The horror

Forgive this blogger for being a bit slow on the uptake, but it just passed a copy of the AFR as it attempted to leave the office and saw the headline “Mining tax hole tops $100 billion”.

$100 billion in a fund would have stabilised our financial system for good.

$100 billion wrested from power.

$100 billion traded for power.

$100 billion.

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the fouding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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Comments

  1. That’s ok H&H – according to <a href="http://www.petermartin.com.au/2011/02/barely-spoken-fear-that-our-boom-wont.html"some, the mining boom will go on – <a href="http://christopherjoye.blogspot.com/2011/02/mining-boom-is-gonna-be-much-bigger.html"like a permanent plateau – forever, so there’s plenty of time to capture some more revenue and establish a stabilisation fund.

    I mean, when your top central banker declares we should have done it – 20 years in to the “non-recessionable” Australian economic miracle, that means there’s plenty of time for the rest of us to catch up.

    Not like there’s anything around the corner to worry about is there?

  2. $100 Billion. Could have. Should have(?). Might have. Whatever. Didn’t.

    “Nationals MP Darren Chester said the Government was either “completely dishonest” before the August election or was incompetent.” Not often the Nationals are right on one account, let alone two.

    $100 Billion. Predicated on the continuation of a 20 year mining boom. Yeah, right!

  3. Funny how the Treasury’s Dr Gruen was predicting a 20 year China boom while RBA’s Stevens forecasts a China slowdown at the end of this year?

    We live in interesting times.

  4. Yes, yes, I know. I think the endless boom is a chimera too. But that’s not the point of the Haiku. The players believe in it (or say they do) and it is thus the context in which their behaviour should be judged.