Stage 3 tax cut is now live, what would you spend the extra money on or would you salary sacrifice to your super?
What Would You Spend Stage 3 Tax Cut Saving on?
DaHuntz on 02/07/2024 - 11:11
Last edited 02/07/2024 - 12:50 by 1 other user
Last edited 02/07/2024 - 12:50 by 1 other user
Comments
Wait 'til your great-grand kids are still paying for Mr Potato Head's nuclear waste clean up, if he gets his way with the nuclear power, back of a beer coaster, plan.
@DashCam AKA Rolts: Plenty of room on top of the great divide for a few windmills and a DC wire from Cairns to Adelaide.
Chuck in a few batteries which could be built under license locally and we would have green power forever.
But only a national approach free of corruption could solve this. And buying less oil from the Arabs whilst sniffing less carbon monoxide being a welcome side effect.@payless69: And no taxpayer or consumer subsidies to any power producer - wind, solar, nuclear, coal, gas, battery.
Let any power source stand on its own two feet. If it's viable, it'll make money.
@DashCam AKA Rolts: Indeed. It's good to disagree - the more opinions the merrier - but usually, the right are nearly always right.
@payless69: Big "Uncle emailing everyone in his family links to Facebook posts" energy.
If we could tap that we wouldn't even need to bother with other power sources.
Far less waste from thorium-salt reactors, but that's ok, I don't expect low IQ people to understand nuclear isn't trapped in 1960 mentality ;)
@7ekn00: The Poms had to ask the French to build Hinkley Point.
Personally I have no fear of nuclear power. But they take 10 years to build, going 3 times over budget and at the end cost 20 times as much to de-commission.
Makes proper sized windmills pretty much the most cost effective solution.@payless69: Yeah, screw the birds, they can learn not to breed near wind installations :P
I am all for perovskite solar solar with much cheaper flow battery storage ;)
@7ekn00: Modern blades have feathery sides and birdstrikes are hardly a topic anymore.
But thanks to QLD Labor we had to exterminate rare birds so we can sell coal to Adani!
Of course there is also room for solar on the great divide!
@Freitag: The US has a catalog of bird species. When a rare one gets struck some compensation goes to a breeding programme. Makes total sense.
Birds also poop onto solar panels. They need to be accessible to be cleaned and this cost needs to be brought into consideration.
Nuke station: 40 year average life span, then 20 times the disposal cost, sorry no longer worth in todays money.
Windmills: 25 year average lifespan, can be mostly recycled. A 40 year cost average makes it by far the cheapest.
Solar panels: 10 years ahead in cost savings then dropping off to a 40 year average of being a bit more costly just over the wind power option.
Coal burning: Labour's preferred voters grab. Pays union mates destroys the world but hey stupidity always wins. Dumbo Scholz in Germany is so proud of the CO2 he farts into the air.
@payless69: Probably 15 years to build a full-scale nuke and they are eye-wateringly expensive but they do work.
We need some kind of thermal baseload - renewables on their own are not enough to power a 1st world industrialised nation. A combination of both is the way to go.
@7ekn00: Hey, Oak Ridge was leading in molten salt reactors in the 1960s, 60s mentality is not that bad! :P
Gen IV reactors are awesome and definitely need to be in consideration for our mix of power generation, but we need to recognise Australia is a small country with little experience in the field of nuclear power generation. The only option in Dutton's timeline is old style reactors, if you want thorium-salt it won't really help much over the next 20 years (unless we become very close buddies with China and join the belt and road initiative). We also have a tonne of wind and solar. Thorium is likely to be a pretty expensive fuel too, more expensive than uranium, we'd be better off digging it up and selling it.
Although reality is with Dutton's plan is it won't create any nuclear waste because it won't create any nuclear power. If the libs win the next election they'll start building one reactor that'll take 20 years to get running and be massively over budget, then pour money into coal and gas because we need "energy security" while cheaper solar, wind and batteries make all of the above obsolete.
@EightImmortals: It's almost like Lucas Heights isn't used for power generation
We can't just scale up Lucas Heights and generate power, nuclear power stations simply don't work that way. We didn't build the reactor either, the Argentinians did. They import Chinese reactors for their main power stations these days, although they are working on a SMR reactor. It was supposed to start generating power in 2017, but here's how it's going so far
@freefall101: Sure, but there must be some local experience in running the thing for decades. Experience that can be parlayed into power generation plants or training other operators while the plants are built. But maybe more importantly, like most nuclear plants it is running just fine without incident for decades. In fact, apart from Chernobyl and Fukashima I'm hard pressed to think of any nuclear plant disasters? (yes, there have been minor incidents) And both of those were down to human error in one form or another.
@EightImmortals: Both cars and planes run on fuel, does that mean someone who can drive a car can fly a plane? We're talking very different technologies, open pool reactors vs pressurised ones, the risk is a lot higher with pressurised. So they wouldn't know all the safety required. Plus, who builds it? We don't have an industry on building reactors, we've never done it.
Nuclear is generally safe but it's still incredibly difficult to build and run. Thus why gen IV reactors have been under development for 25 years and the result is a few test ones and a lot of delays.
IMO hold off until someone can build us a nuclear reactor as cheaply as batteries, wind farms and solar can be built. No point throwing taxpayer money at yet another expensive boondoggle.
@freefall101: South Africa built a nuke - well, the French did and the Saffas paid for it.
We can import the technology and there are plenty of friendly nations that can build them. Thorium would be good too. When I was doing energy economics for my Masters about 10 years ago, we looked at Thorium but it wasn't viable at scale back then. Possibly changed now though.
In fact, apart from Chernobyl and Fukashima I'm hard pressed to think of any nuclear plant disasters? (yes, there have been minor incidents) And both of those were down to human error in one form or another.
I don't fully follow the point to the last sentence.. is it somehow not a problem because it was a human error both times? Are we working off a theory there won't be the possibility of human error at future nuclear power stations?
@EightImmortals: There was the Three Mile Island incident in 1979 in the USA - https://en.wikipedia.org/wiki/Three_Mile_Island_accident
Makes for interesting reading.
Reading in the media, hearing people talking, Dutton may be on to something (well, not on OzB obviously as it's dominated by Sydney and Melbourne Champagne socialists). People want energy security and many are starting to realise that we can't have it with renewables at scale and at a decent cost to the taxpayer and consumer. If Dutton takes his current energy policy to the election, he may be on to something.
yea like when they gave the pensioners a little more and the rents all went up the exact same amount
asts shares
stuffs from aliexpress
ETFs
NFTs are better in the long run. N is like like 8 or 9 letters higher than E.
Time for Jim-Flation
Good luck to those with a mortgage
Bricks & a fire pit.
Users with free unlimited gas love this one simple trick.
passes out in lounge
Build a man a fire and he'll be warm for a night. Teach him how to build a kiln from firebricks in his living-room and he'll be warm for the rest of his life.
Extra super contributions for me - now up to 16%
Enough for 9L Olive oil for the year round.
the extra $30 I see in my pay each week will barely move the needle on my personal finances.
$30 a week for 10 years at 5% would give you over $20k.
Not to be sniffed at.
New plasma tv
ONLY plasma will do, they are keeping the place warm in winter.
I will spend my $20/week at Colesworths and still be worse off than I was last year
BNPL on hookers
As long as I don’t catch crabs
Bruce, is that you?
Mortgage. Guaranteed 6% return after tax. Difficult to beat that.
There's a decent chance that the next RBA interest movement will be up, not down.
https://www.asx.com.au/markets/trade-our-derivatives-market/…
Put the money into mortgages and it reduces your balance, reduces your interest costs, and it's not spent on goods and services where it contributes to pushing up inflation. A solid win all round.
It's only 6% after tax if you're an owner occupier. It's 3.1% after tax if you're an investor.
Otherwise, agree. Buy property, pay it off, buy more property. Just spread your properties around to minimise land tax.
Barely pays for Victorian land tax increases
Anyway, hopefully RBA pushes up rates soon and we head for a nice juicy recession. Get some bargains on the market. Happy to take the risk of 'losing my job'
They could have kept it and done something useful like wiping HECS debts which would have had much longer and real impacts.
But no. Cheap headlines.
The only way I'd be fine with wiping out HECS debt is as long as it's retrospectively applied to those who worked hard to pay theirs off….
And people who need medicare can only access it as long as healthy people get an equivalent cash payout.
Not sure how you can equate medical care with education. One is voluntary whilst the other is not. Btw thanks for the neg
It would, in fact, be fairer if the Medicare levy/private health surcharge had modifiers for healthy habits and keeping a good BMI/blood pressure etc
I mean, do you think it's fair that people with a perfect driving record should pay the same car insurance fees as someone with 3 licence suspensions?
@justworld: or genetic test everyone and only insure the healthy ones.
(profanity) it, the world is overpopulated, we could genetic test and then cull the weak.
People who need pensions can have those amounts accrued as a HECS-style loan to be repaid from their estate (if any).
and people who lost their license get a cash payment equivalent to how much gets spent on roads for everyone else.
That's quite literally the "screw you I got mine" approach, not a great plan
I'd agree if I had a HECS debt, but I don't so I'll take the cash thanks.
Raiz may be
I will use it to compensate for my increasing poverty as a result of the cost of living increasing far faster than my salary over the past 5 years.
It's not extra money, its years of bracket creep that has been returned.
I would’ve built something that would’ve benefitted the community. Maybe a school(s) or a hospital(s), since you know, our population is booming.
Why real estate of course, as is the Australian way.
Into my super, ETFs and mortgage. As a household, our income taxes are going down by a fair bit - we would have been better with the original stage 3 cuts but ho hum.
"Stage 3 tax cuts" were cancelled by Labor in a broken election promise. My 'revised' take-home pay will be fully consumed by the extra mortgage interest.
Interesting what it sounds like if you replace "Morrison's" with "Our Labor election promise"
If any party was serious about addressing bracket creep, they'd simply index the brackets.
My new car needs a chrome delete.
my tax cut is approximately one months rent.
ha
"extra money"
Mortgage rates are about to get another bump ;)
And it's gone