Gina looking for a long wall and a load of blindfolds.

[pat_00]

Oh well, back to the pile!

 

[Ducatiboy stu]

Does Gina remember where she inherited her wealth from....she did no work for her fortune...she inherited it then without a lot of effort allowed it to continue to grow

 

[stm]

Let's put it this way, if she donated or lost 95% of her wealth, she would still have $1.1 billion to play with.

That isn't just rich, that is unimaginably wealthy. Think of the things that could be achieved if 95% of her $22,000,000,000 were invested in something worthwhile. Medical research. ******* space exploration. But instead she will hoard it and condescend the people who need to work day to day just to eat.

You do realise that Gina does not have some massive vault where she hoards away that $22,000,000,000? I imagine you think she unlocks the door each evening and counts it all and has a big cackle.

Actually, that value is all invested in productive businesses that employ huge numbers of people, generate a huge amount of additional wealth for those people each year, and pay directly and indirectly massive amounts of tax to the Australian government each year. The value of those businesses is the measure of her wealth. If she can increase the value of those businesses by making more profit, then that flows directly through as more wealth and prosperity for the country.

If she does accumulate some money in the bank, then the bank can use that money to lend to other start-up businesses so that they can grow and employ more people, pay more taxes etc.

What won't work very well is if everyone just handed over all their wealth to the government and then let the government decide how it should be invested and/or spent. It's been tried before and has not worked. Indeed, it has led to the greatest numbers of mass murders, deaths from famine, and general misery and poverty ever seen (Stalin, Mao, Pol Pot, Kim il Sung etc).

 

[wobbly]

Actually, that value is all invested in productive businesses that employ huge numbers of people, generate a huge amount of additional wealth for those people each year, and pay directly and indirectly massive amounts of tax to the Australian government each year. The value of those businesses is the measure of her wealth. If she can increase the value of those businesses by making more profit, then that flows directly through as more wealth and prosperity for the country.

Couldn't have put it better and to emphasise how those fortunes change is aptly detailed in the following article in todays Financial Review When the shit hits the fans those with most to loose loose most!!!


http://www.afr.com/p/business/companies/australia_richest_shed_collapse_ubbVSVsWOU7ocHqRWcm2aK

Cheers

Wobbly

 

[Ducatiboy stu]

Its basically her gross wealth, what all her assets could be worth when dug up and sold.

But she still has money in the bank than I will ever see.

And yes, as the commodity prices changes, so does her wealth.

But her comments and attitude are stil pretty shit house.

 

[Liam_snorkel]

You do realise that Gina does not have some massive vault where she hoards away that $22,000,000,000? I imagine you think she unlocks the door each evening and counts it all and has a big cackle.

Actually, that value is all invested in productive businesses that employ huge numbers of people, generate a huge amount of additional wealth for those people each year, and pay directly and indirectly massive amounts of tax to the Australian government each year. The value of those businesses is the measure of her wealth. If she can increase the value of those businesses by making more profit, then that flows directly through as more wealth and prosperity for the country.

If she does accumulate some money in the bank, then the bank can use that money to lend to other start-up businesses so that they can grow and employ more people, pay more taxes etc.

What won't work very well is if everyone just handed over all their wealth to the government and then let the government decide how it should be invested and/or spent. It's been tried before and has not worked. Indeed, it has led to the greatest numbers of mass murders, deaths from famine, and general misery and poverty ever seen (Stalin, Mao, Pol Pot, Kim il Sung etc).

Thanks for the economics lesson, wow I have now seen the light . Next time I get the urge to donate to charity or give someone a leg-up, I'll say no bugger that, the best way for me to help you is to do a few extra hours at my job & maybe some of the wealth I generate will trickle down...

Let me put it this way. For Australia's richest person, it would be nice to see her represented on one of these lists: http://www.therichest.com/rich-list/world/10-philanthropists-who-have-given-away-billions-to-charity/

 

[wide eyed and legless]

Beg to differ stalking Wilbur, you cant scrub your soul with a bar of Pears Moral and Self-righteous soap
and expect to be free of any sins we may commit, everyone has anti social issues and as I pointed out they all have to be managed same as anything else. These have been with us for thousands of years.
Even sub conscientiously we make decisions which would be deemed anti social, as for saying I am a racist I never said that at all, two charities I contribute to on a regular basis, Save the Children and White Ribbon prevention of male violence against women.I don't care what colour,race or religion the beneficiaries are.
Have a read of this.
http://www.theaustralian.com.au/news/health-science/racism-is-hot-wired-into-the-human-brain/story-e6frg8y6-1226409560164

 

[stm]

Liam

We are all in heated agreement then!

If you wish to donate to charity and you feel better for it, then go for it. I also donate quite a lot to charity (one in particular that I know does excellent work) because it makes me feel better. Perhaps even a lot more than you, but it is not a competition. Many "rich" people also donate anonymously to charity but they don't feel they need to advertise it.

 

[Airgead]

You do realise that Gina does not have some massive vault where she hoards away that $22,000,000,000? I imagine you think she unlocks the door each evening and counts it all and has a big cackle.

Actually... I reckon she does.

As for the employs large numbers of people.. that's a bit of a furfy. The mining industry employs very few people overall. Australia wide its a shade over 170000 people which is a whopping....1.6% of the working population. Twice as many work in caffes...Compare with the remnants of our manufacturing industry (8%) and small business (49%).

Mining returns amazingly little of its (and I use the word deliberately) grotesque profits to the local economy. Gina, repulsive as she is, and Clive (equally repulsive) are outliers in that they actually live here. The vast majority of mining is dominated my massive offshore companies that pay almost no tax and extract millions if not billions in tax breaks and subsidies. The small percentage they do return is being driven down as far as they possibly can through reducing labour with automation and where possible flying in cheap offshore labour.

If you want to see who actually provides massive employment and benefit to the country its small businesses. Maybe they should get the billions in tax breaks. As far as i'm concerned the miners can all go frack off.

 

[wide eyed and legless]

And wide -eyed - if you could really put your face between those legs, then I consider that punishment enough.
Sorry Manticle I have changed my mind about that, I keep thinking of that old joke where the guy asks if he can go inside the womans fanny and see's someone else in there, he asked the guy what he was doing and he said he was looking for his shoe.

 

[Ducatiboy stu]

And look want happened when a mining reasource rent tax was mooted.....no..we cant have the miners paying for the sovereign resources of our country that they dig up for profit. Yes they do pay royalties..but not sufficient

 

[Airgead]

Less than 10% of mining profit is paid in tax according to the latest figures.

I'd love my tax rate to be under 10%. And to have all my fuel subsidised on top of that. And to be able to write off capital investment at will. And all the other subsidies they get.

 

[manticle]

And wide -eyed - if you could really put your face between those legs, then I consider that punishment enough.
Sorry Manticle I have changed my mind about that, I keep thinking of that old joke where the guy asks if he can go inside the womans fanny and see's someone else in there, he asked the guy what he was doing and he said he was looking for his shoe.

Like playing two-up inside a blue whale

 

[shaunous]

Didn't Gina inherit a fukload, but then buy failed mines and turn them into massive money makers and have fukloads more then a fukload. Or am I thinking of someone else.

 

[shaunous]

Call me a Kunt, but I don't donate. I'll throw change into boxes, but I don't still believe my money would get to the people, and I know for a fact that in PNG and Ethiopia all it does is make their pollies richer, probably much the same in other countries I haven't had experience in, but who knows.

 

[Liam_snorkel]

this is a good read: http://www.smh.com.au/business/the-mother-of-all-feuds-20130909-2tesa.html

Lang, noting the changes he saw taking place in his daughter after her second marriage, famously remarked in a letter to her: "At least allow me to remember you as the neat, trim, capable and attractive young lady of the 'Wake Up Australia' tour [when she was married to Greg Milton], rather than the slothful, vindictive and devious baby elephant that you have become. I am glad your mother cannot see you now."

 

[Liam_snorkel]

some commentary from Business Spectator:

Rinehart has no public policy experience beyond lobbying and rent-seeking. She is a businesswoman but not an economist nor an expert on politics or political economy. She has no expertise on social issues or social work or psychology. She is neither a lawyer nor a tax expert.

Rinehart’s views on the economy -- tax cuts, lower spending and wage cuts -- share an uncomfortable cohesion with her denial of climate change. They are a thinly veiled attempt to make herself richer at the expense of other Australians.

But misguided and opportunistic politics is one thing. The real concern is that people will look at Rinehart’s success and use that as evidence that she must know what she is talking about. Unfortunately, really smart people can be incredibly silly on topics outside their specialty. Instead, we should look to actual experts to provide clarity on the issues of the day.

full article:
http://www.businessspectator.com.au/article/2014/3/11/economy/no-merit-rineharts-welfare-whinge

 

[stm]

What is it with all the vicious personal abuse? Do people who peddle this feel better for having done so?

 

[stm]

Less than 10% of mining profit is paid in tax according to the latest figures.

I'd love my tax rate to be under 10%. And to have all my fuel subsidised on top of that. And to be able to write off capital investment at will. And all the other subsidies they get.

Don't believe everything that former Treasurer Wayne Swan tells you! In fact, the tax rate that mining pays (as a proportion of taxable income) is higher than the average across all industries. Actual facts and evidence can be found here:

http://www.minerals.org.au/file_upload/files/publications/mca_backgrounder_FINAL.pdf

Hope this helps.

 

[Airgead]

Don't believe everything that former Treasurer Wayne Swan tells you! In fact, the tax rate that mining pays (as a proportion of taxable income) is higher than the average across all industries. Actual facts and evidence can be found here:

http://www.minerals.org.au/file_upload/files/publications/mca_backgrounder_FINAL.pdf

Hope this helps.

Actually... not Swan... ATO figures. I can dig out the links later.

Frankly anything the minerals council puts out is equally suspicious. Given that they are the mouthpiece of the mining industry and all.

I prefer to get my figures from folks without a vested interest...

That whole "proportion of taxable income" thing is where the problem lies. There are so many handouts, concessions and subsidies that based on their actual income they pay stuff all tax at all. They can basically write off or transfer overseas most of their income.

Other industries don't get that level of handout. Nor should they.. but neither should the miners...