The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.

This is a welcome move for me as it conforms to the ‘share the wealth’ sentiment that has prevailed for a substantial period.

Within this plan what are the pros and cons?

Will the companies targeted put up a fight or submit to the will of the government and people to avoid damage to their profit margins?

Will this free up state governments to make greater use of the resources they have at their disposal?

The OP title is rhetorical but feel free to discuss that question also. I personally believe Turnbull has been aiming to re-invent the Liberal party since he left Labor. He is very good at holding his cards close to his chest I have noticed.

He was never in the Labor party, he enjoys the freedom of thought and expression that the Liberal part affords him.

Turnbull’s government may turn out unique if they continue to not make promises to break but institute policies with potential for popularity like this one. IMO…..

Peak Warming Man said:

He was never in the Labor party, he enjoys the freedom of thought and expression that the Liberal part affords him.

It appears you are correct on the former. I do distinctly remember someone mentioning he was originally a labor member.

Postpocelipse said:

Peak Warming Man said:

He was never in the Labor party, he enjoys the freedom of thought and expression that the Liberal part affords him.

It appears you are correct on the former. I do distinctly remember someone mentioning he was originally a labor member.

These are asides to the questions in the OP but thanks for the correction.

The Beez has said that Trumblr approached him regarding the possibility of running for parliament within the ALP.

Peak Warming Man said:

He was never in the Labor party, he enjoys the freedom of thought and expression that the Liberal part affords him.

LOL, good one PWM

dv said:

The Beez has said that Trumblr approached him regarding the possibility of running for parliament within the ALP.

aah

Postpocelipse said:

The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.

Sort of like a mining tax then.

The Rev Dodgson said:

Postpocelipse said:

The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.

Sort of like a mining tax then.

Yes. How peculiar huh….

dv said:

The Beez has said that Trumblr approached him regarding the possibility of running for parliament within the ALP.

Turnbull says it never happened.
He says he was approached by the ALP to run for the Borg but he declined.

Peak Warming Man said:

dv said:

The Beez has said that Trumblr approached him regarding the possibility of running for parliament within the ALP.

Turnbull says it never happened.
He says he was approached by the ALP to run for the Borg but he declined.

He would have to say that to appease his constituents but that I guess the truth is lost in history.

Postpocelipse said:

The Rev Dodgson said:

Postpocelipse said:

The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.

Sort of like a mining tax then.

Yes. How peculiar huh….

“The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.”

I’m finding that sentence hard to parse.

dv said:

Postpocelipse said:

The Rev Dodgson said:

Sort of like a mining tax then.

Yes. How peculiar huh….

“The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.”

I’m finding that sentence hard to parse.

Are you starting at the beginning and finishing at the end?

I don’t know who your political gurus are Postpocelipse but Curtis Pitt is not the national treasurer either.
He’s the Queensland Labor treasurer.
You need to sack your gurus.

Peak Warming Man said:

dv said:

The Beez has said that Trumblr approached him regarding the possibility of running for parliament within the ALP.

Turnbull says it never happened.
He says he was approached by the ALP to run for the Borg but he declined.

They are probably both lying.

I still reckon MT would be better off starting a new party. He is popular and talented, he doesn’t need to be weighed down by a stack of last century baggage that are stuck in either major party.

Peak Warming Man said:

I don’t know who your political gurus are Postpocelipse but Curtis Pitt is not the national treasurer either.
He’s the Queensland Labor treasurer.
You need to sack your gurus.

I must have misread the courier mail article. My mistake. More predictable labor shenanigans then…….

dv said:

“The national treasurer, Curtiss Pitt, has flagged wiping billions of dollars from state debt by putting the sum on the books of companies that profit the greatest from the states resources.”

I’m finding that sentence hard to parse.

I take it to mean that a large one off tax will be imposed on these companies, but they will be able to treat it as a long term debt, to be paid back at their leisure.

It’ll never happen of course.

Peak Warming Man said:

I don’t know who your political gurus are Postpocelipse but Curtis Pitt is not the national treasurer either.
He’s the Queensland Labor treasurer.
You need to sack your gurus.

I haven’t been watching tv and haven’t kept up with who is who in the zoo. I just skimmed the article as I was passing. My apologies…..

Postpocelipse said:

Peak Warming Man said:

I don’t know who your political gurus are Postpocelipse but Curtis Pitt is not the national treasurer either.
He’s the Queensland Labor treasurer.
You need to sack your gurus.

I haven’t been watching tv and haven’t kept up with who is who in the zoo. I just skimmed the article as I was passing. My apologies…..

No worries, if you ever need advice or mentoring on politics let me know.
I’m the Emeritus Visiting Fellow studying politics on the forum.
If you need direction on whether to vote for the diligent Liberals or the wastrel Labor or the communist Greens I’ll try and help.

Peak Warming Man said:

Postpocelipse said:

Peak Warming Man said:

I don’t know who your political gurus are Postpocelipse but Curtis Pitt is not the national treasurer either.
He’s the Queensland Labor treasurer.
You need to sack your gurus.

I haven’t been watching tv and haven’t kept up with who is who in the zoo. I just skimmed the article as I was passing. My apologies…..

No worries, if you ever need advice or mentoring on politics let me know.
I’m the Emeritus Visiting Fellow studying politics on the forum.
If you need direction on whether to vote for the diligent Liberals or the wastrel Labor or the communist Greens I’ll try and help.

Diligent? Are you sure you have the correct information?

roughbarked said:

Peak Warming Man said:

Postpocelipse said:

I haven’t been watching tv and haven’t kept up with who is who in the zoo. I just skimmed the article as I was passing. My apologies…..

No worries, if you ever need advice or mentoring on politics let me know.
I’m the Emeritus Visiting Fellow studying politics on the forum.
If you need direction on whether to vote for the diligent Liberals or the wastrel Labor or the communist Greens I’ll try and help.

Diligent? Are you sure you have the correct information?

I’d say Turnbull’s cabinet will have greater success being seen as dilligent than Abbott’s. He really needed to go. So did Joe……

Postpocelipse said:

roughbarked said:

Peak Warming Man said:

No worries, if you ever need advice or mentoring on politics let me know.
I’m the Emeritus Visiting Fellow studying politics on the forum.
If you need direction on whether to vote for the diligent Liberals or the wastrel Labor or the communist Greens I’ll try and help.

Diligent? Are you sure you have the correct information?

I’d say Turnbull’s cabinet will have greater success being seen as dilligent than Abbott’s. He really needed to go. So did Joe……

Still too many of Abbott’s cronies in parliament.

see how long he dodges the army of discontents and their representative (cough) firing squad.

Here is the actual story…

http://www.abc.net.au/news/2015-12-15/mid-year-budget-review-pitt-1-billion-transferred-ports-water/7028358

All that is happening is that the debt owned by state owned enterprises is to be transfered from the books of the govt to the books of the enterprises.

accounting black magics

the Govt is also reaping a ‘special dividend’ of $150 million from Stanwell

diddly-squat said:

Here is the actual story…

http://www.abc.net.au/news/2015-12-15/mid-year-budget-review-pitt-1-billion-transferred-ports-water/7028358

All that is happening is that the debt owned by state owned enterprises is to be transfered from the books of the govt to the books of the enterprises.

accounting black magics

What a let down.

They might at least transfer the debt to private enterprises.

The Rev Dodgson said:

diddly-squat said:

Here is the actual story…

http://www.abc.net.au/news/2015-12-15/mid-year-budget-review-pitt-1-billion-transferred-ports-water/7028358

All that is happening is that the debt owned by state owned enterprises is to be transfered from the books of the govt to the books of the enterprises.

accounting black magics

I assume that the nett worth of State Owned Enterprises is added to the government accounts, so how will this manoeuver change the debt position at all? (Other than by increasing debt by whatever it cost to do the transactions).

The Rev Dodgson said:

diddly-squat said:

Here is the actual story…

http://www.abc.net.au/news/2015-12-15/mid-year-budget-review-pitt-1-billion-transferred-ports-water/7028358

All that is happening is that the debt owned by state owned enterprises is to be transfered from the books of the govt to the books of the enterprises.

accounting black magics

What a let down.

They might at least transfer the debt to private enterprises.

maybe Dodgson Enterprises should make the Govt an offer… I’m sure the NSW Govt would be more than happy to oblige…

The Rev Dodgson said:

diddly-squat said:

Here is the actual story…

http://www.abc.net.au/news/2015-12-15/mid-year-budget-review-pitt-1-billion-transferred-ports-water/7028358

All that is happening is that the debt owned by state owned enterprises is to be transfered from the books of the govt to the books of the enterprises.

accounting black magics

I assume that the nett worth of State Owned Enterprises is added to the government accounts, so how will this manoeuver change the debt position at all? (Other than by increasing debt by whatever it cost to do the transactions).

the nett position is the same… what changes is public sector debt