Alan Joyce Qantas

Australia's big business is tired of being your whipping boy, thank you. They've dispatched Jennifer Westacott, Chief Executive of the Business Council, to run a "poor us" media campaign on behalf of Australia's and the world's biggest companies. And they've hit back at the criticism that many pay no tax.

One of the attacks on the ABC's Emma Alberici was from Qantas' Alan Joyce, who cried that "if you don't make money you don't pay the tax ... That is the way the system works. It allows companies to take a huge loss and digest that over time." That is indeed the way the system works: incur a big loss or massive writedown, and you get to offset it against future profits. Some companies, like Qantas, go on "digesting" losses over years, avoiding paying tax on current profits.