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Showing posts from March, 2017

Turnover Tax would simplify the taxation system

Politicians are always dreaming up extra ways to spend our money, but they are less motivated to implement a more efficient taxation system. One idea that the Federal Treasurer could consider in the upcoming budget would be to abolish income tax for companies and replace it with a turnover tax. In one move it would decimate the tax evasion industry. Accountants find it easy to hide profits but it's no simple task to disguise total revenue. Turnover tax is a simplified system making it easier for business to meet tax obligations. The turnover tax system replaces Income Tax, GST and Capital Gains Tax. Turnover tax is worked out by applying a tax rate to the gross income of a business.

New radar makes F35 jet obsolete

Quantum physics research has allowed China and Russia to develop Quantum radar systems which can detect stealth fighters and bombers from a distance of more than 100kms – effectively rendering obsolete jets like the US made F35 Joint Strike Fighter on which Australia is spending more than $25 billion.Russia has already deployed a network of long range radar systems to protect its borders and its naval fleets around the world.

Australia's top two ships out of action

Australia's two largest ships, both amphibious assault ships (or helicopter landing docks), which cost over $3 billion are both undergoing engine repairs to make them operational. The navy's flagship, HMAS Canberra and HMAS Adelaide will be out of service until repairs are completed. The Spanish-built ships arrived in Australia as bare hulls and were fitted out out at the secretive BAE Systems facility at Williamstown in Melbourne.

Hazelwood closure is Jeff Kennett's legacy

Loading blame for closing Victoria's Hazelwood power station onto current Premier Daniel Andrews is rather unfair given that operation of the facility was taken out of Government control by Jeff Kennett when the plant was privatised in 1996. Design was undertaken in the 1940’s and construction began in 1954 so it is hardly a ‘state of the art’ facility. With 1.5 tonnes of carbon produced for every megawatt hour of electricity, the company deemed it had to go. At the time Hazelwood was sold it was realised that the plant had a finite life and it would be closed at the discretion of the new owners.

Chemical contamination widespread in grain crops

Politicians need to wake up to the devastating impact of some farming practices on the food chain and human health.Widespread chemical use in food production is out of control. Pre-harvest application of herbicides containing glyphosate and 2-4-D to wheat and barley crops just before harvest has become routine in the past 15 years. It is used as a drying agent 7-10 days before harvest within the conventional farming community to increase yields. Residues within the grains are not monitored.

Generations of Australians will pay for Government fiscal incompetence

The Federal Government will allow the budget deficit to increase by more than $10 billion to over $30 billion in two years as a result of low wage growth and falling taxes on business profits.Deficits will continue to grow unless the Government reigns in spending. Prospects of a return to surplus are now a distant dream ( or can be seen as just another broken election ploy). In an effort to extract money from the community the Government is increasing the cost of Commonwealth fines from $180 to $210 per penalty unit, which is expected to raise a paltry $90 million by 2019/20. The International Monetary Fund expects a fairly dismal future for Australia unless the Government takes serious steps to reduce borrowings and brings a halt to deficit spending.It all highlights the long term problems that face this nation thanks to successive dud politicians. Australia's Reserve Bank would be bursting at t he seams with billions of dollars if politicians had been prudent during the days of...

Australia running out of fuel

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Australia seems headed for a critical fuel shortage which is likely to shut down transport, industry and even our military. Successive Australian Governments have overseen a massive decline in fuel security. From being totally self-sufficient when Bass Strait was in full production, we now import around 80% of our fuel – crude oil, diesel and petrol.One of the absurd things which our Government allows is the export of virtually all gas produced in WA and Queensland. so even though we have vast gas production, there is a shortage right now within Australia.For some years we've had, at best, 3 weeks supply of petrol and diesel in the country. The bulk of our oil is imported from Singapore and comes through the South China Sea. So if the US or our Government provokes a war with North Korea, or China. We will quickly run out of fuel. That means not just rationing …. there won't be any petrol, diesel, fuel oil or avgas for anyone at any price - not even the military. Would make it...

Turkey building its own stealth fighter jet

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With many countries (including Australia) lining up to spend billions on stealth fighter jets from the US, China or Russia, Turkey is building its own. Designated the TFX, it will be a twin engine plane powered by Rolls Royce EJ 200 engines - the same as the Eurofighter Typhoon. Turkey invited Pakistan to participate in the development project and it is paying $200 million to BAE Systems to assist with the design. BAE is UK based, with a division in Australia.

Two F35 fighter jets arrive in Australia

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Two of the 100 F35 Joint Strike Fighters being built for Australia, have arrived in the country, ready for the Avalon airshow in Victoria. The total cost of around $25 billion is likely to blow out considerably and may well double once armaments are ordered. There's not much point in having an expensive weapons platform in the air if it doesn't carry weapons. The F35 is designed to carry a range of weaponry including cruise missiles, air to surface stand--off bombs, guided bombs and naval strike missiles. There may be some spin-off benefits for local armament firms. But the overall cost will be felt by Australians for decades.