20 ways how to F—k up an economy!No.1 - Covert shredding of Territorian Wealth by your elected Gover
20 ways how to F—k up an economy!
By our Local NT Government. (witnessed and written about by me, a lowly peasant, oops I mean citizen, but I don't want to steal their limelight, they did all the work... proudly.)
Don’t get me wrong, continuously I’ve discussed economic factors and events with several sitting and aspiring politicians and pundits from both sides of the isle.
To say Holes and Homes is their main concern would be an understatement, but forgiving the lack of economic and financial intelligence by both the local bureaucracy and the ignorant presented for us to vote for, what we have seen is that they can’t even get the Mining and Housing sector right, so we didn’t stand much of a chance for anything else.
For those blaming either side for the problems, I say, they have both been as bad as each other, but given that we currently have a government with a massive, albeit, unstoppable majority of 18 members and an opposition of 2, this current government could really make some changes to fix things, but lets reflect first on both sides F-ups.
I’m releasing these one at a time then I’ll provide 20 ways they might make some positive changes, so in the new year we might be able to re-invigorate our currently sitting government to get back to work and maybe represent the people again, as most who know me can attest, I have a critical mind, with a positive outlook.
Number – 1 (in no particular order!)
Covert shredding of Territorian Wealth by your elected Government through Stamp Duty.
Ignore the fact that stamp duty was supposed to be removed with the advent of the GST, it’s a mute point, but, it goes to show you what type numbskulls we keep electing into politics.
In 2004 there were on average about 600 transfers per month at about $2700 on average due to the Stamp duty concessions and payable amount of $2200 on your first home in the Territory.
This equated to about $19 Million Dollars per years being raised on residential properties. Average Home value at the time $248k.
IN 2011 there was on average 200 transfers per month at about $26,000 (they ditched the stamp duty concessions etc.) on average being raised. This equated to about $62 Millions Dollars per annum being raised or roughly a 320% increase in revenue from about 33% of the transfers on residential properties. Average home value $545k. (and about to drop like a bucket of....)
That’s right a 320% increase in funds being drawn from the territory public and no one said shit about it, well I did, and I was told to shut up or my correspondence was just ignored.
Now lets see if they can take the critique or if they will try to spin a new narrative. Honestly, I couldn't care less, I write for me, not for them. But if any should read a few of these, they might get some great idea's. First if I identify it as one of the dumb shit actions that hurt us, they can do the opposite and it probably won't do any harm.