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#61 | ||||
Force Fed Fords
Join Date: Aug 2005
Location: Enroute
Posts: 4,050
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What you are ostensibly suggesting is that foreign ownership is bad and that we all have to tax the hell out of the industry. This is disingenous as if you have superannuation, you too have a stakehold in these mining companies. As for your assertion that Rio and BHP didn't lose much; are you living on Mars in a cave? They collectively had a tad over 8 billion dollars wiped off them in two days - that's not much to you? Further, having this tax cut in at anything above the government bond rate of 6% has meant that the banks and superannuation companies will no longer finance either exploration or new projects. This has dire consequences on our country. Finally, the price of the mined goods go up with increased input costs. They are after all a business and businesses need to make a profit or they go bust. BHP will not take it on the chin and absorb losses; ergo the price of minerals and commodities goes up. If the price of coal goes up so will the price of electricity. Iron ore goes up so will the price of cars - get the picture. Just one very last point. Company Directors and managers are bound by law not to mislead the market or shareholders lest they find themselves before the supreme court facing a possibility of a custodial sentence. Politicians on the other hand legally get to lie through parliamentary privilege; who would you trust?
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If brains were gasoline, you wouldn't have enough to power an ants go-cart a half a lap around a Cheerio - Ron Shirley Quote:
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#62 | |||
FF.Com.Au Hardcore
Join Date: Nov 2006
Posts: 1,457
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Yes they lost 8 billion on paper, and still outperformed the rest of the sharemarket. You don't lose money until you sell. The stock in those companies has been sold by the company and therefore has no direct impact on the company no matter what the price. Ford US shares dropped below $1 and have gone back over $10. This is just what 'the market' considers a reasonable value for a percentage of the company or 'share'. The royalties on all mines will be replaced with the next tax system. The tax is based on PROFITS so the price of minerals will not increase as the tax only kicks in after a PROFIT has been made. Understand a profit is what is made after ALL expenses are taken into account including wages, machinery, etc. So where are the increased input costs? |
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#63 | ||
72xa
Join Date: Sep 2009
Location: richmond, nsw
Posts: 226
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think im over this thread fellas, we are going around in circles
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#64 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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http://www.theage.com.au/business/ye...0607-xpjo.html
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Daniel |
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#65 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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http://www.theage.com.au/business/mi...0604-xk33.html
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Daniel |
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#66 | ||
Solution Was Boost 4?, 6 & 8
Join Date: Dec 2004
Location: Melbourne
Posts: 23,624
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4 Corners current affairs program has a story on this tonight ABC 8.30pm, very good program 4 corners.
I seen on the a news snippet Clive Palmer admitting to some exaggeration.
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#67 | |||
FF.Com.Au Hardcore
Join Date: Nov 2006
Posts: 1,457
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The man did make 8.5 billion dollars last year on the back of dividends. He would be stupid to not try and force the governments hand. |
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#68 | ||
Solution Was Boost 4?, 6 & 8
Join Date: Dec 2004
Location: Melbourne
Posts: 23,624
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I regard 4 corners as top current affairs program, they got plenty of views from both sides and its very interesting to hear all the stuff we dont get hear only what is feed to us through paid media adds.
Tomorrow I will post the link so those didn't see it can watch the 45 min show.
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AUTOTECH TUNED EDELEBROCK CHARGED 2017 GT Mustang Plenty of RWKW Last edited by SpoolMan; 07-06-2010 at 11:30 PM. |
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#69 | |||
Force Fed Fords
Join Date: Aug 2005
Location: Enroute
Posts: 4,050
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Sorry spoolman, I saw it too and my overall impression was; who does the ABC (a beacon of impartiality) always show in a good light?
* Why wasn't Swan pressed over the cherry picking of recommendations from Ken Henry's report and grabbing the super profits tax? Even Henry knows that there were other taxes to be cut to make it neutral, this new tax is only additional. * Clive Palmer says he may have exaggerated, does that automatically mean the miners are all wrong? * How can one gloss over the fact that there has been scant detail at all from the government? * What about them now saying they're replacing the royalties; has anyone bothered to ask the states to volunteer that funding to the feds? Do yourselves a favour, have a look at your super balances before and after this was announced and tell me it's "for the future of all Australians".
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If brains were gasoline, you wouldn't have enough to power an ants go-cart a half a lap around a Cheerio - Ron Shirley Quote:
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#70 | ||
Solution Was Boost 4?, 6 & 8
Join Date: Dec 2004
Location: Melbourne
Posts: 23,624
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It was balanced program with both sides getting there fair say, some may not like it because it wont be inline with there views.
Clive Palmer got busted telling porky's as did all those other overseas mining bosses with there over the top scare mongering, history repeating itself as the facts will show in the 4 corners report. Heres a link to the there story: http://www.abc.net.au/iview/#/series/four%20corners
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#71 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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http://www.theage.com.au/opinion/pol...0607-xqn0.html
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Daniel |
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#72 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,798
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http://www.theage.com.au/money/tax/c...0607-xp4f.html
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Daniel |
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#73 | |||
Former BTIKD
![]() Join Date: Mar 2005
Location: Sunny Downtown Wagga Wagga. NSW.
Posts: 53,197
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Quote:
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Dying at your job is natures way of saying that you're in the wrong line of work.
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#74 | |||
FF.Com.Au Hardcore
Join Date: Nov 2006
Posts: 1,457
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Quote:
Superfunds invest in hundreds of different objects. If they had invested in only BHP over the month of May instead of the ASX 200 the superfund would have performed better. |
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#75 | ||
zdcol71
Join Date: Jun 2009
Location: brisbane
Posts: 1,095
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I see Palmer last night on 4 Corners, backing down from saying investments were cancelled, to "being re-assesed".
Before everyone panics, these resources are available in Australia, and the fact is, the quantities we have of these resources dictates, on a world scale, they will be tapped. The "super tax" is not simply a tax on mining revenue, but also on the about to explode Coal seam methane industry.I think the bottom line at present is that the big players in the energy supply market are realising that fossil fuels will be the "power of choice" for some time to come, be it oil, gas,(LNG, CSG, LPG) etc. Sustainable energy, or clean energy,(wind,solar, hydro,etc) does not produce the economies of scale that fossil fuels do at present ,so it is no short odds that these won't get a good run politically for the time left that we are able to exploit these other energies from the ground.
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