This article summarizes a recent interview with Senator Gerard Rennick from Queensland on the "Unemployable" podcast. Senator Rennick discusses key issues facing Australians today, including immigration, housing affordability, selling off Australian assets, and the need for greater economic self-reliance.
Introduction
Senator Gerard Rennick's interview provides a perspective on Australian politics that often receives less mainstream media attention. He advocates for policies aimed at strengthening the Australian economy and ensuring future opportunities for its citizens.
Senator Rennick's Background
Senator Rennick grew up on a farm in Chinchilla, Queensland. He holds a Bachelor of Commerce, a Masters of Tax Law, and a Masters of Finance. His professional background includes experience in tax accountancy, finance, and treasury roles in both Australia and overseas, giving him a solid foundation to comment on financial matters. Before entering politics, he worked for Bank of Queensland and Westfield.
Motivation for Entering Politics
Specific Issue: Section 128F of the 1936 Tax Act
Senator Rennick's decision to enter politics was spurred by a specific issue: Section 128F of the 1936 Tax Act, concerning the "public offer test." This section allows foreign banks and corporations lending money to Australia to avoid paying tax on the interest received. He found this unfair compared to the tax obligations of ordinary Australians and felt compelled to address it.
General Aims
More broadly, Senator Rennick aims to:
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Ensure future generations have the same opportunities as previous ones.
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Stand up for Australians who try to stand up for themselves.
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Advocate for a government that serves the people, not controls them.
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Promote the building of vital sovereign infrastructure like dams, power stations and road and rail.
Key Issues and Proposed Solutions
Housing Affordability
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Problem: Senator Rennick identifies housing affordability as a major issue impacting young Australians.
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Cause: He attributes the crisis to excessive immigration and the lifting of capital controls in 1985, which allowed banks to borrow heavily from overseas, driving up house prices.
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Solution:
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Lowering immigration levels.
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Reintroducing capital controls to limit foreign borrowing by banks.
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Raising the tax-free threshold to \$40,000 to put more money in people's pockets.
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Making superannuation voluntary to enable young people to save for a deposit or pay off their houses quicker.
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The Role of Capital Controls
Senator Renick explains how the deregulation and the lifting of capital controls in 1985 allowed banks to lend far more money which then artificially increased house prices. He suggests gradually reducing the amount banks can borrow offshore. He argues that if banks can only lend what people deposit within Australia, the country cannot live beyond its means.
Superannuation
Senator Renick describes superannuation as a false economy. He states that the opportunity to own ones own home, outweighs the potential investment into superannuation.
Foreign Ownership of Assets
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Problem: Senator Rennick expresses concern over the increasing foreign ownership of Australian assets, including infrastructure, agricultural land, and housing.
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Solution:
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Banning foreign ownership of key assets like infrastructure, housing, and agricultural land.
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Establishing an infrastructure bank to facilitate the buyback of essential assets and to fund future infrastructure projects using domestic equity instead of foreign debt.
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The Infrastructure Bank
The senator proposes the creation of an infrastructure bank. This bank will issue infrastructure bonds and the money will be used to create assets such as dams, power stations, road and rail. The earnings from those assets stay in the country.
Tax Reform
Senator Rennick champions for changes to the tax system. Such as raising the tax free threshold to $40,000.
Duplication of Government Services
Senator Renick laments the amount of duplication within both State and Federal departments. He suggests that health should be the responsibility for the Federal government and education be the responsibility of the State governments.
Climate Change and Energy Policy
Senator Rennick is critical of current climate change policies and the reliance on renewable energy. He argues that the "greenhouse gas effect" is a misnomer. He views carbon dioxide not as a pollutant, but as essential for life and photosynthesis. He also states that 75% of renewable energy is owned by foreign companies.
He states that an increasing amount of CO2 will only negligibly increase global temperature. He believes that Australia is selling out and letting other countries exploit its natural resources.
mRNA Vaccines and COVID-19 Response
Senator Rennick is very critical of the mRNA vaccines, calling them dangerous and ineffective. He states that the mRNA is broken up and is not able to attach to all organs, and is essentially Russian Roulette. He is in favor of a parliamentary inquiry into the management of the COVID-19 pandemic.
Conclusion
Senator Gerard Rennick's interview highlights a range of policy positions focused on strengthening Australia's economic independence and ensuring opportunities for future generations. His proposals, while potentially controversial, offer an alternative perspective on key issues facing the nation.