Keating on the budget

May 18, 2026

I always like reading Keating’s articles as he always provides measured comments to the political issues of the day. His statement about resources companies paying little or no tax particularly resonates with me. These companies should be made to pay much higher taxes now. They deplete Australia’s natural resources to their advantage depriving the opportunity of ordinary Australians enjoying a much higher standard of life – such as free universities, public housing and the rejuvenation of our cities which is urgently needed.

I think what remains of Australia is one big farm that is being exploited by foreign multinationals. I suggest that many of our natural resources should be nationalised and taken away from private ownership altogether. Rex Connor, a minister in the Whitlam government, tried to do it but failed, and became embroiled in the Khemlani affair. We can learn from these past mistakes and develop new strategies to buy back the farm Australia from these exploitative foreign interests. In the meantime we need to tax tax tax tax tax and tax them more now. For, as Proudhon said, private property is theft.