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i-need-a-martini · ‎02-09-2014

So as usual, the average person loses out so that the richest people in the country can get a 'break'.

Thanks for nothing Abbott/Hockey.

karliandjacko · ‎02-09-2014

@i-need-a-martini wrote:
So as usual, the average person loses out so that the richest people in the country can get a 'break'.

Thanks for nothing Abbott/Hockey.

Abbott was on 7:30 coughing and claiming it is for the benefit of the working people.

Surely nobody is stupid enough to believe that.

It makes no sense at a time when they're cutting into pensions to be cutting into super as well.

boris1gary · ‎02-09-2014

Save The Billionaires

boris1gary · ‎02-09-2014

I think we are supposed to die before being able to retire, that is if your lucky enough to be working (probably for food vouchers) - jobless meant to die much sooner - seems to be their forward plan.

debra9275 · ‎03-09-2014

@boris1gary wrote:
Save The Billionaires

boris1gary · ‎04-09-2014

If only we had a government working for all of us instead of just a few....

http://www.theguardian.com/commentisfree/2014/sep/04/oil-tax-norway-could-teach-australia-a-thing-or...

Oil tax: Norway could teach Australia a thing or two about managing wealth

Thanks to natural resources, Norway is a country of five million trustifarians – with each person theoretically being a millionaire. In Australia, mining benefits a selected few

Given the number of visiting delegations that troop into the Australian parliament to watch the occasionally bruising debate, it’s perhaps fortunate that there were a distinct lack of Norwegians present when Joe Hockey announced the demise of the mining tax on Tuesday.

Anyone involved in policy formation in the Nordic country would probably have been baffled and even dismayed that an advanced democracy such as Australia could’ve strayed so far from Norway’s stellar example on how to manage the dumb fortune of a resources boom.

Norway’s government Pension Fund Global was created in 1990 to make the most of the windfall of striking oil in the North Sea. Companies looking to extract Norwegian oil pay handsomely for the privilege.

The Norwegian government sums up the fund with the rather lengthy fortune cookie-like phrase “One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.”

The bulging sovereign wealth fund, managed by the Norwegian government, is set to top $1trn within this decade. At the end of 2013, its value stood at 5.2trn kroner – that’s $903.4bn.

With the money invested more than 8,000 businesses and properties last year, the fund currently owns 1% of all the world’s stocks. The fund managers recently purchased a slab of London’s ritzy west end, including Savile Row, famed for its sharp suits and the former office of the record label Apple – the rooftop venue for the Beatles’ last live performance.

The fund’s average annual return has been 5.7%. Last year was a bumper one, with the money pot swelling by 15%.