Labour wins Batman and gains a new member who looks like the real deal. South Australia gains a new Liberal government, after 16 years in the wilderness, and should benefit from new ideas and less complacent leaders. The rule in Australia is the Federal government is mostly run by the party that is opposite to most of the State goverments which is another bad omen for Mr Trumbull and his merry men and occasional women.
The Coalition deserves time in the wilderness. They wax indignent about Mr Shorten's attempt to grab people's return of corporate tax already paid - theft, as ScoMo rightly calls it - but it was the Coalition that decided on a tax grab from old people who have accumulated superannuation balances exceeding $1.6 million. Bad luck that we have planned to live on our savings. No mention of grandfathering, the accepted way of changing rules that impinge on people's long term planning. My point is that Kelly O'Dwyer's super grab opened the door for Labor to do as it wishes.
Labor's plan to make Negative gearing less of a rort was scorned by ScoMo. The reason may well be because so many members of Australia's political class, especially the Libs, are up to their ears in negative gearing schemes. A highly experienced accountant told me at a small private function that the rules mean someone cannot offset more than the income in a 'negative gearing' scheme. But this is routinely ignored by the ATO, and indeed that is why the common name is 'Negative' gearing. So with ten properties, a negative gearing member can accumulative excess losses that mean he or she will pay no or little tax on his or her parliamentary salary.
Please tell me this is not true Kelly, or ScoMo or even the Head of Treasury.
The Banking Royal Commission has already uncovered examples of greed, dishonesty and a cavalier attitude to the law. Go for it, I say. This must and will be sorted.
Fiona Prior is back and today reviews Black Panther. 'Black Panther is as much about the politics of our world as it is about the fantasy worlds of Marvel'.
Linked here, gentle readers.
The Sporting Life
AFLW is reaching its final, and Henry hopes eventually the season is extended and includes a proper finals series. When Henry was a lad one went to AFL games and could watch some of the seconds game. Why not an AFLW game, with the same entrance fee, to provide more fun and better value? Sadly, we'd have to pay more as greed permeates the AFL about as much as the banking industry.
One/one in the cricket tests in South Africa. Only four sleeps til the AFLM competition proper begins. Caaarlton! starts the season against the reining premiers and will do well to avoid a flogging.
Image of the week - Parable of the float of the Aussie dollar.
Narrative here, and all other EconArt images.