How would you pay back Labors MASSIVE debt they left us

[nero_bolt]

Australian families to wear the pain of Labor's massive debt bomb

How would you pay back Labors MASSIVE debt that they have left Australia with? 

What would you do to get this massive debt problem under control that Labor left us?

What would you cut or trim to get this MASSIVE debt problem (caused by Labor and their failed spending policies) under control

How would you pay for all these WELFARE programs and never ending handouts?  Who has to pay for these and how?

How would you pay for the rising number of pensioners over the next 2-3-4 decades etc  What would you do and how do you pay for this? 

So what would you do to ballance the books and budget and lower and get rid of the massive DEBT we have? 

https://www.liberal.org.au/latest-news/2012/11/12/labors-debt-time-bomb-exposed

http://www.news.com.au/national/joe-hockey-reveals-labors-667-billion-debt-bomb-in-myefo-statement/s...

http://www.dailytelegraph.com.au/news/nsw/australian-families-to-wear-the-pain-of-labors-massive-deb...

Joe Hockey reveals Labor's $667 billion 'debt bomb' in MYEFO statement 

AUSTRALIANS face the worst hit to income since the 1950s, rising unemployment, a national debt ballooning to $667 billion and a legacy of spending that had crippled the budget, Treasurer Joe Hockey warned yesterday

TAXPAYERS were on track for a $667 billion debt bomb if Labor's policies and spending was left unchecked over the next decade, budget papers reveal.     

http://www.dailytelegraph.com.au/news/nsw/australian-families-to-wear-the-pain-of-labors-massive-deb...

http://www.news.com.au/national/joe-hockey-reveals-labors-667-billion-debt-bomb-in-myefo-statement/s...

[debra9275]

Paints what I had in mind was the one about the pink batts. it's cost someting like 23 million and doesn't prove anything that isn't already known, it's basically a witch hunt.

the ICAC is important though, it's turning up large scale corruption everywhere

[i-need-a-martini]

I will ignore the assumption that the deficit needs to be paid back immediately. I will also ignore the fact that the increased debt was essential to this countries ability to roll through a world crisis unscathed. Because that is all simply uneducated humbug from the likes of Hockey.

However, if the current government feels they need to decrease the deficit, the answers are simple nero:

• You tax those earning the highest. The higher the income the lower the threshold. The lower the income the higher the threshold.

• You tax company profits in exactly the same way as above. In addition there are those companies that should be slugged on top of their standard company tax - those companies who have detrimental impacts on society (cigarette producers for example) or detrimental effects on the environment (mining for example).

• You rein in spending on strategies that are of little benefit to the country as a whole (Abbotts parental leave being a classic example) and spend your (supposedly) limited funds on what is of value (public education, public health, public welfare).

• You ensure your strategies are for the long term rather than to see the country through the next 4 years. And therefore you develop policies to fund the future rather than knee jerk reactions to contemporary issues that you think will win you votes.

[fourandsixpants]

to boris.........

At the moment 400,000 fit and willing Australians over the age of 55 can’t get work. Fix that problem over the next 30 years and practically the whole Hockey crisis goes away.

There is still a federal deficit to worry about. It is small in global terms and not growing particularly rapidly, but it would be reasonable to stop it growing any faster than the Australian economy as a whole. By far the quickest and most humane way of fixing the deficit is to get the 600,000 unemployed Australians into jobs.

Step one should be to force employers seeking 457 visas to prove that there are no Australians willing and able to do the relevant jobs........................

but what about the rort that lets millionaires save 30 per cent tax by making super contributions while part-timers on less than $18,000 per year pay an extra 15 per cent tax on their contribution?

And what is the economic or even the political justification for allowing negative gearing on the purchase of established housing? What is so special about the mining industry that it deserves rebates and deductions worth several billion dollars a year, even while the pathetically ineffective mining resources rent tax is to be abolished? Why should the means test on the pension be tightened while the means test on the health insurance rebate is to be removed?

There is no financial crisis in Australia, and no threat of one. What we have heard from Hockey is the opening blast of a new phase of the class war: tax breaks for billionaires and heavy lifting by pensioners. The ALP should be calling Hockey out for what he is doing: party democracy might be good, but proposing policies in the interest of the 99.9 per cent of the population who aren’t billionaires would be better still.

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Here here!

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[debra9275]

Force multi-nationals to pay a fair amount of tax in proportion to revenue actually earned in this country. 

I particularly like that one TB

[debra9275]

Step one should be to force employers seeking 457 visas to prove that there are no Australians willing and able to do the relevant jobs

yeah!

[i-need-a-martini]

Oh yeah. And how about we stop selling our countries agricultural assets.

Whilst everyone is up in arms about "the chinese" buying up apartments, we all turn a blind eye to the fact that every other country in the world is buying up our land.

That's because THOSE countries are smart enough to be thinking beyond the next 4 years. They are thinking about the next 100 years. Mineral shortages. Food shortages. Water shortages. Climate change implications. Population booms. Sadly when all the above occurs we won't have any land left to help ourselves just so the government can make a quick buck now.

[i-need-a-martini]

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@debra9275 wrote:

Step one should be to force employers seeking 457 visas to prove that there are no Australians willing and able to do the relevant jobs

yeah!

---

Sadly that is all drop in the ocean stuff Deb. Looks good when politicians huff and puff about it before an election but inconsequential in the big scheme of things.

And that is part of the problem - our politicians (on BOTH sides) don't think big. The last politician to really think like this was Keating.

[debra9275]

martini, both govts seem to think our little country is a backwater and they're practically giving everything away. We were a lucky country, commodity rich and with good agriculture

It will come back to bite us eventually,

actually it already is

[tall_bearded]

Another one that just came to mind

How about removing the fringe benefit tax by redefining all fringe benefits and salary offsets as assessable income.  I mean, why should a company executive be able to get his employer to pay for his children’s private education, whilst the rest of us plebs have to pay for it out of our after tax income.

[fourandsixpants]

yes. ineeda and debs....I agree with what both your last comments.

Australia is GREAT in what has not been tapped into.

We have a MASSIVE desert system, the things we could create out there.

We have the know how to irrigate the land and water is abundance in deep water aquifers.

Done right we could do marvellous things.

We have people here who were employed by the Saudis years ago to irrigate their deserts.

Can be done here and done right we would be absolutely laughing all the way to the bank.......................

but it needs leadership with foresight, discipline and guts.