More job cuts in OZ - while govt cook the books in mini budget.

[neddy]

Since the mining boom is back to normal and new mining projects cancelled one by one. The Labor Galah govt has introduce a mini budget. http://www.budget.gov.au/2012-13/content/myefo/html/index.htm

There is a good news and bad news out of this. But middle-class executives watch out!

The Good News
The Great Australian economy will be the first in the developed country to deliver a Budget Surplus.

The Bad News
The Galah govt achieve this by bringing forward revenue so that the next govt, whoever wins office, will suffer the consequences of lost revenue and achieve economic slowdown.



Let’s start with his biggest single measure, which will initially only affect those companies with turnover over $1 billion. But Swan is planning to drive the measure down into companies with $20 million or more. So by 2016, the vast majority of companies that trade in Australia (including the bulk of small enterprises) will have to pay their tax instalments monthly rather than quarterly.

This willl mean that our large companies will see their cash reserves drained, and/or they will increase their bank borrowing.

This draining of cash from corporate Australia will affect the ability of companies to invest in their enterprises and create employment.



Salary sacrifice

One of the most common ways to reward executives is to allow them to salary sacrifice and receive products or services that the company provides, or are integral to their business.

As from today, the government will remove the concessional fringe benefits tax arrangement (FBT) if they are accessed by way of salary sacrifice. This measure will apply from today for future salary sacrifice arrangements. However, from April 1, 2014, it will cover all the prior arrangements.



Super

The government looked hard at further taxing superannuation but realised that, given the lavish unfunded benefits given to top public servants, it would cause an enormous revolt, and jeopardise Australian confidence in superannuation.

So the government has made a small increase in the levy it applies to self-managed superannuation funds and will make the funds pay the levy much earlier.

Lost Super

The government has really given our big superannuation fund managers, including industry, and the large retail providers a huge kick.

A lucrative source of revenue is the management of dormant or lost funds. This money is to be transferred to the government. This not only has a temporary boost to government revenue but it intensifies the squeeze on AMP, MLC and BT as they’re caught between self-managed funds and the industry fund movement.


This strategy to bring the revenue forward, rather than creating new revenue, means that liquidity of corporate Australia will suffer. Our large companies are in good shape and most can afford it but our medium and smaller companies are struggling and they will find this an enormous looming blow. They’re also the largest employers in the land.


Vote Labor. They take away your job and give it to your neighbour and your neighbour go on strike and you pay for his strike tools and lost hours of production.

 

[mojito]

Vote Labor. They take away your job and give it to your neighbour and your neighbour go on strike and you pay for his strike tools and lost hours of production.

Vote PAP. They take away jobs from you and your neighbour, give it to FTs, then you will clean tables and drive cabs for a living.

 

[neddy]

Vote PAP. They take away jobs from you and your neighbour, give it to FTs, then you will clean tables and drive cabs for a living.

In Australia, you can do whatever you want, not so trapped like Singapore.

People here have already predicted and prepared for the end of the mining boom cycle about a year back. Now, people are preparing for the fallout of government policies in 2014.

 

[valiant20]

Bro Neddy,

You reckon Labour will lose the next Federal election and Libs/Coaliation will get back into govt?

Seems a lot of people off the street are not liking Labour.. but polls shows otherwise..

 

[QXD]

Labor doing an awesome job, they have achieved an unprecedented average all-time interest rate low that no other post WW2 Oz government can beat!

Imagine the HUGE interest savings people are getting off their mortgages! All that money and credit to spend spend spend!

Retail businesses are HUNGRY! Car sales abound! Its a buyers market and everything is CHEAP CHEAP CHEAP!

Well done, Wayne Swan, lets keep celebrating our economic success by cooking the golden geese and roasting the winning horses on a spit!

 

[The_Hypocrite]

Dont be a clown lah, the 'lowest' interest rate you are talking about is still more than 6%,,,,that is the highest in the OECD,,,and you have a damn reserve bank governor who supports banks and kept interest rates high so for long,,dont forget 2 years ago, they were raising interest rates like mad...

Now Aussies are paying for it,,manufacturing have moved out, cost of business shot up, housing prices were kept low screwing people who bought in 2008..that good ah???

Labor doing an awesome job, they have achieved an unprecedented average all-time interest rate low that no other post WW2 Oz government can beat!

Imagine the HUGE interest savings people are getting off their mortgages! All that money and credit to spend spend spend!

Retail businesses are HUNGRY! Car sales abound! Its a buyers market and everything is CHEAP CHEAP CHEAP!

Well done, Wayne Swan, lets keep celebrating our economic success by cooking the golden geese and roasting the winning horses on a spit!

 

[The_Hypocrite]

There is no doubt that Labour will lose, but the Libs under the Mad Monk will just screw the working class more, and the Mad Monk is not a good person nor a good leader as he makes personal attacks and not professional ones,,that is why the Red Witch manage to whack him calling him Misogynist sexist and what ever. Would the Mad Monk as PM make the situation better???

Bro Neddy,

You reckon Labour will lose the next Federal election and Libs/Coaliation will get back into govt?

Seems a lot of people off the street are not liking Labour.. but polls shows otherwise..

 

[AkanDatang]

When the PM falls flat on her face, you know something like this is going to happen.

 

[valiant20]

There is no doubt that Labour will lose, but the Libs under the Mad Monk will just screw the working class more, and the Mad Monk is not a good person nor a good leader as he makes personal attacks and not professional ones,,that is why the Red Witch manage to whack him calling him Misogynist sexist and what ever. Would the Mad Monk as PM make the situation better???

True True.. sigh no true leader in sight..

 

[neddy]

Bro Neddy,

You reckon Labour will lose the next Federal election and Libs/Coaliation will get back into govt?

Seems a lot of people off the street are not liking Labour.. but polls shows otherwise..

A lot of people don't care or cannot tell the difference. 20 years of OZ economic growth and only 2 "recession" close call. There are real wealth generated.

Lib has nobody to fill John Howard shoes - a un-electable leader and a smart but jolly treasurer whom no one take seriously. Malcolm is too elitist. The new generation of leaders are just moving place for the next election.

One thing I cannot believe is how dirty Labor cooked the books.
To achieve surplus, they take the lost Super which is essential the people's money and book it as tax office (government) revenue.


About Julia's faceplant, someone suggested that Kevin Rudd has to do with it. haha.

But Julia Gillard is not PM material and it showed up everywhere she goes.

http://www.news.com.au/entertainmen...ed-up-kevin-rudd/story-fn9412vp-1226499866236

 

[Ash007]

The problem with the libs is the mad monk!!!

 

[The_Hypocrite]

And Joe Hockey

And Malcolm

and Julie Bishop..

the liberals we love to hate,,

The problem with the libs is the mad monk!!!

 

[neddy]

And Joe Hockey

And Malcolm

and Julie Bishop..

the liberals we love to hate,,

The working class screw themselves by voting Labor.
Labor and their union bosses are reaping $20bil a year from fees running the industry Super. Of course, if you chose a safe investment plan, you will be getting 5% returns (better than CPF)

The union-controlled ports are ranked 40th in the world, so that port workers have a better lives than in USA or Singapore. But we pay for the inefficiency.

So, life is more than dollars and cents.
The OZ govt like to tango with my investments, I will go Tango also, at ATO expense.

Immerse myself in Spanish culture and learn Tango dancing.
Argentina was bankrupted by its govt in 1999.

The school is located in a beautiful historic building in the heart of downtown Buenos Aires.

 

[neddy]

As expected.

I think a lot of new public projects will be postponed until next year's state election is over.
Those blokes running Treasury will be spooked again after Nov Chinese meeting.

Job cuts after the election if Lib win. So, there is a chance that Lib may lose.

Good luck to WA!

Treasurer Troy Buswell downplays AAA rating threat
by: Angie Raphael and Rebecca Le May
From: AAP October 25, 2012 3:52PM
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ON NOTICE: Standard & Poor's says WA may lose its AAA rating within two years. Source: AAP

WESTERN Australia should maintain its AAA credit rating if steps being taken by the Barnett government are as effective as hoped, Treasurer Troy Buswell says.

Mr Buswell made the comments after ratings agency Standard & Poor's revised downwards its outlook for the WA economy from stable to negative and warned that there was a one-in-three chance of a ratings downgrade in the next two years.

S&P said the revision reflected its expectation that the state's balance sheet could weaken as a result of lower mining royalties, which would take some time to be reflected in its share of GST revenues.

WA's budget had become increasingly reliant on the royalties, which were volatile as commodity prices fluctuated, S&P said.

The WA government currently receives 20 per cent of its revenue from mining royalties.

Mr Buswell downplayed the outlook downgrade, saying S&P's comments were consistent with his own commentary on the state economy.




He said he was confident the steps the government was taking would ensure WA maintained its AAA rating.

In response to a recent plunge in iron ore royalties and a strong Australian dollar, Mr Buswell last month announced sweeping public-sector cost-cutting measures in a desperate bid to keep the budget in surplus.

But today, he warned the government against responding "too harshly'' to a "cyclical movement'' in exchange rates and commodity prices.

"It's still my view that we're dealing with a cyclical set of events in and around a high dollar and a relative fall in commodity price,'' he said.

While revenues from stamp duty and GST had fallen, and notwithstanding short-term fluctuations in commodity prices, mining royalties were on an uptrend, he said.

But they were almost at their peak.

The value of mining royalties would start to plateau at around $6 billion per annum, compared to a projected $4.8 billion in 2012/13, he said.

Even after mining royalties plateaued, there would be continued growth from property and GST as the population continued to rise, he said.

Mr Buswell also confirmed the state government would announce more cost cutting at the forthcoming Mid-Year Economic Review, as flagged last month, to combat the state's vulnerability to exchange rate and commodity price fluctuations.

 

[The_Hypocrite]

But if they did not vote Labour, they screw themselves even more as Liberals were going after the workers by supporting employers to make it easier to fire people,,,the unions screw things up by being militant,,so the cycle never ends,,not matter what happens be it labour or liberal or greens,,the real working class get screwed

The working class screw themselves by voting Labor.
Labor and their union bosses are reaping $20bil a year from fees running the industry Super. Of course, if you chose a safe investment plan, you will be getting 5% returns (better than CPF)

The union-controlled ports are ranked 40th in the world, so that port workers have a better lives than in USA or Singapore. But we pay for the inefficiency.

So, life is more than dollars and cents.
The OZ govt like to tango with my investments, I will go Tango also, at ATO expense.

Immerse myself in Spanish culture and learn Tango dancing.
Argentina was bankrupted by its govt in 1999.

The school is located in a beautiful historic building in the heart of downtown Buenos Aires.

 

[neddy]

But if they did not vote Labour, they screw themselves even more as Liberals were going after the workers by supporting employers to make it easier to fire people,,,the unions screw things up by being militant,,so the cycle never ends,,not matter what happens be it labour or liberal or greens,,the real working class get screwed

Liberals are not going after workers, they are after freeloaders who take up jobs but not doing their jobs.

Small/medium business employers are afraid to expand and employ people because of the rigid laws. At the first sign of trouble in mining, the companies start retrenching in OZ, all new projects in OZ halted. Because the employment laws here are not flexible.

Labor scared the voters into dumping Howard and his WorkChoices. Not realising that WorkChoices is good, because of the various labour protection laws.

Government employees are wasting taxpayers money. They are a drain on revenue. That is why WA govt can get into credit rating trouble so quickly.

It used to be very lucrative to get work from government because I can charge 10 times the fees and those dummies will pay. Now, cost cutting in place by Lib means less wastage.

I am sure some SBF readers know about this. There are a lot of luxuries working for govt. Eg Even before a project starts, the members are pushing for iPhones, iPads, etc. They do not want a normal PCs. During good times, such wastage are bearable.

After 6 months, the projects are still hanging because they have not attended Prince2 yet, so they just sit in office chitchat. The good OZ life. They cannot be sacked.

That is why the private sector stop recruiting public servants. We rather get 457 visa holders to do the work.


Under Labor, OZ competitiveness has fallen 4 places to 20th.

Inefficiency means RBA cannot reduce interest rates too quickly.

I am preparing for high inflation to hit us soon.


Australia work culture is quite similar to southern Europe. The only good thing is Australia is in the right place, have things to sell and somehow LUCKY because there are still institutions working where they have collapsed in Europe.

 

[The_Hypocrite]

Neddy, things in Oz land are not as easy as people make it out to be. Employers want to sack people its damn easy,,Employers make it sounds hard because they want it to be easier still. If you are a 'free loader' boss just issue u 3 warning letters and you are out,,be it union or non-union...

For the Work Choices, John Howard did himself in by announcing the plan to employers and unfair dismissal laws are for companies above 100 employees. This is ridiculous,,as it panders to the Small Business Owners..and to be honest, since when Employers want to pay top dollar for labour? they want cheaper and betterer like Singapore. When I worked in Oz,,I told my boss,,'pay me $10.00/hr'..he was so happy,,,than I say 'also, give me 1980's cost of living'. He fucking shut up on that.

Employers want to easy hire and fire, so ppl dont work for them,,than they kpkb to the Governments,,to get excuses for 457 visa which is abused anyway(bosses get the migrant worker to work in their farm or house on weekend,,u think the foreigner will say no?',,u think employers will tell the whole story?

And now, the mining projects which have been cancelled, how come still let in those foreign workers to build the Gina Rhinehart mine? surely now got local workers to do it right? Bosses just want cheap labour to maximise profits,,looking at the shit banks and businesses are doing,,i dont trust what businesses say anymore...

Liberals are not going after workers, they are after freeloaders who take up jobs but not doing their jobs.

Small/medium business employers are afraid to expand and employ people because of the rigid laws. At the first sign of trouble in mining, the companies start retrenching in OZ, all new projects in OZ halted. Because the employment laws here are not flexible.

Labor scared the voters into dumping Howard and his WorkChoices. Not realising that WorkChoices is good, because of the various labour protection laws.

Government employees are wasting taxpayers money. They are a drain on revenue. That is why WA govt can get into credit rating trouble so quickly.

It used to be very lucrative to get work from government because I can charge 10 times the fees and those dummies will pay. Now, cost cutting in place by Lib means less wastage.

I am sure some SBF readers know about this. There are a lot of luxuries working for govt. Eg Even before a project starts, the members are pushing for iPhones, iPads, etc. They do not want a normal PCs. During good times, such wastage are bearable.

After 6 months, the projects are still hanging because they have not attended Prince2 yet, so they just sit in office chitchat. The good OZ life. They cannot be sacked.

That is why the private sector stop recruiting public servants. We rather get 457 visa holders to do the work.


Under Labor, OZ competitiveness has fallen 4 places to 20th.

Inefficiency means RBA cannot reduce interest rates too quickly.

I am preparing for high inflation to hit us soon.


Australia work culture is quite similar to southern Europe. The only good thing is Australia is in the right place, have things to sell and somehow LUCKY because there are still institutions working where they have collapsed in Europe.

 

[neddy]

Neddy, things in Oz land are not as easy as people make it out to be. Employers want to sack people its damn easy,,Employers make it sounds hard because they want it to be easier still. If you are a 'free loader' boss just issue u 3 warning letters and you are out,,be it union or non-union...

Thanks for your information about the "3-letter rule". I know of a CV cheat who was sacked after a verbal warning and the union delegate told me it was acceptable under current laws. This bloke was a temp staff, who got in because of mommy influence over the director.

But when it comes to unionised permanent staff, the process drag on because the worker will accuse the employer of unfair dismissal.
This can get very long and messy for HR because the staff will effectively be suspended from work with FULL pay until the verdict.

The ball is also on the employer to prove the case.

Meanwhile, spoilt workers are still continuing Friday "work" as usual.

The good life, at 3pm every Friday, is "team bonding" session. Wine flows and cheese nibbles. Telephone calls are unanswered.

 

[The_Hypocrite]

Thanks for the insight Neddy,,but I do disagree on certain points,,like 3 pm Fridays or Beer O Clock as most work places that I know of are now 'Dry' Sites. Too much liability lah,,,I am also not saying that all employers are bad etc,,,but in general I would no longer trust employers as they are like banks,,will make up shit to get what they want which is immoral profits and rent seeking behaviour,,and as employers they have more say in hiring and firing,,those hard to sack workers are mostly the militant unions like CFMEU etc which are big unions but only a handful,,also many of the union workers are unhappy with the union leaders for stirring shit,,and are leaving the unions,,the unions are like a sunset industry,,,

alot of workers just want to be treated fairly and get paid and go home,,but militant unions and employers just makes it harder,,,

About the lies in CVs,,,have to be honest,,if dont lie will not get the job,,so in cvs no matter what have to add alot of salt and pepper to make it good to get the job,,if be honest,,how to get job? interviewers are assholes,,,only thing is cannot do outright lie,,as will picah lobang easily,,,

Thanks for your information about the "3-letter rule". I know of a CV cheat who was sacked after a verbal warning and the union delegate told me it was acceptable under current laws. This bloke was a temp staff, who got in because of mommy influence over the director.

But when it comes to unionised permanent staff, the process drag on because the worker will accuse the employer of unfair dismissal.
This can get very long and messy for HR because the staff will effectively be suspended from work with FULL pay until the verdict.

The ball is also on the employer to prove the case.

Meanwhile, spoilt workers are still continuing Friday "work" as usual.

The good life, at 3pm every Friday, is "team bonding" session. Wine flows and cheese nibbles. Telephone calls are unanswered.

 

[valiant20]

Excellent Arguments put up by Bros Neddy and The Hypocrite, and there's truth in both perspectives I reckon.

Too bad no politician (?) has come up and say "We do not want employee exploitation and we do not want lazy employees".. I reckon that common middle ground is not easy to find, and may never be found..

So which is worse off for the country, employee exploitation or employer exploitation.. that is something to think about..