CURRENT POLITICS

Bust the BUSINESS Council’s budget

WHICH CRISIS?

On 29 June this year, the Bank for International Settlements (BIS) again warned that serious challenges persist from the so-called Global Financial Crisis. The upswing is disappointing. New risks are emerging.

The ratios of Debt to Gross Domestic Product are now 275 per cent in advanced economies.

The BIS calls on governments and Reserve Banks to tackle all the headwinds head-on.

That means further de-regulation of product and labour markets, revised tax codes, and tighter public spending.

‘We can hardly expect such efforts to be popular’, admits the BIS.

Here we have the matrix for the budget.

WHOSE BUDGET?

The Coalition outsourced its drafting to a Commission of Audit from the Business Council of Australia - the 100 biggest corporations.

Their attacks on the rest of us expose the need that global capital has to make us carry the costs from its continuing crisis.

Those demands won’t disappear by changing the government.

WHAT NEXT?

The biggest immediate danger, according to the BIS, comes from the easy money and low interest rates that are boosting financial speculation. Since traders are always gamblers, and often cheats, the Bank calls for ‘proactive, rigorous and intrusive supervision’.

WHERE NEXT?

We can’t afford to wait for the next crash. We have to take the fight up to the global corporates by re-regulating the financial sector.

Let’s start by replacing the Goods and Services Tax (GST) with a single tax on the major ‘service’ outside the GST net.

Forget about extending it to education and health. Forget about lifting the rate above 10 percent.

Replace the unfair GST $50 billion with a Financial Services Tax of 0.1 per cent.

The annual turnover on foreign-exchange alone is $50 trillion.

One cent out of every thousand of those cents would collect $ 50 billion.

On top of that there is the stock exchange and the futures market.

An FST would be a blow to Merchant Bankers like billionaire Malcolm Turnbull.

It would also bring down the Aussie dollar which is kept high by parasites whose profits destroy manufacturing jobs and stymie the export of other services.

Our enemy is corporate CAPITAL. Keep it in your sights.

Abbott and Shorten are its bad-cop/good-cop glove puppets.

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