Aug 26, 2016

Treasurer, here’s a new recruit to the ranks of the taxed-nots

Forget Scott Morrison's taxed and taxed-nots -- his big problem this week was some shocking results from two of the country's biggest companies, write Glenn Dyer and Bernard Keane.

The Treasurer’s new entry in the lexicon of dodgy political rhetoric this week has some application beyond the welfare v wealthy, lifters v leaners rhetoric it was intended to evoke. Some corporations are in danger of becoming taxed-nots as well.


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6 thoughts on “Treasurer, here’s a new recruit to the ranks of the taxed-nots

  1. Rocky Mylar

    “BHP for paying way too much for gas assets ”
    Is that not the usual sign of a market top: BHP and Telstra making large purchases?

  2. maureen

    Why don’t we hear more from the media that the ordinary people in the community read and watch on our TV and in our papers.
    You have to be a member of Crikey to get this information. It needs to be very public especially the part that it is the loss of revenue from the big corporations and not from the monies that the ordinary person receives from the government. Yes a lot is but we need to hear the facts.

  3. klewso

    “Earnings problem” – from a “Cargo Cult/Limited News Party” government treasure?
    This “rose thorn” was a member of the party, that (over a decade, in a quest to curry electoral favor – under Howard and Costello) raised middle-class welfare and tax cuts (emasculating investment/revenue) to an art form? …. Not to mention “$Iraq” and other accoutrements?
    I just hope the less well-off are ready for his “Castor Oil Tax” – because, if form’s any guide, it’s unlikely his sponsors are going to be getting it where it hurts?

  4. bushby jane

    Why do all these terribly clever people at the top who stuff up so badly get paid so much? Why do shareholders keep approving their pay packets?
    I would not be happy if I was reliant on dividends for my income, but I understand that high dividends and expectation of is a lot of our problem with the lack of growth in business, as money is not being returned to grow businesses while it is being expended in dividends.

    1. Zarathrusta

      @bushby Jane, years ago The Independent Monthly showed that around the world and particularly in Australia Company Directors with few exceptions had a level of renumeration inversely proportional to the company’s Return on Capital. The more lousy they performed, the more they got paid.

      The reason this keeps happening is that the in-club of funds managers and corporate investors hold the majority of shares in the majority of Australian companies. To fix this, super funds should be required to allow investors to exercise the votes of their share of invested funds at AGMs. The way it stands, the in group can just keep reelecting, promoting and hyper-paying each other.

  5. Zarathrusta

    I don’t think we’ll return to sustainable profits until, well, business becomes sustainable. That means renewable energy, recycled materials, repairable systems.

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