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The gas crisis lie

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watt price tully Scorpio



Joined: 15 May 2007


PostPosted: Sun Mar 19, 2017 10:24 pm
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Mugwump wrote:
^ the politics of Cuba and Venezuela decrying foreign direct investment as a matter of "small minds". Fidel and Chavez must be laughing out of their dead bellies, as Rex Connor serves the drinks.

......


OTT free market lens on again Mugwump. Goodness me

The issues here include:

1. Our political masters allowed Australia to be the only developed country in the world not to quarantine a domestic market from profiteering by energy companies. (I believe this was the LNP)
2. This has been an issue for many years & our political leaders have ignored the warning signs. I recall listening to the PM programme several years ago on the ABC discussing this exact issue.
3. Rudd's first tax (I think it was) would have ensured a return to Australia
4. Japan makes more money than Australia does from Australian gas while the companies pay little.

Profit & profiteering at the expense of Australian domestic consumers (business & individuals) requires a re think of how business ought to done in Australia.

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Mugwump 



Joined: 28 Jul 2007
Location: Between London and Melbourne

PostPosted: Mon Mar 20, 2017 12:19 am
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^ interesting. If you get time to read what I have actually written on this subject, you might find that there is less disagreement than you thought between us regarding the actual issues and the role of government.

The issues are complex, but the articles linked in others' posts here do provide some factual content, which is preferable to arm-waving about multinationals and tax. As an example, if you can explain how "Japan makes more money on Australian gas than Australia does", as you claim, it would contribute greatly to my understanding. If you mean that Japan has more secondary industry, I agree - but that has next to nothing to do with our gas exports. If you disagree that 50c in every dollar produced comes back to the Treasury before counting employment income (and I have my doubts), as the lobbyist claimed, then if you can explain why, that too would enlarge the debate. Until then, it's just ideological sloganeering.

What is very silly is the suggestion that Australia should autonomously develop its offshore gas reserves. We have neither the expertise nor appetite for risk to do so, and it would not be the best use of our national capital. That autarkic thinking is the economics of Cuba and Venezuela and that great laughing stock of 1970s resource nationalism, Rex Connor. Hence my comment.

The more questionable point is that monopoly government control would have achieved a better outcome, since it has clearly failed in its regulatory purpose. A significant part of this issue comes from the fact that the SA Govt drove investment into highly interruptible renewables. I notice that Weatherill is now puffing hard to deflect blame for this, despite the embarrassing evidence that he is, in fact, the Premier of the state in question, with, umm, responsibility for energy policy. His speechifying with Frydenberg last week was a bit like a kid who has been caught smoking at school blaming the tobacco lobby.

Transitioning energy channels (which I support) carries risks and will involve learning. Who'd have thought it ? And any policy which allows industries with high concentration or natural monopoly to be devolved to private operatorship needs a strong regulator. Clearly that has failed in this case. It is something of a leap to therefore assume that a government owned monopoly would have done better. It may have - but on the facts, it seems unlikely.

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watt price tully Scorpio



Joined: 15 May 2007


PostPosted: Sun Mar 26, 2017 11:08 pm
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Mugwump wrote:
^ interesting. ........Clearly that has failed in this case. It is something of a leap to therefore assume that a government owned monopoly would have done better. It may have - but on the facts, it seems unlikely.


I'll be replying soon (just too busy at work for a response).

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