These LNG facilities and their upstream feedstock systems cost billions of dollars to build and there are countless points where Australian governments tax this investment, including but not limited to, taxing the wages of all the people on-site that are building and operating the facilities, the profits of all the suppliers to facilities etc.
So Australians might have been able to negotiate better terms (just wishing you had a sovereign wealth fund doesn’t really address this), but they’re certainly not getting “nothing”!
I’d bet there are hundreds of thousands of Australians who owe their jobs to these investments being made and these people pay a lot in taxes! And these are countless companies that service these facilities and they make money and pay taxes as well! Royalties are not the only form of government revenue on resource development.
I guess the question is are we milking the cow enough as a country, on the margin could we get more out of them before they stop investing? They’ll say they won’t invest if x happens but then they do anyway. They’ll have some pretty good negotiators because they have an incentive, what’s the government incentive to get a cracking good deal? I don’t know the answer but it’s a reasonable question. I work in the oil and gas industry as well just for full disclosure.
More of this, it is funny, topical and Australian focused which is the reason I subscribe and pay. Konrad is probably wrong about a bunch of stuff or at least not 100% right but he freely admits that. Get Alan Kohler on as well if he can squeeze you in with all the other stuff he does.
This was a fairly low quality conversation Josh. It felt like you were ‘uncomfortable’ to question his many easily argued opinions.
I would really love to see you tackle the energy transition properly. I feel like your ‘liberalism’ and ‘progressivism’ is getting in the way of having actually uncomfortable conversations. Have on Aidan Morrison or Ben beatie to talk about the disastrous energy reality and get some actual expertise on Gas.
Conversations as poor as this one make me stop listening for several weeks until I see something that looks like it has actual heft.
I'm disappointed to hear that Josh supports Australia's current migration levels. It is not so easy to "just build enough fucking hospitals, schools and apartments for those people to live in". We had a net gain of 446,000 people last year. That is the population of Canberra. The year before it was 536,000 (equivalent to two Hobarts). Not so easy to keep up, in fact it is probably impossible, there is just too much demand.
curious what the answer would have been to the question if politicians should have some experience in the field they are 'regulating'? And if yes, then how on earth should they get it if they shouldn't have worked in it.....
These LNG facilities and their upstream feedstock systems cost billions of dollars to build and there are countless points where Australian governments tax this investment, including but not limited to, taxing the wages of all the people on-site that are building and operating the facilities, the profits of all the suppliers to facilities etc.
So Australians might have been able to negotiate better terms (just wishing you had a sovereign wealth fund doesn’t really address this), but they’re certainly not getting “nothing”!
I’d bet there are hundreds of thousands of Australians who owe their jobs to these investments being made and these people pay a lot in taxes! And these are countless companies that service these facilities and they make money and pay taxes as well! Royalties are not the only form of government revenue on resource development.
I guess the question is are we milking the cow enough as a country, on the margin could we get more out of them before they stop investing? They’ll say they won’t invest if x happens but then they do anyway. They’ll have some pretty good negotiators because they have an incentive, what’s the government incentive to get a cracking good deal? I don’t know the answer but it’s a reasonable question. I work in the oil and gas industry as well just for full disclosure.
More of this, it is funny, topical and Australian focused which is the reason I subscribe and pay. Konrad is probably wrong about a bunch of stuff or at least not 100% right but he freely admits that. Get Alan Kohler on as well if he can squeeze you in with all the other stuff he does.
Loving the variety of guests and topics you are serving up - keep it going 👍
Also big props to Punters for raising awareness within the less politically engaged demographic in a non partisan-hack way
This was a fairly low quality conversation Josh. It felt like you were ‘uncomfortable’ to question his many easily argued opinions.
I would really love to see you tackle the energy transition properly. I feel like your ‘liberalism’ and ‘progressivism’ is getting in the way of having actually uncomfortable conversations. Have on Aidan Morrison or Ben beatie to talk about the disastrous energy reality and get some actual expertise on Gas.
Conversations as poor as this one make me stop listening for several weeks until I see something that looks like it has actual heft.
Good luck, though, and thanks.
I'm disappointed to hear that Josh supports Australia's current migration levels. It is not so easy to "just build enough fucking hospitals, schools and apartments for those people to live in". We had a net gain of 446,000 people last year. That is the population of Canberra. The year before it was 536,000 (equivalent to two Hobarts). Not so easy to keep up, in fact it is probably impossible, there is just too much demand.
curious what the answer would have been to the question if politicians should have some experience in the field they are 'regulating'? And if yes, then how on earth should they get it if they shouldn't have worked in it.....
Would love for Albo to go on his podcast
Did I hear it right (near the very end of the podcast), that Australians don’t have to pay property taxes based on the value of their houses?
Yeah, no land tax on primary residences here. We pay a sort of land tax to local government equivalent to a fraction or a percent of the land value.
The absence of a land tax is one of the reasons property here generally costs a lot more than it does in the US.
That said, no land tax doesn’t all mean we’re a low tax jurisdiction. 40% top rate of income tax, and a 10% consumption tax, among other levies.
Pathetic how politicians cower before the mining companies. Do we really think they would leave Australia? Nonsense