Oz Federal Election 2013 - Discussion and Comments

[Skyring]

Does Kev need Obama helpers to come and "help him" in his electioneering??

They might find the product a bit harder to sell.

 

[cove]

Got any money in the bank? The Treasurer may want you to share a bit with him shortly (maybe this Friday for an announcement).
Remember it's only money and not an arm or a leg.

 

[amaroo]

Got any money in the bank? The Treasurer may want you to share a bit with him shortly (maybe this Friday for an announcement).
Remember it's only money and not an arm or a leg.

Good to see we're taking lessons from the likes of Cyprus

 

[cove]

It will probably be something that causes a billion dollars of annoyance and after we have the new Government Department it raises as much in net terms as the Mining Tax.
Don't put your loot in your mattress...we don't need sleepless nights from the lumps of money.
Of course I was thinking why hit depositors....doesn't the risk arise from the lending so shouldn't borrowers pay??
Cyprus was a lesson that's for sure amaroo.

 

[medhead]

Well people on 457 visas are given them for a specific job that no Australian is qualified to do.Not for the best in their field.So there are no people who couldn't do the job?
Though I would believe there are no Australians who would do the job.
And shouldn't John McTernan have had his 457 visa terminated when the job he was given the visa for was terminated?
Just goes to show once again the hypocrisy of this Government.

I didn't say they are the best in their field. But they certainly have skills and experience that no Australian has - as you acknowledge. Which suggests no Australia can fulfill the requirements of their position. You'll also find that all 457 visa holders have a certain time limit to find other employment if they leave/lose their job. That's in the legislation and I have no idea why Howard's government included it. Hypocrisy is expecting the government to treat once person differently to what is allowed under the legislation. Not to mention applying different standards from every other 457 visa holder solely on the basis of employer.

 

[medhead]

It will probably be something that causes a billion dollars of annoyance and after we have the new Government Department it raises as much in net terms as the Mining Tax.
Don't put your loot in your mattress...we don't need sleepless nights from the lumps of money.
Of course I was thinking why hit depositors....doesn't the risk arise from the lending so shouldn't borrowers pay??
Cyprus was a lesson that's for sure amaroo.

Interesting comments. Unfortunately the reality is a bit different. A levy/tax/whatever on the bank is not a levy on deposits. The banks have already said they'll reduce the interest rates to depositors as a result. Problem being my run of the mill bank account currently earns about 0.02%. I'll miss the 3 cents a month I earn in interest. Or there is my many deposit amount which is held in and offset account. The only way for the bank to crawl that back is by reducing my mortgage interest rate. I can only say please, please do it [bank name].

 

[serfty]

They are not on 457s apparently, from an article from today's "Herald Sun":

The three men flown in to work on the ALP strategy will not be employed under controversial 547 visas

 

[medhead]

They are not on 457s apparently, from an article from today's "Herald Sun":

There ya go. Working holiday visa.

 

[drsmithy]

Well people on 457 visas are given them for a specific job that no Australian is qualified to do.Not for the best in their field.So there are no people who couldn't do the job?

That's the theory.

In Australia, however, as in other countries with their equivalents, they often end up getting used as an alternative to training local staff, and to suppress local wages. Or just flat-out rorted by using inaccurate job descriptions to artificially exclude local applicants.

And shouldn't John McTernan have had his 457 visa terminated when the job he was given the visa for was terminated?

Yes. It wasn't ?

 

[markis10]

Interesting comments. Unfortunately the reality is a bit different. A levy/tax/whatever on the bank is not a levy on deposits. The banks have already said they'll reduce the interest rates to depositors as a result. Problem being my run of the mill bank account currently earns about 0.02%. I'll miss the 3 cents a month I earn in interest. Or there is my many deposit amount which is held in and offset account. The only way for the bank to crawl that back is by reducing my mortgage interest rate. I can only say please, please do it [bank name].

Its a levy on deposits according to News, no photo of a Jetstar 717 though ! Sounds a bit like a rebirth of FID.

BANK customers will pay a levy on all deposits worth up to $250,000 in a Labor move that aims to prepare for future economic shocks but exposes Kevin Rudd to attacks for increasing the burden on consumers.

http://www.theaustralian.com.au/nat...l&utm_campaign=editorial&net_sub_uid=11320134

I know one bank said it would use interest rates to recover it but I am guessing it would be easier for them just to deduct it from the account, at any rate it's believed to be sub 1%.

 

[medhead]

Its a levy on deposits according to News, no photo of a Jetstar 717 though ! Sounds a bit like a rebirth of FID.

BANK customers will pay a levy on all deposits worth up to $250,000 in a Labor move that aims to prepare for future economic shocks but exposes Kevin Rudd to attacks for increasing the burden on consumers.

http://www.theaustralian.com.au/nat...l&utm_campaign=editorial&net_sub_uid=11320134

I know one bank said it would use interest rates to recover it but I am guessing it would be easier for them just to deduct it from the account, at any rate it's believed to be sub 1%.

A number of key difference there to the speculation in the SMH. They had a $100k cap, it was a levy on deposits held by the banks paid by the bank not the customer. The Australia story doesn't make sense in that respect, if the customer is paying the levy why will banks reduce the interest rate?

 

[NM]

They are not on 457s apparently, from an article from today's "Herald Sun":

There ya go. Working holiday visa.

Have to wonder just what sort of visa is appropriate for such activities? Maybe they are not planning to be "working" while here? Just "giving advice" which American tourists do all the time while enjoying a few amber ales in the pubs around the country.

 

[medhead]

Have to wonder just what sort of visa is appropriate for such activities? Maybe they are not planning to be "working" while here? Just "giving advice" which American tourists do all the time while enjoying a few amber ales in the pubs around the country.

In making my flippant comment the thought was maybe they realise Rudd has no chance and that he's a control freak so they'll easily be under the 20 hour a week max for working holidays.

 

[11sjw]

A number of key difference there to the speculation in the SMH. They had a $100k cap, it was a levy on deposits held by the banks paid by the bank not the customer. The Australia story doesn't make sense in that respect, if the customer is paying the levy why will banks reduce the interest rate?

The Fairfax article Big four spooked by Labor levy states....

Money raised would be placed in a government-managed fund - and could only be used to refund depositors, not for other types of spending.Advertisement
At the same time, however, the funds raised would help to enhance the budget's bottom line in the same way that funds deposited in the Future Fund help the budget. It comes after heavy revenue write-downs in recent months.
The Reserve Bank and the International Monetary Fund support the levy being introduced because it would help the government meet the cost of a bank failure, with such schemes common internationally.

 

[medhead]

The Fairfax article Big four spooked by Labor levy states....

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That story also says:

He said the higher cost would ultimately be passed on to depositors - but the government is set to argue it would cut income from a $10,000 deposit by just 50¢ a month.​

But the story I read was on the main SMH site not WA Today site, and it was also a story from yesterday which was based on the speculation. Looking back now the details seem to be fixed. Banks will pay levy for guarantee, more cash for car makers

bank depositors will face additional costs with the banks certain to pass on a 0.05 per cent insurance levy on deposits up to $250,000.

The government believes the levy will cut the return on a $10,000 deposit by ''less than 50¢ per month''.​

​

This is still saying that the effect will be a reduction of the return from the deposit, not an actually payment taken from the deposit. Although the first bit is still makes it unclear. But a deposit held over a number of years (20, 50 ?) could end up reducing to nothing if they are going to withdraw the levy from deposits every year. On the whole, it doesn't sound like the cyprus situation to me....

​

 

[cove]

So far the start of fixing the budget black hole has been laughable. Labor is 30 billion short so they are far too weak in their response to the problem. FBT changes and a small deposit tax is more red tape for business and there has been zero consultation with business. No wonder business hate this Government.
Normally you would cut spending or raise tax rates/levies (but not till after an election).

 

[Rebekkap]

Good in theory. This term of Government clearly shows that falling into line wasn't a high priority for most in the caucus.

I don't recall any government MPs crossing the floor, which is what the point about falling in line referred to.

 

[BadgerBoi]

So far the start of fixing the budget black hole has been laughable. Labor is 30 billion short so they are far too weak in their response to the problem. FBT changes and a small deposit tax is more red tape for business and there has been zero consultation with business. No wonder business hate this Government.
Normally you would cut spending or raise tax rates/levies (but not till after an election).

"Business" hates any Labor government purely on principle.

 

[Pukka]

So after wading through all that tripe that the new treasurer was spouting I have found a bright spot. He has deferred the limit in self education expenses (to $2000pa) by a year.

I think it's time to get some serious education done this year, I'm thinking Vegas, Vail and Waikiki

 

[amaroo]

I don't recall any government MPs crossing the floor, which is what the point about falling in line referred to.

Unfortunately, this is correct!

I thought we lived in a democracy All and sundry should be scared stiff with straight jacket party politics of this kind:!: