Monday 4 July 2011
FFS! Is Abbott for real?
When I first heard this masterful piece of economic nonsense last Thursday I couldn't believe my ears.
When asked about foreign mining companies and the money they derive from Australia's non-renewable resources, Tony Abbott said; "We’ve got to remember that foreign investors take millions out of our country but they put billions in first"
It seems Abbott refuses to recognise that he has no capacity for basic economics.
Rio Tinto alone produced net profit after tax of A$37.4 billion in Australia in the 10 years to 2009. That's about 3.74 billion annually that it probably took home to head office in a brown paper bag.
As for the tax these multinationals pay, well that's quite frankly laughable.
In the 2007-08 financial year 4,290 mining companies had combined incomes which totalled $160,323,192,189 with combined taxable incomes of $29,010,243,407.
Net tax actually paid was $8,068,463,15 after all allowed deductions had been made.
Of course the royalties mining businesses paid in the past were all tax deductible, and as exporters these same companies get such a whopping collective GST refund that it all but wipes out the financial impact of money paid in taxes by the industry as a whole.
Any fool can see that foreign mining companies are on a sweet deal here. So what does that make Tony Abbott - a specimen lower than a fool or simply a Lib?
Sunday 3 July 2011
Welcome to the wonderful world of residential electricity supply pricing on the NSW North Coast
Click on image to enlarge
Origin-Country Energy price increases came into effect on 1 July 2011 just in time to greet another spell of low night time temperatures (around 10C or under) and wintry daytime temperatures in the low 20s if one is lucky - accompanied by wind, rain and fog in some areas of the NSW North Coast.On average these are the differences between the last bill received for electricity consumption in the home and the final 63 days or so of the next bill:
* Residential light and power now costs an extra 4.106 cents per kilowatt hour plus GST.
* Off-peak hot water has risen by 1.566 cents per kilowatt hour plus GST.
* Supply charges on the former are up by 1.566 cents and on the latter by 1.299 cents without GST included.
According to IPART this round of price rises represents an average increase of 18.1% for Country Energy customers.
While Integral Energy customers will experience a 16.4% hike and EnergyAustralia customers will see their bills rise by 17.9%.
Welcome to the world of miserable heating choices until Spring arrives.
Levee wall art in Maclean NSW
Aspects of a section of a Clarence River levee wall in Maclean on the NSW North Coast.
The mural was painted on behalf of the Clarence Coast Cultural Committee as part of the district's celebration of the centenary of Federation.
It recognises community groups achieving 100 years of continuous service.
Click on images to enlarge
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