I’m kind of glad they’re doing it. I think you’re right that it’s going to be an unmitigated disaster. Hopefully it will be enough of a shit show that the geniuses over here that advocate for it will drop it. Can’t wait for someone to sue to be able to claim unrealized losses. That should make for an interesting defense argument by the Aussie Gov…
Aussie here :( The problem is the vast majority of the population here have zero idea of what's really going on. I was at a restaurant on the night of our federal election a few weeks back where the Australian sheeple returned the labour left in a landslide. The first major disappointment was that it was already clear who won by dinner time. The second and bigger disappointment was that when the owner of the restaurant told me, and I said "what a disaster", he seemed mildly surprised that I was prepared to speak my mind on this subject to a total stranger, but then leaned in and said "I totally agree, but everyone that's has come through here over the last few weeks thinks the opposite, especially the younger ones". Sigh. They are totally brainwashed by the left/woke/DEI nonsense and everyone is afraid of offending someone. I live in Victoria - Melbourne (aka the COVID lockdown capital of the world) is our capital city. We had the biggest crook ever to shit in our parliament as Premier during that time in Dictator Dan Andrews, AND THE SHEEPLE RETURNED HIM TO POWER IN THE SUBSEQUENT STATE ELECTION! I knew we were screwed back then. The BIG problem is that there is no decent coherent political alternative to a left that are closer to communism than ever. We don't have any strong leadership anywhere really (can we borrow JD Vance until 2028 please? Trump can carry on until then?), and the factions that dominate Australian politics prevent those that would do a good job from getting anywhere near a position of influence, let alone power. They can essentially do whatever they like, and clearly, they are.
Stew, sell up and come up to Tambourine Mountain, QLD. I try to invite every freedom minded, libertarian type person I come across to buy up here. Let’s make it a community of correct thinking folks. With enough here, we can start political moves to get this mountain removed from its “super council”. 6 blokes could run the joint on one fifth of the rates.
Face it, they are dumb as rocks over there. Canadians, Brits and Aussies are all the same...all sheeple. Sorry, I have done so much business outside the US that I know this is true. Dealing with assh*le NYers and f**ckers from Silicon Valley might have its drawbacks, but at the end of the day, they at least can smell a scam.
11% Compulsory Superannuation because Aussies are considered by their overlords to be too effing dumb to make decisions for themselves. And the government stealing as much as they can while funnelling the compulsory savings.
8% Goods & Services Tax Net (10% GST on everything except unprepared food, being generous with 8% net figure)
3% (of income) average property taxes, which are skyrocketing on government arbitrarily declared land prices. Australians own zero land, they rent and hold an occupying and sell privilege on that land that is called a “house price”
1% (of income) average car taxes.
1% (minimum) Medicare levy surcharge (for not having health insurance which is 4% of income otherwise)
1% petrol excise tax
So that’s 50% taxes for the average Australian, before any capital gains they might make.
And the morons cheer on an un-indexed unrealised capital gains tax because “only” 0.5% are affected and they have a house that’s CGT free…for now. Insane.
I'm going to go waaaay out on a limb and guess that politicians (and their donors) will have have their assets assessed at a lower value than comparable assets. By accident, of course.
As I recall, Australia also pioneered WWII style internment camps for the unvaccinated a few years back. It’s all a tragedy happening in slow motion to a beautiful country filled with lovely people.
How do you really feel? Sorry that you felt the need to pull your punches and moderate your discussion. 🙂🙂Actually , your discussion of the resultant problems and related costs if anything understate the difficulties involved. Guess that there will be a great need for more accountants and asset appraisers than exist in Australia. Since I was unaware of this policy decision, my first question is - if your assets subsequently decline in value do you get a tax refund ? My second question is how could the individuals responsible for the adoption of this policy be so completely theoretical in their approach as to not understand the practical difficulties and concomitantly so economically illiterate and divorced from reality that they could possibly expect this tax policy to successfully boost their tax revenue in the long term?
Can you even fathom the disputes over what a private company is worth? The gov't will simply end up owning everything, but then....it will magically own nothing because that is what everything will eventually be worth.
Exactly. No practical experience at all that has any relationship to real world economics. I could understand incentives better when I was in grade school and delivering papers after school to earn spending money. 🙂🙂
With a Liberal government reelected in Canada, that removed their “carbon taxes” during the election campaign- you can almost guarantee they will be right behind Australia in bringing in this type of taxation. They managed to con enough Canadians into paying billions in carbon taxes for years, this will be easy pickings. Thank you for reporting this.
It it is too much to assume all of these continued misfortunes are coincidence. This absurd tax plan, their covid response, and general erosion of rights.... it is a controlled demolition. What is absurdly fascinating is how all of the countries of "the West" are all headed in the same direction.
Maybe not. Changes in culture have happened across national boundaries many times before. e.g., the Enlightenment, the move to representative government in the 19th century, and later the rationalist or scientist organization of society (the Communism and Fascism cousins). With faster and greater communication across national lines and more economic integration, is it a surprise that todays fashions also echo?
As to controlled demolition, I think you overestimate the competence of those running things. Yep they did almost everything wrong, but they probably don’t have a grand master evil plan a la Lex Luthor. Some people have such dreams, but I think it’s more likely a matter of a) “this should work for people like me, the good people, so it must be a Good Thing, so let’s all do that” and b) groupthink and wanting to be part of a like-thinking club.
Look at the unofficial Lex Luthor, Klaus Schwab. He got unceremoniously booted out of SPECTRE, er, WEF. Beyond that, if public considers you to be Dr. Evil, you can’t be Dr. Evil. Comic book trope only works in comic book.
I think Australia is in this case a test balloon, a practice often used in "the West". Both to see if the peasants will wear it and obviously in this case to squeeze some more tax out of them. Superannuation is interesting, for if you're employed it is compulsory and your employer normally pays most of it (11% of your wage). You cant access it until your 60yrs at this stage (stay tuned). For younger people it does not really feel like your money anyway.
OMG. They are actually doing it. I don’t even want to watch the not so slow motion train wreck that this will cause for the people unfortunate enough to be citizens of that once great nation. RIP
the only thing with which I disagree about your analysis is that the government will have no problem assigning values to assets as they will simply choose numbers to maximize the tax revenues. but I thought the race to national suicide was between Germany and the UK with their energy insanity, but Australia is now a dark horse gaining ground with this policy!!
A fine organisation which can not account for a single Euro spent by the Kommission, which is led by several Queens who were appointed by 'agreement', and is incapable of and decision in less than 1 decade.
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
― Albert Einstein
Most Aussies are as dumb as a fence post, and only half as useful. Sigh.
The Labour Party tried the “Resources Super Profits Tax” in the last commodity boom of the late 2000’s. Even managed to get it signed into law with a majority in both houses. Only then, did a big advertising campaign led by mining companies and unions awaken Australians to the idiotic policy that had just been introduced. It was dead on arrival and the Labour Party was destroyed at the following election.
So not all hope is lost. But again, Australians in majority are asleep at the wheel. They cheer this crap on. We have the poorest education system in the world when it comes to discussing Austrian economics, how free markets work etc. Australian’s just don’t on mass know the simplest of simple economic principles.
They culturally believe government is here to help, and any problem a person has - they should turn to government for answers (and other peoples money). It’s a national disgrace. The NDIS is the “USAID” of Australia. The most corrupted, grotesque blight on Australia…ever. Pay anyone lots of other peoples money to be retarded, open the definition of retarded to anything a doctor/psychologist certifies, pay horrific fees to any business that starts up as a service provider to the newly certified retards…..and what do you get? A frickin army of 5 million plus people (out of a population of 27 million) signing up proudly as retards!!!
Superannuation was always going to be stolen. There is no country on earth that has a government of lecherous, treasonous scum politicians that could ever sit idly by and watch $3 trillion of wealth be accumulated privately…and not hatch a plan to steal. Every Aussie under 40 should plan their retirement without super in the equation…it will be gone one way or another.
After I left school in 1979 along with, about 80% of students to get out into the big wide world, make money and be productive, the Australian Government had a big push to MAKE AUSTRALIA SMARTER, They wrote a law banning kids to be able to leave school in year 10 unless you had a apprenticeship or enrolled at Technical College. This would encourage students to get to University and 'Be Smarter'. TRUTH is these University Students graduated in being really smart at The Managed Destruction Of Our Economy and Society.
“The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.” Mark Twain
I’m kind of glad they’re doing it. I think you’re right that it’s going to be an unmitigated disaster. Hopefully it will be enough of a shit show that the geniuses over here that advocate for it will drop it. Can’t wait for someone to sue to be able to claim unrealized losses. That should make for an interesting defense argument by the Aussie Gov…
Aussie here :( The problem is the vast majority of the population here have zero idea of what's really going on. I was at a restaurant on the night of our federal election a few weeks back where the Australian sheeple returned the labour left in a landslide. The first major disappointment was that it was already clear who won by dinner time. The second and bigger disappointment was that when the owner of the restaurant told me, and I said "what a disaster", he seemed mildly surprised that I was prepared to speak my mind on this subject to a total stranger, but then leaned in and said "I totally agree, but everyone that's has come through here over the last few weeks thinks the opposite, especially the younger ones". Sigh. They are totally brainwashed by the left/woke/DEI nonsense and everyone is afraid of offending someone. I live in Victoria - Melbourne (aka the COVID lockdown capital of the world) is our capital city. We had the biggest crook ever to shit in our parliament as Premier during that time in Dictator Dan Andrews, AND THE SHEEPLE RETURNED HIM TO POWER IN THE SUBSEQUENT STATE ELECTION! I knew we were screwed back then. The BIG problem is that there is no decent coherent political alternative to a left that are closer to communism than ever. We don't have any strong leadership anywhere really (can we borrow JD Vance until 2028 please? Trump can carry on until then?), and the factions that dominate Australian politics prevent those that would do a good job from getting anywhere near a position of influence, let alone power. They can essentially do whatever they like, and clearly, they are.
Stew, sell up and come up to Tambourine Mountain, QLD. I try to invite every freedom minded, libertarian type person I come across to buy up here. Let’s make it a community of correct thinking folks. With enough here, we can start political moves to get this mountain removed from its “super council”. 6 blokes could run the joint on one fifth of the rates.
thanks for the local perspective. i'm in the Bay Area (SF) and this sounds 10x worse. feeling for you all
Face it, they are dumb as rocks over there. Canadians, Brits and Aussies are all the same...all sheeple. Sorry, I have done so much business outside the US that I know this is true. Dealing with assh*le NYers and f**ckers from Silicon Valley might have its drawbacks, but at the end of the day, they at least can smell a scam.
Sadly, no. In the UK we have dictatorship.
Canada has a high profile WEF sock puppet, and Australia has a towering intellect (not).
Every day I get more bullish on Bitcoin
The average Australian:
Earns $100,00pa
25% net income tax
2% Medicare
11% Compulsory Superannuation because Aussies are considered by their overlords to be too effing dumb to make decisions for themselves. And the government stealing as much as they can while funnelling the compulsory savings.
8% Goods & Services Tax Net (10% GST on everything except unprepared food, being generous with 8% net figure)
3% (of income) average property taxes, which are skyrocketing on government arbitrarily declared land prices. Australians own zero land, they rent and hold an occupying and sell privilege on that land that is called a “house price”
1% (of income) average car taxes.
1% (minimum) Medicare levy surcharge (for not having health insurance which is 4% of income otherwise)
1% petrol excise tax
So that’s 50% taxes for the average Australian, before any capital gains they might make.
And the morons cheer on an un-indexed unrealised capital gains tax because “only” 0.5% are affected and they have a house that’s CGT free…for now. Insane.
I'm going to go waaaay out on a limb and guess that politicians (and their donors) will have have their assets assessed at a lower value than comparable assets. By accident, of course.
As I recall, Australia also pioneered WWII style internment camps for the unvaccinated a few years back. It’s all a tragedy happening in slow motion to a beautiful country filled with lovely people.
Indeed, led by dictators.
How do you really feel? Sorry that you felt the need to pull your punches and moderate your discussion. 🙂🙂Actually , your discussion of the resultant problems and related costs if anything understate the difficulties involved. Guess that there will be a great need for more accountants and asset appraisers than exist in Australia. Since I was unaware of this policy decision, my first question is - if your assets subsequently decline in value do you get a tax refund ? My second question is how could the individuals responsible for the adoption of this policy be so completely theoretical in their approach as to not understand the practical difficulties and concomitantly so economically illiterate and divorced from reality that they could possibly expect this tax policy to successfully boost their tax revenue in the long term?
Cos they’ll make sure it doesn’t affect them.
Can you even fathom the disputes over what a private company is worth? The gov't will simply end up owning everything, but then....it will magically own nothing because that is what everything will eventually be worth.
Exactly. No practical experience at all that has any relationship to real world economics. I could understand incentives better when I was in grade school and delivering papers after school to earn spending money. 🙂🙂
With a Liberal government reelected in Canada, that removed their “carbon taxes” during the election campaign- you can almost guarantee they will be right behind Australia in bringing in this type of taxation. They managed to con enough Canadians into paying billions in carbon taxes for years, this will be easy pickings. Thank you for reporting this.
It it is too much to assume all of these continued misfortunes are coincidence. This absurd tax plan, their covid response, and general erosion of rights.... it is a controlled demolition. What is absurdly fascinating is how all of the countries of "the West" are all headed in the same direction.
Maybe not. Changes in culture have happened across national boundaries many times before. e.g., the Enlightenment, the move to representative government in the 19th century, and later the rationalist or scientist organization of society (the Communism and Fascism cousins). With faster and greater communication across national lines and more economic integration, is it a surprise that todays fashions also echo?
As to controlled demolition, I think you overestimate the competence of those running things. Yep they did almost everything wrong, but they probably don’t have a grand master evil plan a la Lex Luthor. Some people have such dreams, but I think it’s more likely a matter of a) “this should work for people like me, the good people, so it must be a Good Thing, so let’s all do that” and b) groupthink and wanting to be part of a like-thinking club.
Look at the unofficial Lex Luthor, Klaus Schwab. He got unceremoniously booted out of SPECTRE, er, WEF. Beyond that, if public considers you to be Dr. Evil, you can’t be Dr. Evil. Comic book trope only works in comic book.
I think Australia is in this case a test balloon, a practice often used in "the West". Both to see if the peasants will wear it and obviously in this case to squeeze some more tax out of them. Superannuation is interesting, for if you're employed it is compulsory and your employer normally pays most of it (11% of your wage). You cant access it until your 60yrs at this stage (stay tuned). For younger people it does not really feel like your money anyway.
I just had my Eureka moment. The consultant who designed their plan was Elizabeth Warren. 🙂🙂🙂
OMG. They are actually doing it. I don’t even want to watch the not so slow motion train wreck that this will cause for the people unfortunate enough to be citizens of that once great nation. RIP
the only thing with which I disagree about your analysis is that the government will have no problem assigning values to assets as they will simply choose numbers to maximize the tax revenues. but I thought the race to national suicide was between Germany and the UK with their energy insanity, but Australia is now a dark horse gaining ground with this policy!!
European Union: “Hold my beer…”
A fine organisation which can not account for a single Euro spent by the Kommission, which is led by several Queens who were appointed by 'agreement', and is incapable of and decision in less than 1 decade.
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
― Albert Einstein
Most Aussies are as dumb as a fence post, and only half as useful. Sigh.
The Labour Party tried the “Resources Super Profits Tax” in the last commodity boom of the late 2000’s. Even managed to get it signed into law with a majority in both houses. Only then, did a big advertising campaign led by mining companies and unions awaken Australians to the idiotic policy that had just been introduced. It was dead on arrival and the Labour Party was destroyed at the following election.
So not all hope is lost. But again, Australians in majority are asleep at the wheel. They cheer this crap on. We have the poorest education system in the world when it comes to discussing Austrian economics, how free markets work etc. Australian’s just don’t on mass know the simplest of simple economic principles.
They culturally believe government is here to help, and any problem a person has - they should turn to government for answers (and other peoples money). It’s a national disgrace. The NDIS is the “USAID” of Australia. The most corrupted, grotesque blight on Australia…ever. Pay anyone lots of other peoples money to be retarded, open the definition of retarded to anything a doctor/psychologist certifies, pay horrific fees to any business that starts up as a service provider to the newly certified retards…..and what do you get? A frickin army of 5 million plus people (out of a population of 27 million) signing up proudly as retards!!!
Superannuation was always going to be stolen. There is no country on earth that has a government of lecherous, treasonous scum politicians that could ever sit idly by and watch $3 trillion of wealth be accumulated privately…and not hatch a plan to steal. Every Aussie under 40 should plan their retirement without super in the equation…it will be gone one way or another.
After I left school in 1979 along with, about 80% of students to get out into the big wide world, make money and be productive, the Australian Government had a big push to MAKE AUSTRALIA SMARTER, They wrote a law banning kids to be able to leave school in year 10 unless you had a apprenticeship or enrolled at Technical College. This would encourage students to get to University and 'Be Smarter'. TRUTH is these University Students graduated in being really smart at The Managed Destruction Of Our Economy and Society.