It seems unusual that we like to celebrate our war and sport achievement but we lie doggo when it comes to the
ownership of our resources and the trashing of our economy. Over 70% of company profits who are involved in extracting our resources is foreign owned with the profits being telephoned overseas. This necessitates our 4 Big Banks to go overseas annually to borrow back these funds at high interest rates so that we can buy a house, a car or a few sticks of furniture and juggle our credit card debt . This illusion of wealth simply means that we are living beyond our means.
Perhaps any further Iron Ore , Coal or Gas developments should have an "Indonesian" caveat; that is within
12 years of commencing production that foreign ownership is divested down to a maximum of 49%.
Indonesia has a further requirement that minerals get at least a primary processing to add local value
before exporting.
Otherwise, billionaires like Ms Reinhart will want to flog our resources to the highest bidder and want 3rd world
imported labour to add value to the sale and push our standard of living closer to that of the 3rd World.
.(She has already sold 30% of her ROY Hill Iron Ore mine to the Japanese, Koreans and Chinese before it has sold a ton of Iron Ore)
With our national debt now over $650 Billion ($350 billion+ Commonwealth and another $300 billion of state and Municipal
debt the Abbott Government has to rein-in this debt, particularly the foreign component of that debt denominated in
non $AUDs and rather than focus on the poor, Mr Abbott should be tightening up the massive foreign company tax avoidance
via "Transfer Pricing" and loading the Aussie Branch with debt. It is easy for Mr Hockey to kick around the impoverished
but he hasn't the guts to pick on someone his own weight. In fact he owes his "Treasuryship" to Miners and Big Business.
We should call on our 'liberal" crop of $Billionaires to donate some of their $Billions to pay down debt rather than
them trying to increase that debt for their personal gains by advocating the importation of 3rd World workers.
We take to the streets to celebrate our War and Sport achievements. Perhaps its time now to hit the streets regarding
the foreign ownership of our resources and the $Billionaires who are lining their pockets with super profits from our
resources.
Cheers
Moorookamick
