Australia is not getting it's fair share from almost every natural resource we practically give away. Where is the soverign wealth fund for future generations? Other nations do it and have their futures much more secured than we do. It is time to stop multi-national companies coming in and ripping off the Australian taxpayers. End the LNP/ALP dodgy duo and vote for candidates who will work FOR YOU not for big business.
Spot on. I hope we can get some decent Teal candidates to vote for at the next election to end this rort. We have to stop political donations and the revolving door between parliament and the big business.
@@WesternAustraliaNowAndThen Australia gets plenty of tax and royalty revenue from our coal, iron, lithium, uranium etc. There is no sovereign wealth fund because we insist on spending it all now on social programs, education, medical, equity.
There is no reason for a housing crisis in this country given the enormous natural resource wealth that exists in our soils of which we currently have only mapped about 20% of the total. That means the location of the other 80% is still unknown. We have more than enough to fund the building of public housing and the many other needs of a modern nation. Australia has all the wealth it needs to provide a good standard of living for all of its citizens if it wisely sells its natural resources to the world. Norway is an example of a nation that taxes the sale of its oil and gas by multinational corporations at the rate of 78% and then, also, taxes the operations of the individual companies themselves. As a result Norway can afford to provide its citizens with free tertiary education and can also subsidise the uptake of electric vehicles by its people among other things. Now compare that with our political parties who have been influenced by donors, domestic and foreign, into putting their interests ahead of those of the citizens of this country. Both sides of politics have enabled a system of tax avoidance by corporations, many of whom are foreign, that means they pay little to nothing in tax and then even receive subsidies to conduct their business. These corporations extract our resources, sell them overseas and send the profits back to their home countries while paying nothing in tax to us. Both Labor and the LNP give away our resources in return for donations so they can remain the only two viable governing parties in this country. Australia has enjoyed generations of prosperity so where is the defence capability to show for all this wealth? Corporate tax evasion has real consequences for all of us. Governments in this country on both sides of politics are elected and then promise all sorts of outcomes, only to do nothing while they serve out their time in office before passing the problem on to the next government who then repeat the same process. Labour sat on the submarine question when they were last in office for six years and did nothing before passing it on to the Coalition government who then lost another nine years. That is why we won't have any submarines to replace the Collins class until the 2040’s. Words mean nothing, anyone can say words. What matters in the end is real military capability which is why China is busily arming itself today. We have been badly served by both sides of politics in this country.
When ex-ministers like Martin Ferguson and Ian Macfarlane join resource companies, working against Australia's interests, is it any wonder big business prevails in contract negotiations?
Professor is stating obvious but obviously nobody in Australia dare to ask question what can be done? Obviously things can be fixed instantly if parliament and government represent interests of that country not the other one. Like a Norway for example. It seems rather obvious that governing body of Australia is unwilling to resolve the problem but here we need to another Nobel prize winner to tell aloud who's interest is represented at highest level and why leader comming to resolve the problem is instantly removed from office so no other leader even try to ask the question. This is most likely question about Australia independence or Common Wealth.
This is such an important topic that gets no coverage in the main stream media. Our kids future is being given away to big resource companies. Our politicians are so weak on this!
Stiglitz conveys some interesting points about the role of government in a corporate-taxing regulatory sense, so that corporate freedoms are not abused, so public freedoms (including the freedom of sovereign &/or native entitlement to natural resources) do not suffer inequitable losses. Impromptu corporate taxing as the market changes, be that because of somebodies forever-war or whatever - Deviates from the notion of free-market operation & indeed the belief that private business can care for critical infrastructure (that the public relies on) in an open market in a more economic fashion than if the government was operating more directly. At least Stiglitz understands these complications & hints at the probability of revolving doors between these public & private offices. It is because of these doors (in OZ & the US), that elegant governance in corporate tax-terms will not prevail, so the public will remain in renewables-prison in these terms. I welcome the notions conveyed nevertheless, but criticize Stiglitz as deluded if he believes in [1] The blessings of mRNA vaccines; [2] The economic expertise of any US-Democratic leader; [3] The likelihood of fair & effective corporate tax in the Australian Energy industry. God Bless Australia 🦘🐏🦘
How to say that Capitalism is bad without saying, "Capitalism is bad." For whatever reason, Joe won't criticise C'ism directly; whether it's because of cognitive dissonance or he just can't shake the American mindset.
Putin, Trump? Who’s paying this guy? As far as his economic theories, a year 7 economics student could have explained it as well as this guy. Seriously, you need to raise the bar with your guests. His body language is terrible. He’s all closed up. He’s holding the real truth in.
I imagine he speaks in a dumb it down fashion to as to make it understandable to as many people as possible. But your right considering the people taking the time to listen it could have been more in-depth. And I'm a construction worker.
I thought this would be more insightful from a Nobel prize winning economist about our under taxed resources and how they benefit foreign investors more than Aussies. And the Trump bashing adds no value to the discussion. Maybe he did that to pad out the time as he only had a limited amount of talk tracks for Gas.
@mcviper270 I once did a search, and found that there were around 30 'Nobel Winning Economists' extant. The only one I ever hear of though, is 'The Stig'. Ask yourself why that is? This guy's a Media Tart who's happy to amplify the thoroughly debunked Leftard lie that we're "giving it away for nothing". Most of WA's gas is offshore, and is therefore subject to Federal Tax on profits. Onshore gas extraction pays a State Royalty. Bennett states disingenously that a high percentage of exporters "pay no royalties" and therefore, "get it for free", on the assumption that the audience knows nothing, and is prepared to believe anything. The Stig, for whatever reason, goes along with this lie/ fiction....did I already state he is a 'Tart' ?
"If you are giving away resources, you are not getting any return". Incorrect. Australia charges 30% company and 40% PRRT (profits tax) for our gas, and gas companies pay every cent of it. We could charge royalties for every kJ of gas sold, and drop the PRRT. But that would discourage gas companies from developing the industry in Australia. At the moment they offset all their profits with the cost of building new pipelines, platforms and transport hubs. That's not tax avoidance, it's normal business. It isn't possible to collect a windfall profits tax when the gas companies are not posting a profit. Joe knows all of this, but he is saying what his sponsor wants him to say.
I think he’s having 50 cents each way. If he’s been with the world bank he’s been running around the world impoverishing nations with debt and allowing the multinationals to buy up their assets at fire sale prices. He’s no Commie. I don’t agree with you on the royalties. Of course the should be paying. And don’t kid yourself that it would prevent them from investing in Australia. The US have been planning on getting Europe off Russian gas for decades. Secretary of State Anthony Blinkin wrote a book in 1987. Ally Versus Ally: America, Europe, and the Siberian Pipeline Crisis Book by Antony Blinkin. Examines U.S. relations with the member nations of NATO, explains U.S. opposition to the Siberian pipeline project, and assesses European willingness to ignore U.S. objections. What do you think the Ukraine thing is all about. And this Numb Skull blames Putin for the price hike. He’s a propagandist.
Nothing will discourage companies from investing in Australian Gas or minerals my friend. You are just repeating they're own defence of not paying enough for finite resources.
@@rachelhead4986 Qatar charges a 12.5% royalty rate, and zero tax. Norway charges 78% profits tax, and zero royalties. Australia charges 10-12.5% royalties on all onshore gas (about 50% of supply), and 30% company plus 40% PRRT (total 70%) profits tax on the gas companies. If we charged more, then our gas would not be competitive against Qatar and Norway on the global market, and gas companies would not invest in development.
Australia is not getting it's fair share from almost every natural resource we practically give away. Where is the soverign wealth fund for future generations? Other nations do it and have their futures much more secured than we do. It is time to stop multi-national companies coming in and ripping off the Australian taxpayers. End the LNP/ALP dodgy duo and vote for candidates who will work FOR YOU not for big business.
Spot on. I hope we can get some decent Teal candidates to vote for at the next election to end this rort. We have to stop political donations and the revolving door between parliament and the big business.
@@WesternAustraliaNowAndThen Australia gets plenty of tax and royalty revenue from our coal, iron, lithium, uranium etc. There is no sovereign wealth fund because we insist on spending it all now on social programs, education, medical, equity.
@@SW-lw6mt a sovereign wealth fund is LNP policy. The Teals and Greens want to spend the money now.
@jinnantonix Actual figures and citations please. Your comment is clearly contrary to every expert economist.
@@David-qz7fx scroll down thru 'comments' and you'll find his answer. Gives the lie to many of the Stig's and E Bennett's bulloshite.
'no'. Spared you the watch.
That said, Stiglitz is excellent and bravo for putting him on.
There is no reason for a housing crisis in this country given the enormous natural resource wealth that exists in our soils of which we currently have only mapped about 20% of the total. That means the location of the other 80% is still unknown. We have more than enough to fund the building of public housing and the many other needs of a modern nation.
Australia has all the wealth it needs to provide a good standard of living for all of its citizens if it wisely sells its natural resources to the world. Norway is an example of a nation that taxes the sale of its oil and gas by multinational corporations at the rate of 78% and then, also, taxes the operations of the individual companies themselves. As a result Norway can afford to provide its citizens with free tertiary education and can also subsidise the uptake of electric vehicles by its people among other things.
Now compare that with our political parties who have been influenced by donors, domestic and foreign, into putting their interests ahead of those of the citizens of this country. Both sides of politics have enabled a system of tax avoidance by corporations, many of whom are foreign, that means they pay little to nothing in tax and then even receive subsidies to conduct their business. These corporations extract our resources, sell them overseas and send the profits back to their home countries while paying nothing in tax to us. Both Labor and the LNP give away our resources in return for donations so they can remain the only two viable governing parties in this country.
Australia has enjoyed generations of prosperity so where is the defence capability to show for all this wealth? Corporate tax evasion has real consequences for all of us.
Governments in this country on both sides of politics are elected and then promise all sorts of outcomes, only to do nothing while they serve out their time in office before passing the problem on to the next government who then repeat the same process. Labour sat on the submarine question when they were last in office for six years and did nothing before passing it on to the Coalition government who then lost another nine years. That is why we won't have any submarines to replace the Collins class until the 2040’s.
Words mean nothing, anyone can say words. What matters in the end is real military capability which is why China is busily arming itself today. We have been badly served by both sides of politics in this country.
When ex-ministers like Martin Ferguson and Ian Macfarlane join resource companies, working against Australia's interests, is it any wonder big business prevails in contract negotiations?
Professor is stating obvious but obviously nobody in Australia dare to ask question what can be done? Obviously things can be fixed instantly if parliament and government represent interests of that country not the other one. Like a Norway for example. It seems rather obvious that governing body of Australia is unwilling to resolve the problem but here we need to another Nobel prize winner to tell aloud who's interest is represented at highest level and why leader comming to resolve the problem is instantly removed from office so no other leader even try to ask the question. This is most likely question about Australia independence or Common Wealth.
Nationalise all of the resources!
This is such an important topic that gets no coverage in the main stream media. Our kids future is being given away to big resource companies. Our politicians are so weak on this!
Superb thanks heaps.
Stiglitz conveys some interesting points about the role of government in a corporate-taxing regulatory sense, so that corporate freedoms are not abused, so public freedoms (including the freedom of sovereign &/or native entitlement to natural resources) do not suffer inequitable losses. Impromptu corporate taxing as the market changes, be that because of somebodies forever-war or whatever - Deviates from the notion of free-market operation & indeed the belief that private business can care for critical infrastructure (that the public relies on) in an open market in a more economic fashion than if the government was operating more directly. At least Stiglitz understands these complications & hints at the probability of revolving doors between these public & private offices. It is because of these doors (in OZ & the US), that elegant governance in corporate tax-terms will not prevail, so the public will remain in renewables-prison in these terms. I welcome the notions conveyed nevertheless, but criticize Stiglitz as deluded if he believes in [1] The blessings of mRNA vaccines; [2] The economic expertise of any US-Democratic leader; [3] The likelihood of fair & effective corporate tax in the Australian Energy industry. God Bless Australia 🦘🐏🦘
People have short memories. Rudd tried to do exactly that before Gillard backed by the US knifed him.
Then there is also the taxpayer funded clean-ups of sights when they are done with old infrastructure.
We are funding the rought.
How to say that Capitalism is bad without saying, "Capitalism is bad."
For whatever reason, Joe won't criticise C'ism directly; whether it's because of cognitive dissonance or he just can't shake the American mindset.
Pardon me for being dumb.
I don’t get why Putin is responsible for the price rise.
To me that is a false statement.
Standard American line, blame others.
No it’s not the Global Cabal has been ripping off Australians for decades 😂😂😂
No😊
👏👏👏👏👍👍🥰🇦🇺🇦🇺🇦🇺🇦🇺🇦🇺
Putin, Trump?
Who’s paying this guy?
As far as his economic theories, a year 7 economics student could have explained it as well as this guy.
Seriously, you need to raise the bar with your guests.
His body language is terrible. He’s all closed up. He’s holding the real truth in.
I imagine he speaks in a dumb it down fashion to as to make it understandable to as many people as possible. But your right considering the people taking the time to listen it could have been more in-depth. And I'm a construction worker.
I thought this would be more insightful from a Nobel prize winning economist about our under taxed resources and how they benefit foreign investors more than Aussies. And the Trump bashing adds no value to the discussion. Maybe he did that to pad out the time as he only had a limited amount of talk tracks for Gas.
@mcviper270 I once did a search, and found that there were around 30 'Nobel Winning Economists' extant.
The only one I ever hear of though, is 'The Stig'.
Ask yourself why that is?
This guy's a Media Tart who's happy to amplify the thoroughly debunked Leftard lie that we're "giving it away for nothing".
Most of WA's gas is offshore, and is therefore subject to Federal Tax on profits.
Onshore gas extraction pays a State Royalty.
Bennett states disingenously that a high percentage of exporters "pay no royalties" and therefore, "get it for free", on the assumption that the audience knows nothing, and is prepared to believe anything.
The Stig, for whatever reason, goes along with this lie/ fiction....did I already state he is a 'Tart' ?
"If you are giving away resources, you are not getting any return". Incorrect. Australia charges 30% company and 40% PRRT (profits tax) for our gas, and gas companies pay every cent of it. We could charge royalties for every kJ of gas sold, and drop the PRRT. But that would discourage gas companies from developing the industry in Australia. At the moment they offset all their profits with the cost of building new pipelines, platforms and transport hubs. That's not tax avoidance, it's normal business. It isn't possible to collect a windfall profits tax when the gas companies are not posting a profit. Joe knows all of this, but he is saying what his sponsor wants him to say.
They are shifting profits out of Australia to low-taxing countries. Australia is getting done over.
I think he’s having 50 cents each way.
If he’s been with the world bank he’s been running around the world impoverishing nations with debt and allowing the multinationals to buy up their assets at fire sale prices.
He’s no Commie.
I don’t agree with you on the royalties.
Of course the should be paying.
And don’t kid yourself that it would prevent them from investing in Australia.
The US have been planning on getting Europe off Russian gas for decades.
Secretary of State Anthony Blinkin wrote a book in 1987.
Ally Versus Ally: America, Europe, and the Siberian Pipeline Crisis
Book by Antony Blinkin.
Examines U.S. relations with the member nations of NATO, explains U.S. opposition to the Siberian pipeline project, and assesses European willingness to ignore U.S. objections.
What do you think the Ukraine thing is all about.
And this Numb Skull blames Putin for the price hike.
He’s a propagandist.
Nothing will discourage companies from investing in Australian Gas or minerals my friend. You are just repeating they're own defence of not paying enough for finite resources.
@@rachelhead4986 Qatar charges a 12.5% royalty rate, and zero tax. Norway charges 78% profits tax, and zero royalties. Australia charges 10-12.5% royalties on all onshore gas (about 50% of supply), and 30% company plus 40% PRRT (total 70%) profits tax on the gas companies. If we charged more, then our gas would not be competitive against Qatar and Norway on the global market, and gas companies would not invest in development.
@@jinnantonix4570
Nice numbers.
So how much are we actually earning?