It is almost comical listening to the financial opinions being flouted this past week – and I am not talking about Washington!
In the past twelve months, the mining sector is growing at a phenomenal rate and bringing in lots of money for that sector and government in the form of mining royalties.
There was severe flooding, cyclones and bush-fires that created an enormous upheaval for those involved and flow on effects into our economy.
There is a skill shortage as well as growing unemployment. Three different economic commentators on the news last night gave three very different opinions: 1. Interest rates will go up; 2. Interest rates will remain as they are; and 3. Interest rates will go down! Number two was correct, by the way.
Now I am NOT an economist but the solution seems obvious to me. If the government is bringing in millions of dollars from the mining sector, surely that money could be directed to helping disadvantaged citizens with the power bills and cost of living. The Premier of our state of Western Australia announced yesterday that every household will have to pay an extra $50 per year for their water as a new de-salination plant is being built. We already pay very high taxes here and lots of people are struggling to survive.
So, my solution is to share the bounty that is coming from exporting our minerals overseas. Help families who need it. Doesn’t this land belong to all of us? Why should the wealthy few be the only ones to benefit in this boom time?
Do I sound like a socialist? 😉