A Good Banking Story Two executives from National Australia Bank drove from Melbourne to northern Victoria this week to personally apologise to a customer who had been overcharged. On August 9, it was revealed in michaelwest.com.au that a blind farmer from rural Victoria had been charged 28 per cent on his mortgage by NAB. The resolution was swift and clean. By lunchtime that day, NAB had contacted us and said a settlement had been made with the farmer and apologies given. On Monday this week, Roger Gaudion, NAB’s head of agribusiness for Victoria and regional agribusiness manager Lloyd Neilson...Read More
Author: Michael West
It is an “own-goal” of epic proportions. Ebay Australia has managed to arouse the interest of the Tax Office by suing a former employee and consequently allowing compromising court documents to seep into the public domain. Ebay quietly settled the case against a former sales manager Glen Gaunt and his since estranged wife Dana Joab, an eBay contractor, in early June. eBay base laid bare in court case The damage, however, has been done. It is understood the Australian Tax Office (ATO) has made inquiries into the tax affairs of eBay Australia and New Zealand. The company responded in...Read More
In Japan, they pay a lot less for Australian gas than we do in Australia. Last month, the spot price in Japan was $US4.27 per gigajoule whereas the average spot price paid in Sydney, Brisbane and Adelaide in June was $US6.87/GJ. Australian consumers paid, on average, 60 per cent more for gas produced in Australia than did our customers in Japan. This is even more bizarre when you consider that, before the gas is shipped six thousand kilometres to Japan at a cost of $US0.75GJ, it first has to be liquefied at an LNG plant at a cost of...Read More
Blithely disavowing the reality of an annual trillion-dollar global tax racket, and the fact they are right in the thick of it, accounting giant EY published a note to clients last year: “A New Mountain to Climb – tax reputation risk, growing transparency demands and the importance of data readiness”. The report, further evidence the Big Four accounting firms reside in a parallel universe to the rest of us, failed to recognize tax avoidance as a problem at all, only that their beleaguered multinational clients were being increasingly skewered by “aggressive news coverage”. The game was now all about...Read More
New Michael West Podcast
Created by PodcastOne, this 3 part series looks into how Australia has gone from one of the cheapest countries in the world for energy to one of the most expensive, and reveals just what has happened with our gas and electricity supply and why we are on the verge of an energy crisis.
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