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mgadams
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Australia Roundup: Hundreds of Restaurants Close Rather Than Pay 250% Holiday tax

- Mish - Global Economic Analysis

Yeah I have to agree with SW. Australia actually has proper prudential regulatory bodies that actually do regulate the banks and financial institutions. Not that it doesn't have it's problems from time to time but we don't have that same level of sub prime fraud the "big" banks used to fleece so many investors. Inner city accommodation is expensive because there are plenty of people who want to live there, the outer lying suburbs are sprawling , ridiculous and ugly, like most suburbs but stupid people need a place to live too. Nevertheless Australia's debt/ GDP is only like 30 % or something, total debt is like 300 billion ( thanks to labor although you could argue it was a reasonable policy under the circumstances I grant you) which would be a tiny bail out by US or EU standards. Australians don't know how lucky they are. Travelling around you can see the crap conditions most of the rest of the world lives in while people in Australia bitch when their coffee is not hot enough or because the line of SUVs is too long when they drop their kids off to private school. Australia will have to recalibrate it's expectations like the rest of the world but quite likely not by as much.

Commented 4098 days ago

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Beginning of the headline :It's time once again to take a look at happenings down under. Restaurants are closing en masse rather than pay double time and a half to stay open on holidays. Please consider Penalties blamed for taking high-end dining off menu. The annual survey of the 7500- member Restaurant and Catering Australia reveals a 33 per cent jump since 2011 in the numbers of restaurateurs saying they cannot afford to open on public holidays. Public holiday penalty rates require employers to pay double time and a... Read More

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