Australian Politics Forum - A wealth Tax Should Be Introduced In Australia

thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #360 - Oct 10^th, 2026 at 10:08am

Frank wrote on Oct 10^th, 2026 at 9:03am:

‘I’ve had enough’: Finder co-founder Fred Schebesta is leaving Australia for Singapore
A tech founder worth at least $200 million has decided to leave Australia, declaring he’s fed up with endless red tape and taxes.

(google AI)

Singapore operates as a highly successful dirigiste (state-directed) economy, where the government plays a central role in strategic economic planning, land ownership, and sovereign investments. Electronics manufacturing and financial services serve as the primary pillars of its export-driven economy.

(Wikipedia)

Dirigisme (French: [diʁiʒism]), or dirigism (from French diriger 'to direct'), refers to an economic system in which the state takes an active and directive role in shaping and guiding the economy, rather than limiting itself to a purely regulatory or hands-off approach within a market economy. As an economic doctrine, dirigisme stands in contrast to laissez-faire, highlighting the constructive role of market intervention in addressing inefficiencies and market failures. Dirigiste policies typically include indicative planning, state-guided investment, and the strategic use of market instruments such as taxes and subsidies to encourage economic actors to align with national development goals.[1] Dirigisme is not synonymous with a state-controlled command economy but a market economy and big public sector is required for dirigisme; hence the public sector becomes an instrument for altering the market.

So Schebesta is entering a successful government managed 'socialist' economy....anf leaving a coal/iron-ore dependent capitalist economy (in Oz).

Quote:

“It’s insane; it’s as close to socialism as you can possibly get. And more money goes to the government, for what reason? There are no changes, no benefit. There are just more handouts to get more votes.”

Oz isn't 'socialist': it's not even funding public health, education or housing properly , claininmg it myst "balance the budget" (which is nonsense).

Quote:

He mentions getting sued by the Australian Securities and Investments Commission (ASIC) as one of the motivating factors behind the move.

[quote]Five years ago he launched Finder Earn, a cryptocurrency-backed alternative to a savings account that offered a higher return than traditional banks.

Ah - a finance scam, not contributing to national wealth in the real economy.

btw

(google AI)

Singapore has a massive and world-renowned public housing system

Schebasta is obviously as ignorant as you when it comes to 'socialism' in Oz compared with Singapore.

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« Last Edit: Oct 10^th, 2026 at 10:37am by thegreatdivide »

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #361 - Oct 10^th, 2026 at 10:13am

thegreatdivide wrote on Oct 10^th, 2026 at 9:40am:

Bobby. wrote on Oct 9^th, 2026 at 11:28am:

TGD,
Quote:

Interesting - I can only conclude you don't read my posts:

A c-i govt. is a legal currency-issuing government; most national governments are such.

Stop making up your own language. Roll Eyes

??

(google AI)

...the specific modern economic phrase "currency-issuing government" gained prominence primarily through Modern Monetary Theory (MMT) starting in the late 20th century

Stop blaming me for your own ignorance.

If you want to communicate properly then stop talking in acronyms.

forgiven

namaste

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #362 - Oct 10^th, 2026 at 10:37am

lee wrote on Oct 9^th, 2026 at 2:48pm:

thegreatdivide wrote on Oct 9^th, 2026 at 11:21am:

given the lack of global financial oversight (eg Keynes' famous 1944 "clearing union" and 'Bankor' proposals), nations who authorize their c-i governments to fund themselves (other than by taxing or borrowing from the private sector) may be faced with a one-off devaluation of their exchange rate, the effect of which is to raise the cost of imports.

Ah yes. And what the imports from businesses that have moved offshore, with the attendant loss of jobs, they also lead to inflation.

The very system Keynes wanted to avoid, in the new post war global economy; hence his "clearing union and Bankor proposals - rejected by the Yanks who were now "masters of the universe (with Europe in ruins and the eclipse of the British empire).

Quote:

And after the High Court has said we must calculate Scope 3 exports, there goes another of our jobs. meanwhile China hasn't hamstrung itself. Scope2 emissions are carried by the trading partners who actually burn the fossil fuels. But you are fine with China having free rein. Roll Eyes

China is transitioning to renewables faster than anyone else, now aiming for peak emissions by 2030, and net zero by 2060 - in a nation of 1.4 billion people aka 'the world's factory'.

Aided and abetted - like the rest of the world - by Trump's Iran war.

Quote:

We just need to import the building materials. EG Autoclaved concrete. Roll Eyes

(googl AI)

Australia does not strictly need to import autoclaved aerated concrete as it has a domestic manufacturer - CSR Hebel — which has produced AAC locally in Australia for over 30 years.

As for cost, the c-i Oz govt can pay with debt free public money

Quote:

You mean the same AI that keeps going rogue? Grin

AI is improving at a rapid rate, along with verification capacities.

Quote:

Actually NO. It doesn't say anything about "blind" self-interest. Roll Eyes

Dummy: the aggregate self-interest of millions of competitors in the 'invisible hand' free market IA 'blind'; hence frequent market failures in the free market.

Quote:

No that's socialism. Roll Eyes

MMT is "socialism"?

And?......

Quote:

"David Koch blasts government spending as Australians hit with another interest rate hike and extra mortgage costs"

Ah - blaming govt. spending for inflation.

So how is govt supposed to fund affordable housing for all in a housing affordability crisis (AND aged-care packages, AND uni funding, etc etc without relying on immigration?

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« Last Edit: Oct 10^th, 2026 at 10:46am by thegreatdivide »

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #363 - Oct 10^th, 2026 at 10:42am

Bobby. wrote on Oct 10^th, 2026 at 10:13am:

thegreatdivide wrote on Oct 10^th, 2026 at 9:40am:

Bobby. wrote on Oct 9^th, 2026 at 11:28am:

TGD,
Quote:

Interesting - I can only conclude you don't read my posts:

A c-i govt. is a legal currency-issuing government; most national governments are such.

Stop making up your own language. Roll Eyes

??

(google AI)

...the specific modern economic phrase "currency-issuing government" gained prominence primarily through Modern Monetary Theory (MMT) starting in the late 20th century

Stop blaming me for your own ignorance.

If you want to communicate properly then stop talking in acronyms.

forgiven

namaste

Question: what does the abbreviation 'c-i government' mean?

And what of the increase in public spending choices open to such governments?

https://publicmoneypublicgood.net/

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lee

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Re: A wealth Tax Should Be Introduced In Australia
Reply #364 - Oct 10^th, 2026 at 12:11pm

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

The very system Keynes wanted to avoid, in the new post war global economy; hence his "clearing union and Bankor proposals - rejected by the Yanks who were now "masters of the universe (with Europe in ruins and the eclipse of the British empire).

But you are against Keynes. Cool

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

China is transitioning to renewables faster than anyone else, now aiming for peak emissions by 2030, and net zero by 2060 - in a nation of 1.4 billion people aka 'the world's factory'.

China is also building new coal plant faster than anyone else. Which means their other blathering about net zero is wrong. Cool

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

Australia does not strictly need to import autoclaved aerated concrete as it has a domestic manufacturer - CSR Hebel — which has produced AAC locally in Australia for over 30 years.

CSR hebel is on the east cost. The cost of delivery to WA is horrendous. By train or sea. Been there done that. It is far cheaper to import to WA from ... China. Cool

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

AI is improving at a rapid rate, along with verification capacities.

As is the going rogue. Remember when they said AI couldn't go rogue? It was programmed not to. Grin

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

the aggregate self-interest of millions of competitors in the 'invisible hand' free market IA 'blind'; hence frequent market failures in the free market.

Oh so all these competitors are acting as cartels. Grin

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

MMT is "socialism"?

What you described is ... "Whereas the public sector represents the deliberate/planned counter-balancing interests of the collective, enabling the supply of essential public services for all."

The public sector is not MMT. Cool

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

blaming govt. spending for inflation.

Well you said a C-I government didn't need inflation. Australia, by definition is a C-I government. Perhaps you may want to expand on the C-I government MAY cause inflation. Roll Eyes

thegreatdivide wrote on Oct 10^th, 2026 at 10:37am:

So how is govt supposed to fund affordable housing for all in a housing affordability crisis (AND aged-care packages, AND uni funding, etc etc without relying on immigration?

That is not something I said. You are the one pushing for government funding. Your "affordability crisis" uses the wrong metric. You use averages. You do know about how averages work, dont you? Roll Eyes

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Leroy Gold Member Online Australian Politics Posts: 5369 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #365 - Oct 10^th, 2026 at 12:32pm Applying a wealth tax so the government get more money is a sure fire way to reduce cost of living and raise living standards for poor people. The more money the politicians get the better off poor people will be.
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Bobby. Gold Member Offline Australian Politics Posts: 122906 Melbourne Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #366 - Oct 10^th, 2026 at 12:35pm A C-I government is a currency-issuing government. Our Govt issues Govt. bonds and the Reserve bank prints money to pay for them - so our Govt. does issue currency.
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lee Gold Member Offline Australian Politics Posts: 21741 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #367 - Oct 10^th, 2026 at 12:37pm thegreatdivide wrote on Oct 10^th, 2026 at 10:42am: what does the abbreviation 'c-i government' mean? Wasn't that your abbreviation? oh noes. My bad yours was c-i gov't.
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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #368 - Oct 10^th, 2026 at 12:38pm

Leroy wrote on Oct 10^th, 2026 at 12:32pm:

Applying a wealth tax so the government get more money is a sure fire way to reduce cost of living and raise living standards for poor people.

The more money the politicians get the better off poor people will be.

Leroy -

the Govt. doesn't care about you at all, at all, at all.

Jump to 2:35

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #369 - Oct 10^th, 2026 at 3:51pm

Bobby. wrote on Oct 10^th, 2026 at 12:35pm:

A C-I government is a currency-issuing government.

Our Govt issues Govt. bonds and the Reserve bank prints money to pay for them -
so our Govt. does issue currency.

Your error: in a free enterprise economy, most money is created in the private sector, ie, in private banks when they write loans for credit-worthy customers.

(Google it, and educate yourself).

You are referring to certain operations available to a central bank to deal with emergency situations, which nevertheless result in massive debts for government (eg the covid debt hangover) ie the government did NOT fund itself when it issued bonds via the central bank - if it did Oz, would not be stuck with its $trillion debt which is mostly due to the covid rescue package.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #370 - Oct 10^th, 2026 at 4:04pm

Bobby. wrote on Oct 10^th, 2026 at 12:38pm:

Leroy wrote on Oct 10^th, 2026 at 12:32pm:

Applying a wealth tax so the government get more money is a sure fire way to reduce cost of living and raise living standards for poor people.

The more money the politicians get the better off poor people will be.

Leroy -

the Govt. doesn't care about you at all, at all, at all.

Jump to 2:35

Politicians are hamstrumg by an impossible nightmare: how to fund essential public services while reducing taxes, reducing debt and balancing the budget.

All courtesy of delusional Neoclassical economics - accepted as de rigeur by the mainstream.

Enjoy the spectacles of public violence and hyper-partisanship in Spain, France, and the upcoming midterms in the US..... and the young turning against democracy as the dream of home ownership disappears, despite Albo's minor meddling with NG and CGT discount - which won't fix the problem of unaffordable housing fast enough to save Labor at the next election.

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UnSubRocky Gold Member Offline In your damn fate Posts: 26627 Rockhampton Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #371 - Oct 10^th, 2026 at 4:09pm
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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #372 - Oct 10^th, 2026 at 4:41pm

thegreatdivide wrote on Oct 10^th, 2026 at 4:04pm:

Politicians are hamstrumg by an impossible nightmare: how to fund essential public services while reducing taxes, reducing debt and balancing the budget.

All courtesy of delusional Neoclassical economics - accepted as de rigeur by the mainstream.

Enjoy the spectacles of public violence and hyper-partisanship in Spain, France, and the upcoming midterms in the US..... and the young turning against democracy as the dream of home ownership disappears, despite Albo's minor meddling with NG and CGT discount - which won't fix the problem of unaffordable housing fast enough to save Labor at the next election.

Then why don't they go on TV and say it's impossible?

Why do they pretend that they are fixing everything and that they care about us?

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #373 - Oct 13^th, 2026 at 4:33pm

Bobby. wrote on Oct 10^th, 2026 at 4:41pm:

thegreatdivide wrote on Oct 10^th, 2026 at 4:04pm:

Politicians are hamstrumg by an impossible nightmare: how to fund essential public services while reducing taxes, reducing debt and balancing the budget.

All courtesy of delusional Neoclassical economics - accepted as de rigeur by the mainstream.

Enjoy the spectacles of public violence and hyper-partisanship in Spain, France, and the upcoming midterms in the US..... and the young turning against democracy as the dream of home ownership disappears, despite Albo's minor meddling with NG and CGT discount - which won't fix the problem of unaffordable housing fast enough to save Labor at the next election.

Then why don't they go on TV and say it's impossible?

Why do they pretend that they are fixing everything and that they care about us?

An intelligent question.

Firstly , most pollies DO go into politics because they DO "care about us", but they are quickly disillusioned by the reality of adversarial-party political system.

Why the disillusionment?

Mainstream Economics.

Being deluded by the Neoclassical economic dictum "there is no alternative" (TINA), politicians resort to enjoying the competitive 'game' of politics, manifested in Western adversarial-party elections.

Now, since we are told by the highest university professors in Economics (generally serving wealthy industrialists), the general public believe 'there is no alternative' (to austerity economics), and politicians accept they can't work to promote well-being for all, instead - aided and abetted by a corrupt and self-serving media - indulge themselves in a cynical political contest, without ever considering the system itself is dysfunctional.

It's well-paying job (as long as you can get elected), and you get to shouting at your political opponents in Question Time....

Hence the political 'nightmare' faced by pollies presumably 'serving' the electorate: the less wealthy of whom want govt. to fund essential public services, the more wealthy want lower taxes and lower government spending; while no-one likes taxes and most blame government spending for causing inflaton.

Contradictions all around.

The real culprits being the most useless class of all tertiary academics, namely, mainstream' 'austerity' ecocomists who cause more harm than fundamentalist adherents of religious scripture...

In a word - dysfunctional.

Fortunately 'there IS an alternative'....

eg: MMT and other heterodox economics:

Steve Keen is an outspoken post-Keynesian economist and author of 'Debunking Economics' and 'The New Economics: A Manifesto', who is writing a book titled 'How Economists Will Destroy Capitalism'.

His core thesis is that mainstream (neoliberal and neoclassical) economic theory actively misinterprets how capitalism works—paving the way for systemic failure and economic collapse.

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« Last Edit: Oct 13^th, 2026 at 5:10pm by thegreatdivide »

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #374 - Oct 13^th, 2026 at 5:43pm

Keen's demolition of mainstream Neoclassical
economics summarized here:

(google AI)

Key Arguments by Steve Keen.

• Flawed Equilibrium Models: Mainstream economists treat the economy as a self-correcting system that naturally trends toward equilibrium. Keen argues that real-world capitalism is driven by constant change, feedback loops, and inherent instability (analyzed via complex systems and stability mathematics). By ignoring instability, economists fail to see major crises coming.

• Ignoring Private Debt: Conventional economic models often leave out private debt or treat it as a trivial transfer of money between people. Keen emphasizes that private debt creation acts as the primary driver of aggregate demand and asset bubbles. When debt gets too high, it triggers severe financial crashes (like the 2008 global financial crisis, which he predicted).

• Misunderstanding Technological Disruption and AI: As automation and artificial intelligence (AI) replace human labor, they break the core feedback loop of capitalism: wages drive consumption, and consumption drives profits. When machines replace workers, wages vanish, which threatens to eliminate consumer demand and destabilize the system if monetary and social models (like Universal Basic Income) aren't fundamentally rethought.

• Neoliberal Policy Damage: Keen contends that decades of neoliberal policy guidance have crippled economic potential, arguing that Western economies would be significantly wealthier and more stable had they rejected the deregulated, financialized dogma of recent decades.

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