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sir prince duke alevine
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perceptions_now wrote on Jan 21 st, 2015 at 11:17am: longweekend58 wrote on Jan 21 st, 2015 at 7:52am: perceptions_now wrote on Jan 20 th, 2015 at 9:53pm: longweekend58 wrote on Jan 20 th, 2015 at 4:29pm: 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: [quote author=longweekend58 link=1421657187/75#75 date=1421716129] 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  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??? Fantasy Island. The island where you can tax companies 300% of their profit and they come back for more. The Island where you can charge $5B tax on $1B worth of goods. worst drivel you've come up with yet. Really???
Then how did Norway get their $1 Trillion and they only had Oil to sell, we have had a lot more??? It was $700B, dopey. Actually, it IS, much closer to $1 Trillion, Longy Dopey! According to the following article, from a few weeks ago, it was over $930 Billion. http://www.abc.net.au/news/2014-01-09/all-norwegians-become-millionaire-sharehol...AND then, as usual, you have not addressed the question, "how did Norway get their $930-$1,000 Billion and they only had Oil to sell?
AND, how much could/should Australia have accrued, rather than the relatively small $100 Billion or so, particularly given we have/had a lot more Natural Resources??? Quote:"Many countries have found that temporary large revenues from natural resource exploitation produce relatively short-lived booms that are followed by difficult adjustments," she said. Remind us of anyone? Maybe our politicians need 5 hours of sunlight only to get them to become smart? Works in Norway.
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South Australia: massive oil reserves discovered (Read 36133 times)
