MoF End of Term Report
Reserve Bank of Australia
G'day punters,
This has been my second term as MoF, and my last for the time being. With a change of conductor comes a change of the primary instrumentalists.
For the most part I've enjoyed the rigorous economic discussion I've had with senators, cabinet members, producers and consumers. It has been informative on many levels and has brought some positive reforms which I hope can be built on. It has also been exhausting and frustrating at times, especially given our unique economic challenges, competing interests from stakeholders, and some rather entrenched views, so I'm very glad to take a rest.
The Bottom Line:
This month the Treasury and RBA combined increased by $30245 and decreased by 47.3 Gold. This is after subtracting Boss Bucks funds which are not yet due for repayment.
Currency Trading:
This term we have been lucky to have J Seemore run currency trading via the RBA. He took $400K from the RBA, divided it amongst five government accounts set aside for the purpose, and turned it into $437,095 giving a return of 9.3%. An great effort which I hope can be repeated or even bested next term.
Boss Bucks:
The first round of the new company loans scheme had 3 applicants, doling out 65 Gold and $20,000 in total. As one loan was negotiated to be interest bearing, it is expected the RBA will be paid back 68.5 Gold and $20,000.
10 Gold has already been paid back ahead of time, meaning the RBA is now owed 58.5 Gold and $20,000. A second round of loans is expected next term. The idea of broadening the scope of the loans has been raised.
Joey Development Scheme:
The JDS had lapsed for a few months, so I brought it under the umbrella of the Department of Finance to ensure continuity. There were no new donors or applicants this month. I am told that there should still be $60K in pledged funds carried over from October, but unfortunately I don't have any names of these pledged donors to pass onto the next MoF.
Taxation:
The average net daily tax for the term was $2801, with a maximum of $4509 and a minimum of $2078. The average is down 1K on last term, partly because last term weapons and food sales were boosted by 2 events, and partly because the drop in the average wage this term led to lower manager work tax revenue.
The rather aptly named TAXSIRA ran a wide ranging discussion paper on tax reform. So far it has produced one change. The Work Tax has been increased from 3% to 4%. This was something I had raised previously in cabinet but was unable to get traction on, so I'm glad a private citizen was able to bring it to the table and have it passed with a clear majority.
Recently, most likely due to increased commune activity, the average wage dropped from $60+ to around $45, which also meant a drop in the Manager Work Tax, Which is set by multiplying the average wage by the work tax rate. This has led to a drop in average daily tax revenue, putting future budget surplus and airstrike potential in jeopardy. The increase to a 4% worker tax puts the manager work tax up to around the $1.80 it was at previously, which should raise daily tax revenue back to consistently $3000 or above. The increased work tax only makes a slight dent in a $70 or $80 wage, and should average wages rise in future, rate could easily be lowered by another senate vote in order to keep the manager work tax constant.
There are still other Taxation issues which deserve a more full discussion and I hope that discussion might continue unbridled. If proposals are well formulated and reforms are long lived then further gains in productivity, revenue, and market confidence should be possible.
The market:
The average wage has been mentioned. There have still been jobs on offer for $70 or above as there were last month with a brief dip to $60 for a few days.
Global weapons prices have generally been higher on the back of last term's damage booster and day 3000 events, meaning that local weapon producers have been able to compete to a degree with overseas prices, although as the month has progressed the gap on Q7 has widened to over 50 cents.
Other commodities have performed reasonable well, although there have been gaps in supply which hopefully loans, the JDS, and other initiatives will help to address more in the future.
We have had occasional 20% bonuses in Weapons thanks to the training war with eSouth Africa.
Late last term I was asked by several citizens to investigate potential bonus region rentals, however due to issues within the Department of Foreign Affairs this term there has been little progress. Hopefully this is something the next administration might work on.
And finally the humdrum stuff:
Reserves:
Reserve Bank of Australia:
240.38 Gold and $334172.83 in RBA main account
4.19 Gold and $437095.15 in RBA Currency trading accounts
Giving a total of 244.57 Gold and $771267.98
Other Government Departmental Accounts:
2.37 Gold and $29404.69
Orgs Rented to non-government organizations and individuals have been secure, with expected fluctuations from currency trading and the opening and closing of accounts. There are still Orgs available for rent at $3500 a month.
Striking a line under the balance sheet,
Gudzwabofer
Outgoing eAustralian MoF.
Comments
Transparency-MAX!!!!!!!!!!!!!!!
Shame the government is changing 🙁
Correct, I think Ilene is the best we have had for around 9 months now
Since Henry's second term?! O.o
Thanks, but my BS detector is better than that. 🙂
HT84CP \o/
Thanks Gudz. Your transparency and willingness to bring ideas to the table were a breath of fresh air.
I hope the new administration can match it. 🙂
The feeling is mutual. Both terms as MoF have been interesting for me. I appreciated both Jack's undeniable passion and your long arms which were all the better for reaching across very wide tables.
TAXSIRA's discussion paper I think bodes well for his future as MoF. I wish him luck in a job that takes a lot of sweat for each small economic gain.
Around 9 months. Let's call it over the last 12 months then since I still couldn't be bothered looking
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I don't have access anymore, so here's the missing picture of the incomings and outgoings:
http://i66.tinypic.com/2l8vi2t.jpg
You have problem with the screen because said you don't like white women dressd white:
http://prnt.sc/acgcks
You must be cached, that's the old one which is deleted from tinypic now, I forgot to change a date, which could have confused people, and I accidentally chopped off the opening balance.
I never said that I didn't like white women dressed in white, just that they're not the only women.
Gudz, I told you that is enough to place any numbers there - no one would stare them - people hate numbers but they look trustfully presented this way.
We took the money and we need to cover our trace - other one is in charge - he will take the responsibility. Remove those fake tables because someone can catch us.
Shh. I need you on the inside still, we can't let people know you're an agent for the MEK shadow government.
When information is outdated it is not a secret anymore. Those who care know that I am MEK's agent. Just no one cares. We played our cards well with Ilene by controlling her to take the positions we wanted and she never realized that.
Do you think the money will be enough to place a good CO for MEK's day?
On the glorious day of MEK people will cast their money into the e-streets. MEK will dry the tears of joy from their eyes, and they will not grow old or weary. Probably because FreeGigi will slay them on the battlefield first.
Damn straight skippy. I wouldn't trust you either
This is why we can't have nice things ...
Thanks for doing the job that most want nothing to do with.
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