Australian Government to Tax Bank Saving

Ok one question ? if this is the case, how can Australia boast to have a triple AAA economy? envy of the world the politicians say.!.
if that was the case they wouldn`t be doing this Tax.. they didn`t need it to get through the financial crisis... so whats change other than
the spending like there is no tomorrow.. it still has to be paid and by whom? guess its the taxpayers..
 

envy of the world the politicians say.!.
Click to expand...

More spin (or what they really are, LIES) and it will only get worse if Rudd wants to campaign on the economy. Now he is promising $450MILLION for after school hours care

The TRUE picture is, we have the third highest level of accumulated debt in the world behind Slovenia, and as I said earlier it blew out by an additional $15BILLION in 3 months to $33 BILLION which we will have to repay. Can you imagine the Interest on this debt?

I look at the handful of experienced Ministers who refused to serve under Rudd and quit, adding people like Graham Richardson, Warren Mundine and John Della Bosca etc who think little of him

As a side issue I can see why the Liberals dont want Treasury to cost their policies, because Treasury didn't even factor in the Fringe Benefits Tax in the latest budget
 
As some economics guru pointed out the other day. To say we're doing far better than other economies is extremely misleading.

'Other' economies are recovering. We are not, ours is receding.
Their economies are based on productivity, ours was based on passive revenue from the mining boom, which is imploding.
They're paying off their debts, we're simply borrowing more to keep up the lifestyle, and make the Govt's budget look better.

Labor's economy figures are dangerous smoke and mirrors spin.
 

Diwundrin said:
'Other' economies are recovering. We are not, ours is receding.
Click to expand...
If you mean that our rate of growth is slowing I can accept your premise but if you mean that our economy is not growing or is shrinking I would argue that this is not so. We have had 21 years of continuous growth but not always at the same rate.
 
And yet we, or I should say Governments, use booms to brag about well they're managing the economy, and then when the bust comes they brag that we aren't as bad off as Greece and it's a 'global problem' and has nothing to do with their economic management. What's the old saying? "everyone is success' father but failure is an orphan"... or similar?
 
Remember the OT story about Nebuchadnezzar's dream of the seven fat cows
and the seven lean cows that ate the fat ones.
It was an ancient lesson in economics.

I don't know why we are still surprised.
 
SeaBreeze said:
That's outrageous, and of course target the senior's retirement money too! :dollar:
Click to expand...

This truly sucks, but Reagan's taxing our Social Security Retirement Funds is just as bad. Single people must pay taxes on their Social Security payments if they make over $25,000.00, and couples face the same taxes if making $32,000.00 or more. This means that most people will probably keep working until they die.

Most people, single or not, will have to work to maintain the lifestyle they worked so hard to create. Maintaining that lifestyle will cost more than $25,000.00 for singles and over $32,000.00 for couples, annually. Most people will keep working, rather than give up the fruits of their labor.

Taxing savings at 0.05 works if, and only if, the targeted savings accounts pay decent interest rates. Otherwise you are better off cashing your paycheck and keeping it under your mattress. At least you'll know where it is and any thefts will be obvious!
 
Last edited:
Our interests rates are dropping at an alarmingly steady rate, barely ahead of inflation really. Not quite as low yet as I read they were in the US though.

All the tweaking seems to be being done to help young people get a start in the housing market and make more jobs in the building sector but the seniors who have already worked a lifetime to accrue a nest egg are ultimately the ones now paying for other people's mortgages. No one helped them out with theirs!
 
MercyL said:
This truly sucks, but Reagan's taxing our Social Security Retirement Funds is just as bad. Single pepole must pay taxes on their Social Security payments if they make over $25,000.oo, and couples face the same taxes if making $32,000.00 or more. This means that most people will probably keep working until they die.

Most people, single or not, will have to work to maintain the lifestyle they worked so hard to create. Maintaining that lifestyle will cost more than $25,000.00 for singles and over $32,000.00 for couples, annually. Most people will keep working, rather than give up the fruits of their labor.

Taxing savings at 0.05 works if, and only if, the targeted savings accounts pay decent interest rates. Otherwise you are better off cashing your paycheck and keeping it under your mattress. At least you'll know where it is and any thefts will be obvious!
Click to expand...

That's what's keeping me from retiring...
 
Diwundrin said:
Our interests rates are dropping at an alarmingly steady rate, barely ahead of inflation really. Not quite as low yet as I read they were in the US though.

All the tweaking seems to be being done to help young people get a start in the housing market and make more jobs in the building sector but the seniors who have already worked a lifetime to accrue a nest egg are ultimately the ones now paying for other people's mortgages. No one helped them out with theirs!
Click to expand...

As far as I can tell, US banks see no reason to pay more than 1% interest on savings accounts. I remember interest rates of 5% to 7%, and no fine print explaining all the fees used to steal our wages.

Some US employers require their minimum wage earners obtain and maintain a debit card account for electronic payments. These employers also shun pay stubs and do not care about the fees these debit cards carry, levied on each transaction. In other words, you must pay the bank to pay your bills, assuming the employer has paid you fairly and you have not had to spend time tracking down errors and underpayments.

Oh joy.
 
They've just dropped the interest rates again! 2.something % now! The one bright side is that I won't be making enough income to qualify to pay income tax at this rate so they can suck eggs. :devilish:
 
MercyL said:
[ Snip ]
Taxing savings at 0.05 works if, and only if, the targeted savings accounts pay decent interest rates. Otherwise you are better off cashing your paycheck and keeping it under your mattress. At least you'll know where it is and any thefts will be obvious!
Click to expand...
Psst ! Mercyl, I know where you can buy a cheap mattress ... :cool:
 

You must log in or register to reply here.

Back
Top