Superannuation, was Konrad wrong? + How Australia's Power Grid Became a Foreign Tax Haven
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Superannuation, was Konrad wrong?
THE TLDR:Super was supposed to help regular people retire and reduce pension costs. Instead, it's become a $60 billion tax dodge for wealthy old punts (funded by regular tax payers) who'll never need the pension anyway. By 2050, these tax handouts to rich people willexceed what we spend on ALL age pension paymentstoeveryone.
KEY FACTS:
1️⃣ We could literally scrap all the super tax concessions for wealthy people and use that money to double the age pension for everyone who actually needs it. Instead, we're giving tax breaks to people with millions in super (who'll never qualify for the pension anyway) while the pension remains inadequate for people who actually rely on it.
2️⃣ Super contributions are taxed at a flat 15% rate, which means high earners making $180k+ get a massive 32% tax break, while low earners on $30k get only a 3% benefit.
3️⃣ Economists have a simple solution - tax super at 'marginal rate minus 15%' to help low earners and reduce handouts to the rich. Labor's baby-step changes only affect 0.5% of people because politicians are too scared to take on the superannuation industry and their wealthy donors.
How Australia's Power Grid Became a Foreign Tax Haven
THE TLDR:Two Hong Kong billionaires are getting rich every time you pay your electricity bill. Politicians sold our taxpayer-built power grid to foreign companies who now dodge taxes, pay executives $15 million bonuses, and employ 3,000 people to "sell" you something you can't live without. Your bills keep rising while they pay zero tax on $30 billion revenue.
KEY FACTS:
1️⃣ Your power bill beneficiaries: Sir Michael Kadoorie (owns 18% of Energy Australia) and Sir Li Ka-shing (owns majority of Vic Power + SA gas pipelines across 5 states), both operate through British Virgin Islands tax havens to dodge Australian taxes.
2️⃣ Privatisation made everything worse. Productivity dropped 25% in energy sector (while other industries improved 36%), salespeople increased 500% (to 3000) to sell you something you literally need to survive and, there was a 217% increase in managers to coordinate what used to be one simple public system.
3️⃣ Zero taxes were collected on $30 billion revenue. Energy Australia paid $0 tax in 2023 despite massive profits. When caught by ATO, they paid back a measly $324 million then went back to paying nothing!
