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Ten years, 11 years, what’s a rates tripling between friends?

By johnboy - 5 June 2013 32

rates

Liberal Leader Jeremy Hanson is taking this opportunity to say “we told you so”:

During the election campaign, the Canberra Liberals used a graph from the Quinlan Tax Review that showed rates would triple in 10 years throughout campaign brochures, flyers, letters and television advertisements.

“Throughout the election, Katy Gallagher and Andrew Barr both denied this table and both said it was a lie,” ACT Opposition Leader Jeremy Hanson said today.

“Yesterday’s Budget illustrates almost exactly that the rates are tripling right now. Instead of 10 years, it will be just over 11 years. The maths is inescapable.

What’s Your opinion?


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32 Responses to
Ten years, 11 years, what’s a rates tripling between friends?
chewy14 7:30 am 06 Jun 13

Baggy said :

So, given that the rates increase well outstrips what inflation will be, what extra benefits will I be receiving for the extra money I’m expected to pay?

Before paying even more, I’d like to see some simple things meet standards, you know like garbage and rubbish recycling trucks actually showing up.

The removal of stamp duty, a completely inefficient tax. Do you pay even the slightest bit of attention?

Diggety 11:11 pm 05 Jun 13

“There is no plan to triple rates – that’s a lie,” Katy Gallagher, 12 September 2012

Watch out for salami sandwiches!

MountainBoy 10:49 pm 05 Jun 13

Is Jeremy Hanson is stupid or does he thinks the electorate is stupid? Where’s the considered debate about the pro’s and con’s of increasing rates vs relying on stamp duty? The libs increased their seats in the assembly by 33% at the last election, if that rate continues they’ll have 18 out of the 17 seats in the assembly within 3 elections. Stats don’t lie…

dpm 8:29 pm 05 Jun 13

Woody Mann-Caruso said :

In the worlds before a Liberal Assembly
Primal chaos reigned
The Liberals sought order
But a minority government can fly
Only when its feathers are Green
The three parties formed again and yet again
As endless factions wheeled and passed
Time
The pure essences of heaven
The moisture of genetically modified CSIRO crops
The power of the sun and the Skywhale
All worked upon a certain graph
Old as creation
And it became magically accurate
Budget forces caused the graph to rehatch
From it came an old chestnut
The nature of the math was…inescapable!

Love it! 🙂

funbutalsoserious 7:09 pm 05 Jun 13

I’m so glad that I didn’t vote for Katy.
This is ridiculous.

When I retire, how would I be expected to pay this amount?

OLydia 6:21 pm 05 Jun 13

Woody Mann-Caruso said :

In the worlds before a Liberal Assembly
Primal chaos reigned
The Liberals sought order
But a minority government can fly
Only when its feathers are Green
The three parties formed again and yet again
As endless factions wheeled and passed
Time
The pure essences of heaven
The moisture of genetically modified CSIRO crops
The power of the sun and the Skywhale
All worked upon a certain graph
Old as creation
And it became magically accurate
Budget forces caused the graph to rehatch
From it came an old chestnut
The nature of the math was…inescapable!

The best thing I have ever read about the ACT Assembly!

PantsMan 5:39 pm 05 Jun 13

The Liberals can use Excel?

DrKoresh 5:02 pm 05 Jun 13

patrick_keogh said :

Instead of looking at revenue, we could look at costs. WHO statistics show that between 2001 and 2010 (nine years), Australian health costs per capita have risen from $1644 to $4774. This roughly triples the cost to the ACT of public health for this same period.

That’s intersting, to do with the ageing population, do you think? Or is it the fault of the healthcare system itself in overcharging?

patrick_keogh 3:03 pm 05 Jun 13

Whether going up 300% in ten or eleven years is excessive is clearly based on a number of factors. But how does it compare to historic trends? For my block of land at least it is as follows:

1993 $482
1998 $578
2008 $1074
2013 $1435

So over this 20 year period I have seen a CAGR of just under 6%, resulting in a tripling of rates over thirty years. If the CAGR had been 10% over this period then my rates would have tripled in just over eleven years and I would now be paying $3249. If we model an increase based on the annual inflation rate for each year then by 2013 I would have only been paying $813 instead of $1435.

Instead of looking at revenue, we could look at costs. WHO statistics show that between 2001 and 2010 (nine years), Australian health costs per capita have risen from $1644 to $4774. This roughly triples the cost to the ACT of public health for this same period.

HiddenDragon 2:45 pm 05 Jun 13

This little black duck never thought that the Liberals were claiming rates would triple in the four year term of the current ACT Parliament, and was fairly unimpressed with the strident, and carefully worded, denials by Labor. What I saw then, and still see now, is an ill-considered response to the grim reality that the ACT is now, and probably always has been, fiscally unviable as a self-governing entity – all mixed up with a large, and less than subtle, dollop of half-smart politics. The “tax reform” process which has been started, and will likely be pursued, with dogged, righteous “make no apologies” determination, is essentially a bureaucratic economist’s wet dream, to which more and more Canberrans will wake up, as the years roll on.

Ronald_Coase 2:06 pm 05 Jun 13

Yeah, and if we assume an inflation rate of 3 per cent per annum, the real increase is double.

But what about the opportunity cost? Stamp duty on houses will be abolished, so if you move house or buy you might end up paying less taxes to the ACT government.

Oh, and abolishing stamp duty might also have the added effect of propping up the property market over the next election cycle as the total cost of purchasing a house is less than otherwise all things equal.

But I suppose long-term thinking is a bit of a waste of time when you can say: “Look, over there! Triple, triple, triple!”

Woody Mann-Caruso 1:59 pm 05 Jun 13

In the worlds before a Liberal Assembly
Primal chaos reigned
The Liberals sought order
But a minority government can fly
Only when its feathers are Green
The three parties formed again and yet again
As endless factions wheeled and passed
Time
The pure essences of heaven
The moisture of genetically modified CSIRO crops
The power of the sun and the Skywhale
All worked upon a certain graph
Old as creation
And it became magically accurate
Budget forces caused the graph to rehatch
From it came an old chestnut
The nature of the math was…inescapable!

Baggy 1:58 pm 05 Jun 13

So, given that the rates increase well outstrips what inflation will be, what extra benefits will I be receiving for the extra money I’m expected to pay?

Before paying even more, I’d like to see some simple things meet standards, you know like garbage and rubbish recycling trucks actually showing up.

Comic_and_Gamer_Nerd 1:37 pm 05 Jun 13

Has liberals ever given their suggested rates increase?

harvyk1 1:11 pm 05 Jun 13

Yes, and in other news, on a long enough timescale the survivability rate drops to zero.

Labor = triple rates campaign was suggesting that within the 4(?) years labor would be in power rates would triple.

Basic knowledge of inflation says that over a period of time rates would be going up, and on a long enough time frame they would triple.

That’s not to say I’m ultimately happy about it, but it is a classic case IMHO to extrapolate data from the data set and give enough to be true with enough that people could extrapolate meanings which are not real.

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