Let the blame begins

But think of all the coin you could make suing big companies with trivial lawsuits that they’ll settle out of court. There’s opportunities everywhere.

 

Australia has a big issue with cutting down our tall poppies, be they the banks, property investors, successful businessmen etc - it's so easy for the pollies to appeal to the lowest common denominator and target the low hanging fruit of people/industries who are wealthy... contrast this to the US - everyone wants to "make it" and that's ingrained in the system.

Why they are constantly evolving and hustling to remain number one.

Pros and cons for each system- but in this country, if you want to get "rich", you are going to have to do so with one hand tied behind your back tighter and tighter these days.

A shame really, because we are punching way above our weight economically courtesy of the rocks in the ground - all to be squandered away for future generations!

 

You dont have to go further than this forum to see this.

 

I dont think so, In my view Australia is quite particular in a way that most wealth comes from rent seeking behaviors, not productivity or innovation.

IMO Australia is ripe for an another round of deregulation/reforms to remove these rent seeking behaviors accumulated since Keating, especially in finance, property, energy, Consulting services.Hayne did not help much.

 

Um, given your comments above, I'm particularly interested in the responses of any rent seekers who may inhabit this forum, assuming there are any, of course.

Rent control anybody?

 

Stamp duty is a great example, absolute handbrake on the ease of transactions in the property market, no hope of prying it from the hands of state govts though...

 

I meant Rent seekers in a broader sense but for sure buying (like i did) existing dwellings to rent out does not create much value (basically just selling houses to each others).Anything, legislation/protection/Corporate structure or tax that significantly distort the market should be removed for efficiency

 

Fair enough, I was wondering if your were alluding to overcharging ticket-clippers (apologies to those ticket-clippers who don't overcharge...), and landlord charging a modest fee for use of their asset...

 

The people in that article, suing wpac and going off like pork chops, should shalackled to a fence post.

Had they invested in Mt Druitt ten years ago they would be sitting pretty now and singing the praises of Westpac. Ahhh you can't change history.