What a pleasure it was to watch a stateman like performance by Kevin Rudd at the Press Club today. I couldn't help but compare him to the lack lustre dill we have heading the show in the other place.
One of the most telling comments was in answer to a question from Probyn on Corporate Tax reduction. Back in the good old days the financial lobby wanted the foreign investment tax reduced to give super funds a competitive edge in the foreign investment market. They said it would allow them to compete in overseas investments of the trillion dollard super fund. So Rudd and Bowen reduced the tax first to 15% and then to 7.5% in successive budgets.
So what did the super funds do? Invest overseas? Employ more staff? Reduce management fees?
NOTHING - they did nothing but line their collective pockets with the savings.
So corpoations have runs on the board when it comes to looking after workers and customers and any idiot can see that tax cuts for large corporations is merely a veil substitute for political donations.
