Only a Billion Dollars Out

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    Posted: 01 May 2015 at 1:23pm
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Good to see our finance minister has such great oversight of the budget.  A $373 million surplus becomes over $570 million deficit, that's only a billion dollars or so out -near enough apparently as he still has a job.
I'm pretty sure if I told my boss we were going to make a $373 million profit and we lost $570 million I'd be the first cut he made to start saving money.
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Post Options Post Options   Likes (0) Likes(0)   Quote KikBac Quote  Post ReplyReply Direct Link To This Post Posted: 01 May 2015 at 1:44pm
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So what's your solution Kevin? Vote for one of the Parties that promised to print more money? Yep that should do the trick Wacko
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Originally posted by KikBac KikBac wrote:

So what's your solution Kevin? Vote for one of the Parties that promised to print more money? Yep that should do the trick Wacko

That sort of argument is simply a distraction from the actual problem, what does any other parties policies have to do with the abject failure that is the National Parties budgeting forecast?

Lets discuss the issue at hand rather than blame the shortcomings of others.

If you want a solution then personally I would like to see a system along the lines of Gareth Morgan's "Big Kahuna" tax system he suggested a few years ago. http://www.bigkahuna.org.nz/  

Universal Basic Income to replace ALL types of welfare.
Flat tax rate of 30%.
Capital Gains tax on ALL assets.
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Post Options Post Options   Likes (0) Likes(0)   Quote Capt Asparagus Quote  Post ReplyReply Direct Link To This Post Posted: 01 May 2015 at 2:50pm
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I wonder what part a 50% drop I the dairy export trade has made to this?
Willing to bet a rather large chunk.....
It is only my overwhelming natural humility that mars my perfection.

Captain Asparagus, Superhero, Adventurer.
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Post Options Post Options   Likes (0) Likes(0)   Quote pjc Quote  Post ReplyReply Direct Link To This Post Posted: 01 May 2015 at 2:58pm
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Southern_jez that's what thought too.no. Gst or income tax.save money pay no tax buy food etc pay tax then @ 25% hang on isn't what Mama party proposed about 5/6 yrs ago?
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Post Options Post Options   Likes (0) Likes(0)   Quote Southern_Jez Quote  Post ReplyReply Direct Link To This Post Posted: 01 May 2015 at 6:11pm
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Originally posted by pjc pjc wrote:

Southern_jez that's what thought too.no. Gst or income tax.save money pay no tax buy food etc pay tax then @ 25% hang on isn't what Mama party proposed about 5/6 yrs ago?

Sorry I dont quite follow what you are saying ... the Big Kahuna retains GST at the current rate, and it suggests a flat income tax of 30% on every dollar earned ... nothing like the mana plan ...
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Post Options Post Options   Likes (0) Likes(0)   Quote pjc Quote  Post ReplyReply Direct Link To This Post Posted: 01 May 2015 at 6:39pm
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Originally posted by Southern_Jez Southern_Jez wrote:

Originally posted by pjc pjc wrote:

Southern_jez that's what thought too.no. Gst or income tax.save money pay no tax buy food etc pay tax then @ 25% hang on isn't what Mama party proposed about 5/6 yrs ago?

Sorry I dont quite follow what you are saying ... the Big Kahuna retains GST at the current rate, and it suggests a flat income tax of 30% on every dollar earned ... nothing like the mana plan ...
I think i would prefer the mana way,garth morgan well?anyway just heard on the news tax cuts possible by 2017 and should be back in surplus
is it not election year 2017??
Any normal business and your financial adviser would be gone well before lunch!
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Post Options Post Options   Likes (0) Likes(0)   Quote cirrus Quote  Post ReplyReply Direct Link To This Post Posted: 01 May 2015 at 6:40pm
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Only a Billion out. Oh well as they shrug it off with a smile.Are commodity falls part of this. If so why didnt they see it coming. Not long ago Mr English was crowing about surplus.

N.Z depends on commodity exports. Dairy ,logs ,oil (our 4th biggest export ) are falling off a cliff.
How long before we are sitting on a huge mountain of milk powder no one wants to buy.

Of course they never crow about our debt at $86 billion. Wonder why.
And with a very high dollar,falling real export returns, can see the rockstar economy ending in tears . After all alot of rockstars crash and burn early ,too much of the hard stuff. And in N.Z debt will prove to be the hard stuff.
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Post Options Post Options   Likes (0) Likes(0)   Quote mmmWord Quote  Post ReplyReply Direct Link To This Post Posted: 03 May 2015 at 6:50pm
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While printing money probably wouldn't have worked for us, it's the same policy that that well-known communist country known as the USA is still following. So allowing the reserve bank to do so *if they think it necessary* is not as wacky as it sounds, and is actually pretty much in line with basic economic theory. Just saying.

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Post Options Post Options   Likes (0) Likes(0)   Quote SaltyC Quote  Post ReplyReply Direct Link To This Post Posted: 04 May 2015 at 11:29am
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Hmm, don't let the facts get in the way folks, but the forecasts are done by Treasury not National or any other political party.

So Treasury got the income forecast wrong and National now has to deal with the results.


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Post Options Post Options   Likes (0) Likes(0)   Quote v8-coupe Quote  Post ReplyReply Direct Link To This Post Posted: 05 May 2015 at 12:43pm
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Originally posted by SaltyC SaltyC wrote:

Hmm, don't let the facts get in the way folks, but the forecasts are done by Treasury not National or any other political party.

So Treasury got the income forecast wrong and National now has to deal with the results.


Ah yes. However the Treasury forecast is made based on the present Governments policies.
I would like to see the first $20k for everyone/business tax free. A transaction fee of 1.5% placed on every transaction. No exclusions/exemptions. Let us make some of these overseas corporates pay their fair share. They make their money here they should pay something here. Get rid of GST. Do not stop immigration. Slow it down. Under the "wealthy" immigrant scheme make it that property, land and existing businesses do not count as investments toward their citizenship. Unless they are new builds and new business ventures. Maybe we even incentivise the new immigrants to settle in other places.
As our population increases so does our demand for consumables. Since we no longer produce, manufacture or assemble these things here anymore our balance of payments will always be in deficit and growing.
We really need to find a way to encourage manufacturing back to New Zealand shores. Preferably without the attendant slave wages as they have in Mexico, China, Vietnam et al.
 
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Post Options Post Options   Likes (0) Likes(0)   Quote v8-coupe Quote  Post ReplyReply Direct Link To This Post Posted: 05 May 2015 at 12:51pm
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Originally posted by cirrus cirrus wrote:

Only a Billion out. Oh well as they shrug it off with a smile.Are commodity falls part of this. If so why didnt they see it coming. Not long ago Mr English was crowing about surplus.

N.Z depends on commodity exports. Dairy ,logs ,oil (our 4th biggest export ) are falling off a cliff.
How long before we are sitting on a huge mountain of milk powder no one wants to buy.

Of course they never crow about our debt at $86 billion. Wonder why.
And with a very high dollar,falling real export returns, can see the rockstar economy ending in tears . After all alot of rockstars crash and burn early ,too much of the hard stuff. And in N.Z debt will prove to be the hard stuff.
"Of course they never crow about our debt at $86 billion".
And growing. Yep, regardless they will be implementing the bribe, oops, tax cuts just before an election.
With no domestic surplus, petrol increasing and commodities falling they will have to borrow yet again the help pay for them. Expect the overseas debt to balloon between now and then.
I too find it strange that no one, Politicians or the media find this multi billion dollar and growing daily debt worthy of mention.
Flag debate. Sure.
Ponytail gate. Sure.
Relatively small internal deficit. sure.
Huge overseas and potentially economically crippling debt. Not a word. Very strange indeed.
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Post Options Post Options   Likes (0) Likes(0)   Quote cirrus Quote  Post ReplyReply Direct Link To This Post Posted: 06 May 2015 at 8:44pm
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Auckland prices are no reason for concern  Westpac C.E.O David Mclean said today

Well well. Today i popped into an Auction in Mt Riskill .Woops i mean Mt Roskill. On the flat lands on the Balmoral side. Good size 4 bed 1920s Bungalow on 816 sq M. Potentially sub dividable . This property didnt sell & was  turned in at $1.3 million at Auction 3 months ago.
Today it sold for $1.730 Million. Thats a massive upswing in 3 months. No cause for concern.?
Here below are snippets from an article---on  www.maxkeiser.com.

So  not only here in Auckland. Keynesian central bank craziness is causing insane asset bubbles in real estate.
You can buy a very nice penthouse in Monaco for $400 million. But if thats out of your range ,dont worry all the other units in the building are an affordable $100 Million.

Property bubbles are popping up all over the place after 7 years of money printing.
Hong Kong, Los Angeles, New york, Vancouver, London are just a few places you can barely buy a small bachelor pad for under 1 million.,but you can still buy a 1 bedroom ,1 bathroom pad in San Francisco for $929 K

A person who 15 years ago owned a million dollar house was considered very well off. Now in many places he would be known as the super broke guy who lives in a shack down by the pawn shop.
What is going on. Central banks have been printing money at record rates for 7 years while manipulating interest rates to not only near zero like in the U.S but to negative rates in Germany and Sweden. Negative interest.! You pay someone to borrow your money. Yes its that crazy now. Keynesianism is reaching its ultimate end game.
So who had profited from this printing. Specifically the top 0.1%
Woops. This should have been posted in the Key denies housing bubble thread.

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