Bill GreenThe Resources Industries should pay for their very own inflation boom
June 13th 2008 13:22
The resources industries should pay for their own inflation boom. They created it and they should pay. Why do they and the reserve bank feel the responsibility of controlling inflation should be placed on the poorer Australians? The middle-class and above (those who own unmortgaged houses) aren't going to be much effected by rises in prices for essential products like food and fuel, but those families who are struggling with mortgage payments and rising rents certainly do. .
So why do we have to cocoon those great, booming industries, and the greedy people who own and run them.
It means that some families with kids are no longer capable of feeding and educating them. Why is that? Because successive governments have placed the control of inflation with the reserve bank. Is Rudd going to be able to kick a few of the greedy, and their supporters, in the teeth?
And why is fuel, one of the elements in the inflation calculation allowed to soar, not because it's scarce, because at this point it isn't, as there are oil companies who are hoarding against the time of even higher prices? Yes, they love their profits.
Why not just remove that from the group of inflation sensors, along with drought-hiked food? Those elements that effect the poorer members could be dropped and replaced with a tax on those things that richer member of society consume. Maybe wine over $30 a bottle, cigars, Melbourne Club membership fees, cars supplied with cigar lighters, beach front holiday homes on the better beaches, boarding school fees, ownership of second homes, and even a return of death duties for those who have assets over $2 million at the time of death? I could help the reserve bank with such lists.
So why do we have to cocoon those great, booming industries, and the greedy people who own and run them.
And why is fuel, one of the elements in the inflation calculation allowed to soar, not because it's scarce, because at this point it isn't, as there are oil companies who are hoarding against the time of even higher prices? Yes, they love their profits.
Why not just remove that from the group of inflation sensors, along with drought-hiked food? Those elements that effect the poorer members could be dropped and replaced with a tax on those things that richer member of society consume. Maybe wine over $30 a bottle, cigars, Melbourne Club membership fees, cars supplied with cigar lighters, beach front holiday homes on the better beaches, boarding school fees, ownership of second homes, and even a return of death duties for those who have assets over $2 million at the time of death? I could help the reserve bank with such lists.
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