Australian Politics Forum - South Australia: massive oil reserves discovered

John Smith

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Re: South Australia: massive oil reserves discovered
Reply #135 - Jan 20^th, 2015 at 4:19pm

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

it is worth noting that the high taxes Norway imposes has currently rendered their oil industry unprofitable. Oil may be inelastic but that is changing. the massive increases in the quantity of retrievable oil has sent prices down and made it a buyers market. you really CAN tax an oil industry away and we need to keep that in mind.

and yet they have a $700B sovereign wealth fund. Talk all you want, the benefits are staring you right in the face. And all you can do is blabber about how Costello managed to finally pull Howard's fingers away from the coffers just long enough in order to save just a bit of what was possible if not for the lying rodent wasting it all away in order to stay elected.

so what? They have had a highly profitable oil industry and they saved from it. We had a profitable mining industry and we banked $230B from it. Which other govt has created a fund like that? Only Howard.

So, not only did they sit around and just be satisfied with taking corporate taxes from the funds, but you know what they did? Surprise, surprise - they incorporated an OIL TAX. And all the funds went into a SOVEREIGN FUND. Not the corporate taxes - just the OIL TAX. $700 B!!!

We had a MASSIVE boom. Larger than Norway's oil boom. Imagine what we would've pocketed? Oh wait..I forgot - Gina would moved to Somalia had it happened, and we'd have no one mining. Yeah right Grin

The lying rodent presided over the biggest boom we've ever had, and what did he do? Nothing! It took Costello to save just a small portion of what would've been possible had we not had the biggest economic illiterate as PM.

And All I'm saying is that if we get the oil found in SA, we'd be wise to do the same as Norway, and not just worry about the pittance we'd receive in corporate tax, while international companies pillage the rest.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

So Longy, do you think the $1 Trillion that Norway have now generated, via its taxing Oil, is a pittance?

And, WHAT SHOULD OZ HAVE GENERATED, BY PROPERLY TAXING ITS FULL RANGE OF NATURAL RESOURCES???

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

if you ask the libs they'd still say we have to cut medicare, we can't afford it Cheesy

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #136 - Jan 20^th, 2015 at 4:26pm

Dsmithy70 wrote on Jan 20^th, 2015 at 4:12pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore

I don't assume evil intent of anyone in our parliament regardless of political affiliation.

Although it might be getting close with the asylum seeker issues but both majors are in favour of that little bit of Australiana.

However I am saying Abbott had a publicly unpalatable agenda if office was won.

Had he said what he intended to do on any of his fronts medicare/higher ED/welfare, he may not have lost but the victory would have been far less infactic.

Abbott would have won the last election by doing a Bill Shorten, he didn't need to even mention other than in the broadest terms his policy agenda.
He could have just said to any question of cuts or reform, "we'll just have to wait & see"

Abbott wilfully chose to lie to Australia's voting public.

that is an assumption without evidence and in direct contradiction to your first statement. It assumes an intent to deceive where no such evidence exists.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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sir prince duke alevine

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Re: South Australia: massive oil reserves discovered
Reply #137 - Jan 20^th, 2015 at 4:27pm

longweekend58 wrote on Jan 20^th, 2015 at 4:04pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:42pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:40pm:

seriously? now you are defining 'lie' as mistakes with unforeseen consequences? keep going. I cant wait to hear how else you define a rather obvious word.

I'm not saying 'lie as mistakes with unforeseen consequences'. I'm saying if you think he didn't lie it must mean he didn't know his "better than good" policies would lead to the consequences. Which means he didn't consult enough, or he didn't do enough research. If that's your suggestion it must mean that you think he is utterly incompetent to be delivering policies he has no idea about the possible outcome of.

so on what planet does any of that amount to lying? Im not saying what you are saying is truth or accurate, but by the contract that is the common usage of terms, he cannot be said to have lied which implies deliberate intent to deceive.

what part of this are you missing?

Either he lied or he is incompetent. Which one do you pick?

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #138 - Jan 20^th, 2015 at 4:27pm

St George of the Garden wrote on Jan 20^th, 2015 at 4:12pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:04pm:

St George of the Garden wrote on Jan 20^th, 2015 at 3:58pm:

History is already not kind to Howard. His profligate and irresponsible spending, and Petey’s tax cuts, created a structural Budget deficit.

Under Gillard a lot of this spending was cut out the Budget, the private health care rebate indexed, the baby bonus gone and so on. Finally the first reduction in the superannuation rort was made, only to be reversed by Abbott & Hokey.

Lots still more to be done. Weird then that Abbott and Hokey are not tackling any of that.

BTW Longy, here is a bit of maths for you. If you sell $A in assets to pay a $A debt you are no better off, assets and liabilities reduced by the same amount.

are we talking about the COMM-BANK and QANTAS?

We are talking about the most profligate PM we have ever had.

You said he saved $230Bn. I am pointing out that the $96Bn component of this mythical $230Bn is not a saving.

You do agree selling assets to pay liabilities leaves you no better off? Hmmm? No more attempted deflections please.

of course it is a saving, you blithering idiot. If you are paying down debt, you are effectively saving as pretty much everyone knows - although you don't.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #139 - Jan 20^th, 2015 at 4:29pm