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27GV
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Posted - 17 Feb 2014 :  13:51:00  Show Profile Send 27GV a Private Message  Reply with Quote Copy this URL to Link to this Reply
http://www.afr.com/p/national/news_corp_blew_the_budget_DFlluROVi0F6CV1fQ5UJvJ

quote:
The single largest factor in the underlying deterioration of the federal budget announced by Treasurer Joe Hockey in December was a cash payout of almost $900 million to Rupert Murdochís News Corporation.

The massive windfall, revealed in the US groupís accounts a week ago in New York, was at a time when News Corp newspapers were highly critical of the budget and called for deep cuts.

The drama over the payout, one of the largest cash payments made by the Tax Office, played out behind the scenes during the federal election.

On July 25 the Federal Court of Appeal ruled against the Tax Office to allow News Corp to claim a $2 billion deduction from a series of paper shuffles between subsidiaries.


The so called budget emergency is a result of a payout to RUPERT MURDOCH.

And the country suffers.


_Mford
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Zac
Lumberjack



Australia
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Posted - 17 Feb 2014 :  14:23:41  Show Profile Send Zac a Private Message  Reply with Quote Copy this URL to Link to this Reply
You do sillier headlines than Murdoch's papers (or in the case of the link you provided, Fairfax's papers). The ATO's $882 million payout to News Corp goes back to a dispute that started in 1989, and it's been a lawyer's bonanza since then. Hockey and co. mightn't have made much of a go of financial management since last September, but this one wasn't of their doing. The so-called "budget emergency" has more to do with Australian Government debt going from being in the black to into the red over $260,000,000,000 in six years, and no end in sight. To put that $882 million payout into perspective: Government debt has blown out by $6 billion since the Coalition came to government, and less than $1 billion of that is the News Corp payout. Only the terminally ignorant could believe that $6 billion has been caused by Coalition policies since then. $6 billion is a lot of borrowed money to repay, but let's just add it to the debt. I think that's what those learned economic experts at the IMF seem to be telling us.

We're not quite Greece yet, but we're heading in the right direction...

Australian government debt:
2006: NIL at worst, billions in credit at best. Opinions vary
2007: 58 billion
2008: 60 billion
2009: 101 billion
2010: 147 billion
2011: 191 billion
2012: 233 billion
2013: 257 billion
2014: ???

(Source: The Reserve Bank of Australia website. I won't post the exact link, but you'll find the figures in here... http://www.rba.gov.au/statistics/tables/ )

We know government debt has risen by 6 billion since last September, but let's see how much bigger it is at the end of the financial year. It's not a problem though, because it's such a small debt. We can keep adding to it for ages yet before the IMF starts telling us we shouldn't keep borrowing. Meanwhile, it stinks that News Corp gets paid $882 million of government money on a technicality, but it's hardly the cause of any budget emergency.

Edited by - Zac on 17 Feb 2014 14:37:36
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bigcol
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Australia
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Posted - 18 Feb 2014 :  08:24:01  Show Profile Send bigcol a Private Message  Reply with Quote Copy this URL to Link to this Reply
One thing it does is show Murdoch for the grubby dog that he is.

I like the cartoon in 27s link.
Bullying the tax office was easy. Kissing Abbotts arse was the hard part

ONLY LITTLE BOYZ WEAR BOWTIES
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Legendary Gerry
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Australia
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Posted - 18 Feb 2014 :  08:35:24  Show Profile Send Legendary Gerry a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by 27GV

http://www.afr.com/p/national/news_corp_blew_the_budget_DFlluROVi0F6CV1fQ5UJvJ

quote:
The single largest factor in the underlying deterioration of the federal budget announced by Treasurer Joe Hockey in December was a cash payout of almost $900 million to Rupert Murdochís News Corporation.

The massive windfall, revealed in the US groupís accounts a week ago in New York, was at a time when News Corp newspapers were highly critical of the budget and called for deep cuts.

The drama over the payout, one of the largest cash payments made by the Tax Office, played out behind the scenes during the federal election.

On July 25 the Federal Court of Appeal ruled against the Tax Office to allow News Corp to claim a $2 billion deduction from a series of paper shuffles between subsidiaries.


The so called budget emergency is a result of a payout to RUPERT MURDOCH.

And the country suffers.



..and you accuse the newspapers of sensationalism and mis-reporting.
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27GV
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Posted - 18 Feb 2014 :  13:38:22  Show Profile Send 27GV a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by Legendary Gerry

quote:
Originally posted by 27GV

http://www.afr.com/p/national/news_corp_blew_the_budget_DFlluROVi0F6CV1fQ5UJvJ

quote:
The single largest factor in the underlying deterioration of the federal budget announced by Treasurer Joe Hockey in December was a cash payout of almost $900 million to Rupert Murdochís News Corporation.

The massive windfall, revealed in the US groupís accounts a week ago in New York, was at a time when News Corp newspapers were highly critical of the budget and called for deep cuts.

The drama over the payout, one of the largest cash payments made by the Tax Office, played out behind the scenes during the federal election.

On July 25 the Federal Court of Appeal ruled against the Tax Office to allow News Corp to claim a $2 billion deduction from a series of paper shuffles between subsidiaries.


The so called budget emergency is a result of a payout to RUPERT MURDOCH.

And the country suffers.



..and you accuse the newspapers of sensationalism and mis-reporting.



As stated by by the SMH:

quote:
The single largest factor in the underlying deterioration of the federal budget announced by Treasurer Joe Hockey in December was a cash payout of almost $900 million to Rupert Murdochís News Corporation.


Deterioration of budget = budget emergency

http://www.bbc.co.uk/news/business-26236389

BHP posts 31% profit increase. Mining tax is so bad for business. Oh no, they totally needed to have a cry about it.


_Mford

Edited by - 27GV on 18 Feb 2014 15:18:12
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Zac
Lumberjack



Australia
9788 Posts
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Posted - 18 Feb 2014 :  15:43:55  Show Profile Send Zac a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by 27GV

quote:
[quote]The single largest factor in the underlying deterioration of the federal budget announced by Treasurer Joe Hockey in December was a cash payout of almost $900 million to Rupert Murdochís News Corporation.
Deterioration of budget = budget emergency
No. "Deterioration of budget" of the payout to News Corp of $0.882 billion = less than 0.5% of the so-called budget emergency. Australia has gone from a healthy surplus to around $263,000,000,000 debt in just over six years - and it doesn't look like getting better any time soon. That's the "budget emergency" - and FWIW, if we want to make the payout to Murdoch a political point-scoring issue, the decision was handed down in July last year.

If Fairfax wants to get technical about the cash payout to Murdoch being "the single largest factor in the underlying deterioration of the federal budget announced by Joe Hockey in December", it is correct about the "announced by Joe Hockey in December". There was no other single factor announced in December that was a larger factor, but the budget emergency relates to the continually rising levels of Australian government debt, and like I said before, $882 million is such a tiny part of that debt, it is certainly no large factor.

Keep working on those headlines. You might get a job at Fairfax one day. If you don't want to reach that high, send your CV to News Corp.
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27GV
Team Manager



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Posted - 19 Feb 2014 :  14:14:13  Show Profile Send 27GV a Private Message  Reply with Quote Copy this URL to Link to this Reply
http://www.smh.com.au/federal-politics/political-news/alcoa-contradicts-joe-hockey-on-reasons-for-smelter-shutdown-20140218-32yir.html

Another day. Another mass layoff (at Alcoa). Another time Joe hockey lies about the cause of the job losess.

How's everyone enjoying rule by the Layoff Libs?


_Mford
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Zac
Lumberjack



Australia
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Posted - 19 Feb 2014 :  14:30:21  Show Profile Send Zac a Private Message  Reply with Quote Copy this URL to Link to this Reply
You really should learn a bit about things before you wade in looking silly. We could all go on about the carbon tax, Hockeynomics, etc., but here's a very small and simple explanation about why Alcoa is ceasing aluminium smelting, from the ABC's Alan Kohler:

http://www.abc.net.au/news/2014-02-18/alan-kohler-explains-why-the-point-henry-smelter/5268090
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AlbertM
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Posted - 19 Feb 2014 :  15:39:47  Show Profile  Visit AlbertM's Homepage Send AlbertM a Private Message  Reply with Quote Copy this URL to Link to this Reply
So what you are saying Zac, Hockey and the Libs are lying by blaming the carbon tax?

Ford fans be proud. History of Australian motor racing shows Ford has been and will always be superior. They have to slow them down when they get serious about racing. The Phase 4 scared the **** out of people, they banned it. Sierra gets called on a technicality, Falcon EF "...had its wings clipped to make Holden part of the show", AU not allowed to show it's potential, Falcon BF gets clipped. Mustang Is so good Supercars made up a rule and gets a bag of cement in the roof, and it still wins.
_Mford
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Zac
Lumberjack



Australia
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joined 24 Dec 04

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Posted - 19 Feb 2014 :  15:48:44  Show Profile Send Zac a Private Message  Reply with Quote Copy this URL to Link to this Reply
They're not as good at it yet as the last government was - but they're getting there.

I don't know how much, if any effect the carbon tax has had on aluminium production in Australia. There's probably some truth in what Hockey said, but the over-riding reason aluminium production isn't viable in Australia is the bottom falling out of the price - and like most things produced here, it costs more in Australia than other places.

Edited by - Zac on 19 Feb 2014 16:02:31
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27GV
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Posted - 19 Feb 2014 :  23:32:51  Show Profile Send 27GV a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by Zac

You really should learn a bit about things before you wade in looking silly. We could all go on about the carbon tax, Hockeynomics, etc., but here's a very small and simple explanation about why Alcoa is ceasing aluminium smelting, from the ABC's Alan Kohler:

http://www.abc.net.au/news/2014-02-18/alan-kohler-explains-why-the-point-henry-smelter/5268090



No mention of the carbon tax.

http://news.ninemsn.com.au/national/2014/02/18/10/42/alcoa-closure-was-predictable-hockey

quote:
The carbon tax had added to the cost of production and the closure gave further weight to the argument that Labor should support the tax's repeal in parliament, Mr Hockey said.

"It's a massive cost on aluminium smelters, and a 50-year-old smelter with a carbon tax is never going to be cost-effective," he said.


Hockey blames carbon tax.

http://www.abc.net.au/news/2014-02-19/navy-breached-indonesian-waters-six-times-review-finds/5270478

Bonus Abbott govt. screw-up of the day:

Navy breached Indonesian waters six times under Operation Sovereign Borders, review finds

Destroying relations with our neighbours?


_Mford

Edited by - 27GV on 19 Feb 2014 23:34:31
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Zac
Lumberjack



Australia
9788 Posts
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Posted - 20 Feb 2014 :  07:40:49  Show Profile Send Zac a Private Message  Reply with Quote Copy this URL to Link to this Reply
Here's a reminder for you...
quote:
Originally posted by 27GV

Another day. Another mass layoff (at Alcoa). Another time Joe hockey lies about the cause of the job losess.

How's everyone enjoying rule by the Layoff Libs?
No mention there of the reality that caused the Alcoa plant to close. Alcoa could have stumbled on for another year or two if the government gave it another $40,000,000 or so. That's what the previous government did when the aluminium price had already crashed and was on its way to plummeting further. Taxpayers money down the tube like too many other Labor examples of waste to list.
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AlbertM
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12532 Posts
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Posted - 20 Feb 2014 :  08:23:58  Show Profile  Visit AlbertM's Homepage Send AlbertM a Private Message  Reply with Quote Copy this URL to Link to this Reply
Big bad Labor, $40 million to keep a couple of jobs. Yet $880 Million is a 'tiny' amount.

Ford fans be proud. History of Australian motor racing shows Ford has been and will always be superior. They have to slow them down when they get serious about racing. The Phase 4 scared the **** out of people, they banned it. Sierra gets called on a technicality, Falcon EF "...had its wings clipped to make Holden part of the show", AU not allowed to show it's potential, Falcon BF gets clipped. Mustang Is so good Supercars made up a rule and gets a bag of cement in the roof, and it still wins.
_Mford
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Zac
Lumberjack



Australia
9788 Posts
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Posted - 20 Feb 2014 :  08:38:40  Show Profile Send Zac a Private Message  Reply with Quote Copy this URL to Link to this Reply
$40 million to keep a couple of jobs for how long? Until another $40 million, and then another, and then the place closes anyway.

$882 million is a massive amount of money, and as I said a few posts ago, it stinks that News Corp was paid that money., but it is relatively "tiny" in that it is less than $0.5% of government debt, and not the cause of any "budget emergency". Correct.
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27GV
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Posted - 20 Feb 2014 :  12:34:12  Show Profile Send 27GV a Private Message  Reply with Quote Copy this URL to Link to this Reply
quote:
Originally posted by Zac

Here's a reminder for you...
quote:
Originally posted by 27GV

Another day. Another mass layoff (at Alcoa). Another time Joe hockey lies about the cause of the job losess.

How's everyone enjoying rule by the Layoff Libs?
No mention there of the reality that caused the Alcoa plant to close. Alcoa could have stumbled on for another year or two if the government gave it another $40,000,000 or so. That's what the previous government did when the aluminium price had already crashed and was on its way to plummeting further. Taxpayers money down the tube like too many other Labor examples of waste to list.



Instead we have thousands of Jobs down the tube like too many Abbott government examples to list. Coming next, SPC!


_Mford
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