Joye exposes Cormann’s FOFA clap trap

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The AFRsure doesn’t know a story when it sees it, today burying another barn burner from Chris Joye in favour of this drivel at the top:

Capture

And back to the story that should be headlining:

When politicians are allowed to mislead the public it fundamentally undermines community confidence in our system of government.

…Under the FoFA laws, the term “commission” was formally captured by the words “conflicted remuneration”.

Enter Australia’s ambitious Finance Minister, Mathias Cormann, who…has relentlessly peddled the line that the government is “not reintroducing commissions” in any way. Journalists have been harangued if they dare suggest otherwise.

But the only basis on which Mr Cormann’s statement can be construed as being remotely truthful is if you literally invent a brand new definition of the meaning of “commission”, which is exactly what he has done.

…Yet every lawyer The Australian Financial Review has consulted says there is no legal or practical distinction between sales bonuses and commissions.

Well done, Chris. Identifying another plutocratic maneuver in situ, exposing the bullying tactics of government and its Orwellian clap trap.

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About the author
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 founding 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.