paulbagzFC
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Quote:Budget 2015: Treasurer Joe Hockey hints the Government will be introducing a bank deposits tax Updated about an hour ago
Joe Hockey talks about ATO PHOTO: Joe Hockey has not denied that the Government will be introducing a tax on bank deposits in the budget. (AAP: Lukas Coch) RELATED STORY: Government set to introduce tax on bank depositsRELATED STORY: Hockey tells colleagues budget will be 'responsible and fair' MAP: Australia Treasurer Joe Hockey has hinted the Federal Government will push ahead with a tax on bank deposits while blaming the Labor government for the budget deficit.
When asked on Network Ten's The Bolt Report whether he would be introducing a bank deposit tax, Mr Hockey hinted he would introduce the tax first introduced by Labor in 2013.
Assistant Treasurer Josh Frydenberg has previously refused to provide any details on the policy, but Mr Hockey has confirmed the policy will mirror Labor's.
"Any announcements or decisions around this proposed policy which we discussed at the last election will be made in the lead-up or on budget night," he said.
The Bolt Report host, Andrew Bolt, asked the Treasurer if he could confirm any details of the policy, expected to be introduced in the May budget.
"You can't guarantee the trajectory of our debt will be altered by the next budget; all we know so far is that you're considering a bank deposit tax now of about 0.5 per cent for every deposit — I mean, another tax," Bolt said.
Mr Hockey responded by saying the Government would have to impose unpopular measures to reduce the budget deficit.
"There [are] many things I don't like that I have to implement at the moment that have been the legacy from six years of bad Labor government," he said.
"Let's just go back to — this was announced by Chris Bowen. So, it is Chris Bowen's tax. And it was announced, he said, on the recommendation of all the regulators and it's five basis points on deposits, and it's meant to pay for a potential bank failure and, as a trade-off, Australians with up to $250,000 in their bank accounts have a government guarantee.
"Now what happened was he decided to collect the money before a bank failure. Previously, the policy has been that you would impose a levy to recoup money after a bank failure."
Asked later by journalists why he did not "knock [the deposit tax] on the head right now", Mr Hockey said the policy was being considered by the Murray review into Australia's financial system.
"We are in the process of discussing it with key stakeholders," Mr Hockey said.
"We are consulting widely on it, we'll have more to say about that in the future."
Mr Hockey said the Abbott Government was still committed to delivering a budget surplus but was being constrained by locked-in expenditure and the Senate.
"Well we want to do it faster but we are constrained by the fact that we cannot get legislation in some areas — not all areas, but some areas — through the Senate," he said. http://www.abc.net.au/news/2015-03-29/joe-hockey-hints-at-details-of-bank-deposits-tax/6356670-PB
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macktheknife
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Wait.. Tony said No New Taxes.. He wasn't lying was he? https://www.youtube.com/watch?v=ep9d8A7Rfbg#t=287
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rusty
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It's not a new tax as Labor brought it in in 2013
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paulbagzFC
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rusty wrote:It's not a new tax as Labor brought it in in 2013 And who criticised the shit out of it when Bowen tried it? -PB
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macktheknife
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rusty wrote:It's not a new tax as Labor brought it in in 2013 :-" Quote:Treasurer Joe Hockey hints the Government will be introducing a bank deposits tax How can they introduce a tax if Labor bought it in already? Could it be that it never got introduced? Either it was already in, which means they don't need to introduce it, or it's not in, in which case introducing it is a new tax. So which is it?
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notorganic
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Still waiting to see how much the great big new internet data spying tax is going to cost us.
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BETHFC
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notorganic wrote:Still waiting to see how much the great big new internet data spying tax is going to cost us. Just tax the big companies, shut down mining and outlaw coal man. Solves everything.
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paulbagzFC
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notorganic wrote:Still waiting to see how much the great big new internet data spying tax is going to cost us. Yup. Wonder how it will work for the small independent ISPs that go through NBN Wholesale. -PB
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rusty
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Thought it was absolutely disgusting when the Q&A audience laughed at Pyne when it was implied he might have a mental illness, to trivialise and make light of such a sensitive and serious issue. Just shows how low and morally base the audience can be at times. Future generations will look back on the Q&A audience with shame.
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mcjules
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paulbagzFC wrote:notorganic wrote:Still waiting to see how much the great big new internet data spying tax is going to cost us. Yup. Wonder how it will work for the small independent ISPs that go through NBN Wholesale. -PB NBN is only really the "last mile", the smaller ISPs still need to have their own servers. Going to be great trusting these smaller players with all that data...
Insert Gertjan Verbeek gifs here
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paulbagzFC
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mcjules wrote:paulbagzFC wrote:notorganic wrote:Still waiting to see how much the great big new internet data spying tax is going to cost us. Yup. Wonder how it will work for the small independent ISPs that go through NBN Wholesale. -PB NBN is only really the "last mile", the smaller ISPs still need to have their own servers. Going to be great trusting these smaller players with all that data... Co-worker had an ISP that was a Uni student up in Cairns rofl. He just leased/wholesaled AAPT stuff, took payment in Bitcoins lol. EDIT: Wonder if the government will go as far as to say what level of storage would be required and the security surrounding it as well. Will a USB hard drive backup off a 4 year old HP laptop suffice? -PB Edited by paulbagzFC: 30/3/2015 11:31:03 PM
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paladisious
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What are the penalties for a niche ISP that just goes "yeah... nah" on data retention?
Would they even have the technical/financial resources to detect such an infraction, let alone the political capital to prosecute it?
Edited by paladisious: 30/3/2015 11:34:54 PM
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batfink
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any bets on how long the ALP government in QLD will last........lol........tin pot gunslingers...lol
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mcjules
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paulbagzFC wrote:mcjules wrote:paulbagzFC wrote:notorganic wrote:Still waiting to see how much the great big new internet data spying tax is going to cost us. Yup. Wonder how it will work for the small independent ISPs that go through NBN Wholesale. -PB NBN is only really the "last mile", the smaller ISPs still need to have their own servers. Going to be great trusting these smaller players with all that data... Co-worker had an ISP that was a Uni student up in Cairns rofl. He just leased/wholesaled AAPT stuff, took payment in Bitcoins lol. EDIT: Wonder if the government will go as far as to say what level of storage would be required and the security surrounding it as well. Will a USB hard drive backup off a 4 year old HP laptop suffice? -PB Edited by paulbagzFC: 30/3/2015 11:31:03 PM Yeah there are those and in that situation AAPT would be doing the metadata storing. I believe there are some guidelines being put together, I read that they have 18 months to implement. Such a massive waste of money but I guess it employs some more people. Probably a long shot on here but does anyone know where there is a list of IP addresses that are used to check your location for services like iView? Would be handy to be able to route the bare minimum amount of traffic away from your VPN connection.
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notorganic
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Just in case anyone was still under the illusion that Tony Abbott's Big New Internet Citizen Spying Tax™ is really about national security and/or stopping paedophilia... http://www.businessspectator.com.au/article/2015/4/1/technology/abbotts-copyright-kowtow-step-backwardsQuote: The Abbott government has caved in to sustained pressure from the US media industry and introduced copyright laws into parliament that appear to have the sole purpose of stamping out the rebellion against delayed access to content and rip-off prices.
And to add salt to the wounds, the US media and ICT multinationals have seemingly gone to extraordinary lengths to minimise tax paid in Australia over past decades.
For the moguls, the proposed copyright laws will give them extraordinary power to have websites that they deem to be harmful to their business blocked in Australia. As for Australians that continue to resist, the media giants will now use the courts to gain access to their metadata that will be collected under the Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2015.
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rusty
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Oh no how dare our government cracks down on crime.
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mcjules
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Copyright infringement that's not on a commercial scale is a civil matter. Not a crime. People/corporations shouldn't be able to request this stuff for civil matters. The criteria for blocking sites can get pretty murky too. Saying that, people should already know that they need to protect themselves. On a related note, I found this spoof article funny. Edited by mcjules: 2/4/2015 04:45:16 PM
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batfink
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mcjules wrote:paulbagzFC wrote:mcjules wrote:paulbagzFC wrote:notorganic wrote:Still waiting to see how much the great big new internet data spying tax is going to cost us. Yup. Wonder how it will work for the small independent ISPs that go through NBN Wholesale. -PB NBN is only really the "last mile", the smaller ISPs still need to have their own servers. Going to be great trusting these smaller players with all that data... Co-worker had an ISP that was a Uni student up in Cairns rofl. He just leased/wholesaled AAPT stuff, took payment in Bitcoins lol. EDIT: Wonder if the government will go as far as to say what level of storage would be required and the security surrounding it as well. Will a USB hard drive backup off a 4 year old HP laptop suffice? -PB Edited by paulbagzFC: 30/3/2015 11:31:03 PM Yeah there are those and in that situation AAPT would be doing the metadata storing. I believe there are some guidelines being put together, I read that they have 18 months to implement. Such a massive waste of money but I guess it employs some more people. Probably a long shot on here but does anyone know where there is a list of IP addresses that are used to check your location for services like iView? Would be handy to be able to route the bare minimum amount of traffic away from your VPN connection. i think it's perfect timing for all you so called internet experts to start your own business, seeing you are all such experts on the subject......if you are all so skilled and knowledgable start a business and show them how its done....simple's dot meerkat
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highkick05
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So obviously they will be keeping all people's web site data on storage ? how does this work ? just site traffic information. Fuck this internet. Might as well be owned by the Military and named 'life tapping'
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mcjules
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batfink wrote:i think it's perfect timing for all you so called internet experts to start your own business, seeing you are all such experts on the subject......if you are all so skilled and knowledgable start a business and show them how its done....simple's dot meerkat So what you got out of the discussion is that we're a bunch of smart arses that think we can do it better? You're a long way off the mark.
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TheSelectFew
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paladisious wrote:What are the penalties for a niche ISP that just goes "yeah... nah" on data retention?
Would they even have the technical/financial resources to detect such an infraction, let alone the political capital to prosecute it?
Edited by paladisious: 30/3/2015 11:34:54 PM Wouldnt a VPN hide all that?
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TheSelectFew
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mcjules wrote:batfink wrote:i think it's perfect timing for all you so called internet experts to start your own business, seeing you are all such experts on the subject......if you are all so skilled and knowledgable start a business and show them how its done....simple's dot meerkat So what you got out of the discussion is that we're a bunch of smart arses that think we can do it better? You're a long way off the mark. Anyone smarter than batfink is a threat. So everyone is a threat.
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damonzzzz
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rusty wrote:Labor copping a royal hammering in the NSW election. Of course they will win a few seats back and try to spin it as a grand victory. Didn't you basically do the same thing with the QLD election except when the Libs managed to keep a few seats you spun it is a grand victory.
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Carlito
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damonzzzz wrote:rusty wrote:Labor copping a royal hammering in the NSW election. Of course they will win a few seats back and try to spin it as a grand victory. Didn't you basically do the same thing with the QLD election except when the Libs managed to keep a few seats you spun it is a grand victory. shh dont accuse rusty of being a hyporcite. He will turn this is into a blame labour thing ;)
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Joffa
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Spectre of recession looms over economy Date April 6, 2015 - 9:00PM The past is a different place – all the more so it seems when looking at the Australian economy. Just a few years back there was almost a feeling of smugness that we had dodged the 'bullet' of the global financial crisis. Sure, there had been several high profile corporate collapses in 2007 and 2008, but our banking system had survived largely intact thanks primarily to a tougher oversight regime for our biggest financial institutions, which was not the case in the US and in much of Europe. Yet now, persistent economic weakness amid low inflation levels has resulted in interest rates being cut to record lows. And if the Reserve Bank cuts interest rates again on Tuesday, as some market economists expect, then they will be one step closer to the historic lows of more deeply troubled economies than ours in Europe, along with the US. How did it come to pass that the strength of the Australian economy could fade so quickly? The end of the big round of new resource project spending was always going to pose a challenge as it would take time for the economy to change gears as growth picked up in other areas such as housing along with public infrastructure spending. Housing investment remains buoyant, but the positive impact here is being largely offset by weak business investment. And the looming closure of the auto industry will place further pressure on both private sector spending and more especially jobless levels in some states. Low interest rates have sparked a boom in house prices with the "wealth" effect offsetting for many any concerns over the sluggish economy – but not policy makers. Among the recent slew of disappointing economic data, perhaps one of the more insightful surveys was one from NAB. Its March quarter consumer anxiety index showed clearly most households to be more worried about government policy than their traditional concerns about the cost of living. In other words, the policy flip-flops and disaffection in the electorate with many of the policy decisions which have emerged from Canberra has become the biggest liability for the economy. This is the clear pressure point for the federal government as it frames the next budget, and it has no one else to blame since it has boxed itself into a corner of its own making. All this at a time when the downturn in the prices of commodities such as iron ore, coal and oil is weighing on government revenues and exacerbating the deficit, with the slowdown in the Chinese economy likely to result in ongoing budget pressures. And, as the government finalises the next budget, it is under pressure not to slash public spending too deeply which would risk slowing the economy further and push up unemployment. One of the clearest signs of the softness of the domestic economy has been signalled by foreign investor selling of the Australian dollar which has pushed it down by more than a quarter against the US dollar, to less than US80c now, amid expectations it could fall further. In fact the Australian dollar – and the prospects for the Australian economy – are so muted that the New Zealand dollar is on the cusp of being worth more than the Australian dollar for the first time, as prospects for its economy continue to outpace Australia. That weakness is assisting some areas, such as incoming tourism, although it takes time for the beneficial effects to flow. The stuttering Australian economy has prompted economists to trim their growth forecasts amid low inflation as they look for the Reserve Bank to trim rates two more times this year. But with household debt already at high levels, the Reserve Bank will be anxious not to further fan the flames of the property market. As its policy options have dwindled, the pressure is increasingly on Canberra to get its political house in order if it is to avoid the economy stalling and falling into recession for the first time in a generation. http://www.smh.com.au/comment/smh-editorial/spectre-of-recession-looms-over-economy-20150406-1mf7te.html
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lukerobinho
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Fairfax finally admitting all is not rosy ?
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mcjules
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An interesting discussion about government surveillance in the US. https://www.facebook.com/video.php?v=685531524909193
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rusty
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Oh look we're on the specter of a recession, I suppose that wouldn't have anything to do with the falling commodity prices, declining terms of trade or excessive public spending, it must be because Hockey and Abbott talked down the economy, because mere utterances are far more influential to economic output than transnational transactions. If only they were more optimistic everything would be rosy.
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mcjules
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Oh the hypocrisy :lol: :lol:
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batfink
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mcjules wrote:Oh the hypocrisy :lol: :lol: it's ok we are used to it from you mcJules
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