Australian Politics, Mark II

I don’t think you’re following me, which is odd because the premise seems pretty simple.
It might be completely wrong, and if so I’d appreciate you pointing out the flaw in my thinking.

‘How much profit this year, Mr CEO?’
‘Oh, none at all. It’s been a ‘very poor year.’ No tax for you this year, I’m afraid Mr Taxman.’
‘That’s a spot of bad luck. Never mind, I’m sure things will get better. One thing though, this ten million extra dollars you’ve handed out to the board, where did that come from?’
‘Well, not from profit, that’s for sure! We didn’t have any, remember?’
‘Oh, right. So you said. Carry on, then.’

Is that how it works?

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It’s a bit simplistic. If anything there has been a huge shift away from just linking remuneration to profit as it incourages short term thinking and potentially bad behaviour.

Good target setting would involve a lot of metrics, growing sales, cost reduction, environmental, health and safety, “employee engagement”.

A CEO can smash it out of the park and the company still have a loss, especially during a turn around strategy.

But it’s not a good look definitely. Lay workers off, make a loss but still get a bonus.

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Galilee Basin mine plans understated water impact, government report says

Ben See

Report finds more than 95% chance of hydrological changes to Belyando river basin from mines including Carmichael

Coalmines planned in the Galilee Basin – including Adani’s Carmichael mine – understated the likely impacts on surrounding water resources, a federal government scientific report has found.

The bioregional assessment report into the cumulative impact of coalmine proposals was published quietly last week. It was compiled by experts from the CSIRO, Geosciences Australia, the Bureau of Meteorology and the federal environment department.

The report modelled information from seven of 17 proposed coalmines in the Galilee and found there was a greater than 95% chance that they would cause hydrological changes to the Belyando river basin.

Those cumulative impacts “extend farther than previously predicted from impact assessments of individual mines”.

Conservation groups say the report shows that Adani’s Carmichael plan and other mines have been approved and supported based on inadequate environmental information.

“It’s clear from this analysis that mining the Galilee Basin will have a very significant and irreversible impact on our water resources,” Carmel Flint from Lock the Gate said.

The report found that a 20cm or greater drawdown was “very likely” across an area of near-surface aquifers covering 2,820 square km.

The development of coalmines could potentially have water impacts across an area of up to 14,030 square km and 6,285km of streams. The report also found that water access rights near the village of Jericho were potentially impacted.

“Of the 241 ecological assets potentially impacted due to modelled additional coal resource development, 148 are considered ‘more at risk of hydrological changes’,” the report said. “These include potential habitat of 12 threatened species and two threatened ecological communities.”

There are 17 proposals for coalmines and coal seam gas projects in the Galilee but researchers could only model the cumulative impacts of seven that were furthest advanced in the environmental planning process.

Adani’s Carmichael mine has been a flashpoint for the pro and anti-coal debate, in part because it has been considered a critical step towards the broadscale development of a new coal basin in the Galilee.

Adani announced last month it would proceed with a slimmed-down version of Carmichael. Supporters, including the Queensland Resources Council and the federal resources minister, Matt Canavan, have said the announcement paves the way for the further development of the Galilee.

The Queensland government’s transparent royalties framework, which has been used to offer Adani a royalties deferral deal, is also predicated on the notion that support can be offered to the “first mover” in a resource basin that would encourage future development.

“Adani’s hypocrisy is breathtaking – they want to get a royalty deferment on the grounds they are opening up the Galilee Basin to mining but don’t want to consider the extreme cumulative water impacts of the other coalmines that may follow if they do,” Flint said.

“As this gruelling drought continues, accompanied now by heatwaves and catastrophic fires, it would be beyond reckless to proceed with these dangerous projects.

“Farmers and communities need assurances that governments will act now following this assessment.

“The Queensland government should get started immediately and reject Adani’s groundwater dependent ecosystem management plan based on the extended water impacts identified in this assessment.”

The groundwater plan has not been approved by the Queensland government. Adani has claimed approval is imminent, but there is no statutory timeframe for this to occur.

Adani said in a statement the Carmichael project had been “subject to a wide range of independent assessments, technical studies, public consultations and reviews over eight years”

“In response to assessment of the environmental and socioeconomic impact of the mine, the Australian and Queensland governments endorsed an environmental impact statement and set out the conditions under which the project must be operated.

“These conditions, along with the other legislation and regulations, provide a strict and comprehensive regulatory framework to govern mine operations and ensure impacts are managed responsibly.”

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You mean like they do now?

There is virtually no R&D by multinational Pharma in Australia. The best they do is snap up lead compounds after researchers here do most of the discovery and development work.

Of course not for foreign owned companies - the overwhelming majority of dividends go offshore.

Also htc was wrong in that Joyce was not enticed to AUS to head up Qantas. He was already here working in the Q subsidiary Jetstar.

thats really besides the point im trying to make HAP, but thanks for the input

im saying despite their shortcomings they where the only party willing to have all their sitting ministers reviewed.

It’s a terrible look and one that happens too frequently.

As his accent tells you, Alan Joyce is not just Irish, he’s from the Dubbelin Warking Class. His mother was a cleaner, and his father worked in a local tobacco factory. He’s a very tough bugger indeed, as you’d have to be, growing up gay in Tallaght, which is rather like Campbellfield or Hoppers Crossing.

Before he came to Australia, Joyce was Chief Hatchet Man and Workforce Throatcutter in Aer Lingus. He did such a good job there that he came out to Australia in 1996 to wind up Ansett. That job done, he joined Qantas and was then appointed CEO of Jetstar, where he did his usual round of workforce sackings. He was so successful at fukking over the Jetstar workforce that he was made CEO of Qantas itself, to render down the workforce there.

I don’t understand why the prick hasn’t been assassinated, the way he’s made himself a multi-millionaire out of mass worker sackings, destroying the lives of thousands of honest, hard-working employees who want only to provide for their families — families very like the one he grew up in.

It would be interesting to compare Joyce’s salary and bonuses with the amount of money he’s supposedly saved Aer Lingus and Qantas by putting their workers on the dole, and just see how much of those “savings” actually ends up on the plus side of the company ledger, rather than being trousered by little Alan.

Joyce is an ersehole of the highest order, one of the first who’d be up against the wall if the Red Revolution ever did come, along with Narev, Scummo and Dutton. Pity it never will.

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Best rant ever. Nice to know someone shares my absolute disdain for CEOs. Joyce is beyond reproach because he’s gay - you say anything bad about him, you’re basically forever tarnished as a homophobe.

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Never say never perce.

Lately, he’s been very vocal against the general Union movement of increasing wages of workers i.e. Give Australia a Pay Rise, spouting all sorts of nonsense which made me want to reach through my computer screen and shake him.

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And, of course, trying to get people to work for free. All goes to the bottom line…and, of course, his bonus.

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You have to be a legit sociopath to have those attitudes/beliefs

I really hope Bill Shorten holds his nerve over neg. gearing.

Why on earth we all have to subsidise through extra taxes just for those investing in property is beyond me. Let supply and demand look after it.

Distorts the market. And with so much wealth now stuck in an illiquid depreciating asset class, its going to be bad for the economy.

Best thing Labor could do.

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Seems we are getting a new GG to replace Howard’s lapdog Cosgrove. Guess what! He’s from Sydney! Appointed by the PM of Sydney. Scummo needs to look over that big fence surrounding Sydney and see what the rest of the country can offer! And talk about jumping the gun. Scummo won’t even be PM when the newbie takes over. Wouldn’t let a new govt appoint a GG. What an arrogant ■■■■.

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I am pretty sure Australia both has the most friendly neg. gearing and dividend imputation laws in the OECD.

Definitely needs to be reigned in.

We have it backwards. You should be able to negative gear your home, and if you can afford to buy an investment property you should pay full whack.

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I agree and disagree @Reboot. IMO negative gearing should be allowed for the family home and one other property per single and two per couple. You buy a third/fourth property it automatically becomes a business and neg gearing no longer available on any property including family home. Details about what constitutes single person or couple don’t matter because it effectively lets a person own only two or less homes with neg gearing. You also make it that if they are are not old enough to vote, they can’t claim to stop people putting properties in their kids names. Also put into place regulation regarding income, i.e. can’t claim if you haven’t submitted a tax return for income other than the investment property. Stops people buying property in the name of 18+ kids who may be at Uni or unemployed. Details to be thrashed out, but essentially it gets it back to being an incentive for “mom & dad” investors to create wealth by buying property, without subsidising a full on business. Why should someone who purchases 80 properties be entitled to have their business supported by the tax payer?

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What about ‘negative gearing’ on shares? I think you can do that can’t you.