NSW Premier "iCare" Perrottet and the Libs' Poison Chalice

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Evolved1

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I think that's a good idea. I'm pro land tax, and something as valuable as property should be paid for each year rather than only when buying or selling.
I think it's fine in principle though you'd obviously have to grandfather it in. I'm skeptical as to whether it would be bad for property prices too. Will people simply budget what was stamp duty into making a higher offer for a house?

Speaking generally rather than the NSW land tax.
 

The Prosecutor

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On 3 October, the day before Barilaro announced he would resign from parliament, Amy Brown, the chief executive officer of Investment NSW, told a representative of recruiter NGS Global the job would now be a “ministerial appointment” and that her services were no longer required.


Asking the recruiter to “keep this confidential”, Brown wrote that Investment NSW had “confirmed instructions” to convert trade commissioner positions to “ministerial appointments”.

In the email, seen by Guardian Australia, Brown said it meant the recruitment process for the positions “will need to be ceased”.

 

Gralin

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I think it's fine in principle though you'd obviously have to grandfather it in. I'm skeptical as to whether it would be bad for property prices too. Will people simply budget what was stamp duty into making a higher offer for a house?

Speaking generally rather than the NSW land tax.
Grandfathering it in is the worst thing you could do. It means people that are land wealthy continue to profit without contributing.
You put them into the new model, you give them a grace period on the original stamp duty.

Ie if paying upfront is equal to 30 years of land tax you don't start paying until you've had the property for thirty years.
If you've had it for over 30 you just start paying land tax from when it comes in, no back tax
 

Evolved1

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Grandfathering it in is the worst thing you could do. It means people that are land wealthy continue to profit without contributing.
You put them into the new model, you give them a grace period on the original stamp duty.

Ie if paying upfront is equal to 30 years of land tax you don't start paying until you've had the property for thirty years.
If you've had it for over 30 you just start paying land tax from when it comes in, no back tax
Land tax is already payable on investment properties, so the only land wealthy people you're likely to hurt by implementing land tax on ppr that have been held for 30 years are pensioners.
 

Gralin

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Land tax is already payable on investment properties, so the only land wealthy people you're likely to hurt by implementing land tax on ppr that have been held for 30 years are pensioners.
Pensioners are going to cop it eventually under this system already
 

Gigantic

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When Perrottet sold the first half of Sydney’s WestConnex motorway in 2018, he told us that the $9.3 billion in proceeds would be used to “fund the vital M4-M5 Link - the final stage of WestConnex – and contribute to future infrastructure projects across NSW”.

“We are not only funding the completion of the congestion-busting WestConnex but injecting billions more towards critical projects like new schools, roads, public transport and hospitals,” he said.


“[Labor] opposed this sale, which has allowed us to get on with the job of not only funding the vital M4-M5 Link, but has given us billions more to continue to build the infrastructure NSW so very badly needs.”

But, as it turns out, this was untrue. Instead of funding new infrastructure, Perrottet took $7 billion of the $9.3 billion in WestConnex proceeds and put it in a speculative investment vehicle called the NSW Generations Fund. Technically, the money was actually allocated to a subsidiary fund inside the NGF called the Debt Retirement Fund.

Since 2018, not a single cent of the $7 billion has been used to pay for infrastructure.

Instead, it has been gambled on stocks and illiquid junk bonds, among other risky assets. Amazingly, this has involved lending money to Russia ($75 million), Saudi Arabia ($45 million), China ($225 million), UAE ($15 million), Cayman Islands ($30 million) and Angola ($15 million).

Perrottet might have actually indirectly helped build Russian President Vladimir Putin’s new palace rather than NSW roads, schools or hospitals. (Since we expressly warned this was nuts last year, NSW has had to write-off $30 million of the money it lent to Russia.)

The NGF is managed by Perrottet’s pals in NSW’s investment arm, which is called TCorp. Last financial year, Perrottet and TCorp tried to take this misadventure one crazy step further: they wanted NSW taxpayers to take on tens of billions in extra debt to expand TCorp’s gambles on global stocks and other high-yield (risk) assets.

...

Across TCorp’s 180 staff, the average compensation cost in 2021 was a staggering $323,000 per person. That is almost double the average pay of the Reserve Bank of Australia’s 1300-plus employees.

The NGF is currently worth $15 billion, partly because it has been bolstered by the asinine decision to divert billions of NSW taxpayer royalties and income to it, and due to a debt-funded transfer of more than $2 billion to the fund in 2020, despite the NSW budget being in record deficit.
 

Carn The Berries

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When Perrottet sold the first half of Sydney’s WestConnex motorway in 2018, he told us that the $9.3 billion in proceeds would be used to “fund the vital M4-M5 Link - the final stage of WestConnex – and contribute to future infrastructure projects across NSW”.

“We are not only funding the completion of the congestion-busting WestConnex but injecting billions more towards critical projects like new schools, roads, public transport and hospitals,” he said.


“[Labor] opposed this sale, which has allowed us to get on with the job of not only funding the vital M4-M5 Link, but has given us billions more to continue to build the infrastructure NSW so very badly needs.”

But, as it turns out, this was untrue. Instead of funding new infrastructure, Perrottet took $7 billion of the $9.3 billion in WestConnex proceeds and put it in a speculative investment vehicle called the NSW Generations Fund. Technically, the money was actually allocated to a subsidiary fund inside the NGF called the Debt Retirement Fund.

Since 2018, not a single cent of the $7 billion has been used to pay for infrastructure.

Instead, it has been gambled on stocks and illiquid junk bonds, among other risky assets. Amazingly, this has involved lending money to Russia ($75 million), Saudi Arabia ($45 million), China ($225 million), UAE ($15 million), Cayman Islands ($30 million) and Angola ($15 million).

Perrottet might have actually indirectly helped build Russian President Vladimir Putin’s new palace rather than NSW roads, schools or hospitals. (Since we expressly warned this was nuts last year, NSW has had to write-off $30 million of the money it lent to Russia.)

The NGF is managed by Perrottet’s pals in NSW’s investment arm, which is called TCorp. Last financial year, Perrottet and TCorp tried to take this misadventure one crazy step further: they wanted NSW taxpayers to take on tens of billions in extra debt to expand TCorp’s gambles on global stocks and other high-yield (risk) assets.

...

Across TCorp’s 180 staff, the average compensation cost in 2021 was a staggering $323,000 per person. That is almost double the average pay of the Reserve Bank of Australia’s 1300-plus employees.

The NGF is currently worth $15 billion, partly because it has been bolstered by the asinine decision to divert billions of NSW taxpayer royalties and income to it, and due to a debt-funded transfer of more than $2 billion to the fund in 2020, despite the NSW budget being in record deficit.
What the actual f***? How is this not being pushed by the opposition every single day?
 

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NSWCROW

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STURT - LIVERPOOL

When Perrottet sold the first half of Sydney’s WestConnex motorway in 2018, he told us that the $9.3 billion in proceeds would be used to “fund the vital M4-M5 Link - the final stage of WestConnex – and contribute to future infrastructure projects across NSW”.

“We are not only funding the completion of the congestion-busting WestConnex but injecting billions more towards critical projects like new schools, roads, public transport and hospitals,” he said.


“[Labor] opposed this sale, which has allowed us to get on with the job of not only funding the vital M4-M5 Link, but has given us billions more to continue to build the infrastructure NSW so very badly needs.”

But, as it turns out, this was untrue. Instead of funding new infrastructure, Perrottet took $7 billion of the $9.3 billion in WestConnex proceeds and put it in a speculative investment vehicle called the NSW Generations Fund. Technically, the money was actually allocated to a subsidiary fund inside the NGF called the Debt Retirement Fund.

Since 2018, not a single cent of the $7 billion has been used to pay for infrastructure.

Instead, it has been gambled on stocks and illiquid junk bonds, among other risky assets. Amazingly, this has involved lending money to Russia ($75 million), Saudi Arabia ($45 million), China ($225 million), UAE ($15 million), Cayman Islands ($30 million) and Angola ($15 million).

Perrottet might have actually indirectly helped build Russian President Vladimir Putin’s new palace rather than NSW roads, schools or hospitals. (Since we expressly warned this was nuts last year, NSW has had to write-off $30 million of the money it lent to Russia.)

The NGF is managed by Perrottet’s pals in NSW’s investment arm, which is called TCorp. Last financial year, Perrottet and TCorp tried to take this misadventure one crazy step further: they wanted NSW taxpayers to take on tens of billions in extra debt to expand TCorp’s gambles on global stocks and other high-yield (risk) assets.

...

Across TCorp’s 180 staff, the average compensation cost in 2021 was a staggering $323,000 per person. That is almost double the average pay of the Reserve Bank of Australia’s 1300-plus employees.

The NGF is currently worth $15 billion, partly because it has been bolstered by the asinine decision to divert billions of NSW taxpayer royalties and income to it, and due to a debt-funded transfer of more than $2 billion to the fund in 2020, despite the NSW budget being in record deficit.
BRB, just tuning into 2gb and grabbing a copy of the daily tele to see the outrage......
 

SBD Gonzalez

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Kidding, right?
What the actual f***? How is this not being pushed by the opposition every single day?
They probably are, but over and above the usual pro-Coalition bias of much of the mainstream media, in NSW there seems to be a deliberate decision made to give state Labor as little oxygen as possible.

I have no idea what its origins are, but it's quite discernible, pretty much across the board.
 

campbell

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I bet he wont be watching 4 Corners anytime soon.
Quite a family he has there.
 

spinynorman

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I don’t really want to search endlessly for the correct thread, and certainly don’t think this warrants starting a thread (although, maybe…) but this short bio encapsulates everything we love about NSW politics. A-grade journalism.

E03F200C-5F73-4D1B-9752-93EB1BE0B4BB.jpeg
 

fs88

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A question one of the braindead journos should but wont have the balls or brains to ask Dom is "Do you need an independent inquiry for every action your party takes from now on as you don't have the intelligence to differentiate between ethical and unethical behaviour?"
 

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