It seems taht there is little opposition to Government interfering in the "Free Market" when there is a crisis such as we are having now without the prospect of the taxpayer recovering business subsities later. For example Virgin Airlines was mooted this morning as a possible Government takeover target because of its imminant financial risk due to Corvid-19.
We have had wars in the past against Colonial Regimes that shipped out colonies' valuable assets and returned beads etc. Perhaps Multinationals are the new form of Colonialisation and like good natives we're oblivious of it?
For example: lets assume that our export of Iron Ore & Coal is say $100 billion a year with $86 billion of the profits going overseas OR Would we all be better off by say exparting $50 billion a year and retaining $50 billion profits in Australia.
For a resource rich country such as AUS, it seems absurd that our Government and Banks have to borrow $100s of Billions overseas annually so that the average Aussie can buy a house, buy equipment to maintain or start up a small business and to not overtax the average PAYE worker by successive Governments borrowing (selling Bonds) and accrueing historical levels of debt.
I realise that a very small minority with a few bob invested in BHP, Rio etc may object limiting these foreign owned multiinationals' free access to our resources, but a good democratic Government should look after all Aussies and not a handful of resource investors.
WA & NSW & Qld have poorly managed our resources and perhaps its about time that the Australian Government asserted its supremacy and compulsorily acquires all our natural resources. The Government is not shy in acquiring our freehold property when it wants to build infrastructure on the basis that it is for the general good so why not acquire our natural resources via the same principle . If its good enough for the goose, then it should be good enough for the gander.
We are now running over a $Trillion Government debt with that likely to lift to our GDP level ($1.7 Trillion or 100% of GDP) within two years which will relegate us to economic basket cases such as Italy & Spain etc.
These are extraordinary times that call for extraordinary measures and IMO our natural resources management should be at the top of the list to save Australia from bankrupcy.
We have no qualms in sending ourv troops overseas to fight others' wars. Perhaps it is now time to fight our economic war at home to secure a future for generations of Aussies to come. Like charity, economic defence should start at home!
As an interim measure to overcome the impending recession, NSW, WA & Qld should double mineral royalties so that their GST payments can be diverted to other States which are low in natural resources. When it comes to natural resources management we should act as Australia, not a mob of individual States !
