LMP Senator Addresses the $20.8 Billion Spent by the Morrison Government

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“We’ve been brainwashed by big media and big corporations for the last three to four decades saying that we’ve always relied on foreign Capital, i.e. foreign debt,” says LMP Senator Jared Renick.

The Morrison Government has spent another $20.8 billion outsourcing public service to consultants in a year. LMP Senator Jared Renick has voiced concerns regarding the excessive number of bureaucrats in Australia’s administrative system.

Evaluation of bureaucracies urged by Senator, including education departments

In his maiden speech, the Senator advocated for a constitutional convention to address and clarify the roles and responsibilities of state governments.

He stated, “They’re more interested in regulating and controlling people rather than serving people.”

Senator Renick emphasised the need to evaluate all the bureaucracies, including federal and state education departments. 

He drew attention to specific tax loopholes within the tax act, such as section 59, where he says the Native Title payments and Mining royalties paid to Aboriginal corporations aren’t taxable, as well as section 50 of the ’97 Tax Act, which says Universities don’t have to pay tax.

“That may have been okay 30 or 40 years ago when they were just educating Australian Students, but now that they’re earning a lot from foreign students, they should pay tax on that,” the Senator explained.

Closing Tax Loopholes for Foreign Investors Urgently Needed

He added, “There’s also another section in a tax act that effectively says foreigners, if they own less than 10 in a non-real asset, i.e. shares or wager rights, they don’t have to pay capital gains tax.”

Senator Renick needed these tax loopholes to be addressed and closed by bringing these matters to the attention of the Treasurer, as he discovered the impact these loopholes have on creating an uneven playing field between foreign and domestic investors.

“Foreign investors don’t have to pay the same rate as domestic investors. Domestic investors or businesses pay a much higher weighted average cost of capital if their tax rate is higher.”

He claimed that media outlets and corporations had brainwashed Australians over the past three to four decades by claiming they’ve always relied on foreign debt.

“As a result, we’ve bent over backwards to give significant tax discounts to foreigners at the expense of domestic capital, which has effectively resulted in the decline of our manufacturing industry here in Australia.”

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