening the base of the GST and possibly raising the rate—while at least fully compensating those on lower incomes—and relying more on a broad-based real-estate tax and excises’.
Notice how they want to reduce the corporate tax rate and eliminate stamp duties and minor taxes. Then the taxpayer pays for that through increased prices in relation to the GST. Then they say while fully compensating those on lower incomes. That is laughable. Here’s an extra 10 bucks in your left hand now give us 15 bucks from your right hand, there that’s fairer isn’t it?
Remember fellow Australians when the Treasurer of Australia at the time, Joe Hockey, said to us the days of entitlement are over. Where is he now? He is collecting his huge benefits from the government (taxpayer) and is now working in Washington USA.
Then we have a survey carried out by the National Australia Bank’s (NAB) wealth management arm MLC using 2,000 people to find out 66% of them think they are middle or lower class. This they say is because they are confused of their social standing. They also suggest 1 in 2 Australians are living pay day to pay day. Only 1 in 2, 50%? Where did they find these 2,000 people, at the latest bankers’ convention? I know teachers, miners, and tradesmen who are living pay day to pay day. Even worse actually because they have borrowed money. All this because they say superannuation needs stable policy. The Chief Executive of MLC, Andrew Hagger has said “While we have changed our spending patterns, have we also changed our saving patterns”? Most people don’t have money to spend or save because the banks have it that’s why we’re living pay day to pay day.
This from the IMF’s September 2015 mission;
‘Accordingly, they welcomed the authorities’ commitment to make banks’ capital “unquestionably strong” over time’.
Unquestionably strong! This means bail the banks out if the financial markets are going down (even though the banks are the cause of markets going down). So I suggest the tax reforms and superannuation reforms are nothing to do with helping the ordinary Australian. It’s all about fixing the system to help the banks and corporations make even more money. There is a crash coming so I’ve already kissed my super goodbye because they need that to give to the banks. We are owned by the Corporatocracy and they control our lives. This is evident with all the lobbying corporations push on the government.