Gerard Rennick People First Party

Gerard Rennick People First Party Authorised by G. Rennick, Chermside

03/06/2026

Yesterday Fair Work lifted the minimum wage by up to 6%.

This is obviously very hard on small business but very much needed for people on a minimum wage.

The national wage hike is a massive win for the Government, which collects 30% of the raise in new taxes.

Workers get crumbs after inflation and business loses money unless they pass those losses onto consumers starting a deadly cycle of inflation.

To stop this deadly cycle People First is advocating for a number of changes to fix the structural imbalances put in place by reckless governments over recent decades.

These are:

1) Stop Government waste - in particular subsidies for renewables, gold plated bureaucrat pensions and NDIS profit gauging. This will fund income tax cuts and lower inflation.

2) Tax offshore profit shifting more so Australians pay less tax here. This will also level the playing field so that Australian businesses can compete with foreign multinationals and stimulate growth.

3) Create an Infrastructure Bank to fund Infrastructure that will provide another source of income for governments other than taxes. Increasing the number of power stations, dams and ports will also increase the supply of essential services driving down costs for businesses and workers.

To find out more please see our policies at Peoplefirstparty.au

02/06/2026

Looking forward to attending Farmfest this Thursday. Thanks to our People First Party - Golden West team for organising the People First stand.

If you’re from Toowoomba or the Darling Downs we would love to see you there.

01/06/2026

The closure of rail services in regional Queensland is just another sad indictment on the state of our nation.

While countries in Asia are building high speed rail and nuclear power plants, our governments can’t even keep existing services going with aging rolling stock.

There’s money for the Olympics of course, but nothing for the regions that generate our wealth.

The closure of the Westlander is particularly harsh because as the Chareville mayor quite rightly points out, regional towns like Chinchilla, Chareville and Cunnamulla were built on the back of rail.

It’s not like the government has put money into roads either, with the Bruce and Warrego highways being virtual death traps.

This debacle can be traced back to the privatisation of the Queensland rail coal trains back in the early 2000’s under the Bligh government. (Fun fact - Murray Watt was her chief of staff.)

These coal trains generated income that was used to fund passenger services.

The solution for this is to start funding the construction of infrastructure such as rail to generate income to pay for essential services.

Peoplefirstparty.au is advocating for an Infrastructure bank to fund this construction through domestic bonds rather than foreign debt.

We are also advocating to start a military apprenticeship scheme to ensure that our children have the skills to build infrastructure rather than rely on foreign contractors that is being used for Snowy 2.

It’s not rocket science - If we want to get our country back on track we have to get back on the tools and start building. No ifs, no buts.

01/06/2026

“Netflix posted $1.47 billion in revenue in Australia in 2025, $1.35 billion of which was sent overseas as “distribution fees” to its parent entities.

After its offshore fees, Netflix Australia had $119 million in revenue and $20 million in profit. It paid $16 million in income tax and paid a dividend of $41 million.

This allows them to transfer vast amounts of money abroad, very little of which is taxable in Australia. Netflix had an effective local profit margin of 1.4 per cent of its total Australian revenue.

“A distribution fee is paid by the company under this agreement, and the operating margin retained by the company is an arm’s length return in accordance with the Netflix Group’s transfer pricing policy,” the accounts say. There is no suggestion of wrongdoing by Netflix.”

••••••••••••••

Globalists often talk about tariffs and how bad they are for free trade, but you rarely hear them complain about reverse tariffs whereby multinational companies can send profits offshore at tax rates much lower than onshore tax rates.

Netflix has a local operating profit margin of 1.4% while their worldwide operating profit (see accounts in comments) was 28%.

Multinationals get away with shifting so much money offshore because of our tax treaties allow them by setting withholding tax rates well below the onshore company tax rate.

For example the withholding tax on royalties paid to the U.S. is just 5%. (See link below) Netflix can save 25% in every dollar it transfers offshore.

So 25 cents on $1.35 billion transferred offshore is $338 million in lost company tax to Australia.

To be fair to Netflix, some of the fees paid offshore should be offset by production costs but not at rate of 98.6% in the dollar. I.e 1.4% margin.

Peoplefirstparty.au is the only party that understands transfer pricing.

We will apply a 25% withholding tax on all offshore payments that exceed the operating profit ratio of its worldwide entity.

There’s no bigger fallacy used in financial planning than negative gearing. The process works like this. An investor bor...
31/05/2026

There’s no bigger fallacy used in financial planning than negative gearing.

The process works like this.

An investor borrows a large sum of money knowing that the interest expense will exceed the net rental income (rental income less rates, maintenance etc).

This results in a tax loss of which the marginal tax rate x the loss will be refunded by the taxpayer to the investor who got this deduction by paying interest to the bank.

The investor hopes to recoup the loss by achieving a capital gain over a period of time on the property that exceeds the net tax cost of interest.

So for every $1 spent on interest, assuming a top marginal tax of 47 cents, the investor is betting that the capital gain earned will exceed the net tax loss of 53 cents .

As the table in comments show, even if the capital gain growth exceeds the cost of interest by 4% it will take 17 years for the net tax loss to be recouped.

Given that mortgage interest rates are around 6% it’s a heroic assumption to assume house prices will grow consistently by 10% for the next 17 years.

Borrowing large sums of money to make a tax loss is also financially risky.

There’s nothing wrong with borrowing money, but not to the extent you are losing money on your investment. If you lose your job or other income streams, the ability to maintain your loan will become difficult as the rent alone will not cover mortgage payments.

If you take a big picture view of negative gearing it is essentially a transfer of wealth from taxpayers to banks.

Five of Australia’s six biggest companies are banks. Taxpayers should not be subsidising them through negative gearing. They already suck up way too much of Australia’s prosperity as it is.

There is also a large degree of hypocrisy around negative gearing. The same people who support it are in many cases the same people who are against high immigration which contributes to driving capital gains.

The way best way to kill suboptimal financial decision making is to lower the rate of income tax regardless of income source.

It’s why PeopleFirstParty.au will keep advocating to cut income taxes.

People should not become wealthy from NDIS. .“Key figures in the Gillard government, who founded the NDIS, have gone on ...
30/05/2026

People should not become wealthy from NDIS. .

“Key figures in the Gillard government, who founded the NDIS, have gone on to chair union-backed super funds that are the biggest financial winners from the disability scheme.

In the largest transaction in NDIS history, a firm co-owned by more than a dozen industry funds turned a $28m investment into a $360m payday in just four years.

The firm, IFM Investors, used its “private equity” division to buy over 80 per cent of the largest NDIS plan management company, Adelaide-based My Plan Manager, from founder Claire Wittwer-Smith in 2019.

Documents obtained by this masthead reveal IFM forked out $26.8m in cash to a former special ed teacher, who had started My Plan Manager (MPM) in 2014 after leaving a job at the National Disability Insurance Agency.

At the time of the buy, IFM Investors was chaired by ex federal Labor cabinet minister and one-time ACTU boss Greg Combet.

When IFM sold MPM in 2023, Mr Combet had left. But former Labor cabinet minister Lindsay Tanner had joined as a director.

IFM Investors is ultimately owned by industry super funds including Hesta – chaired by former Labor health minister Nicola Roxon – and Cbus, whose board is led by ex Labor treasurer Wayne Swan.

All four were ministers under Julia Gillard, who founded the NDIS.”

••••••••••••••••••••••

Disabled people should not be treated like commodities.

The fact that NDIS companies can be sold for millions of dollars shows that the scheme has been set up in a way to benefit grifters and not disabled people.

It should as no surprise that superannuation funds are involved in this grifting as they have a long established track record in grifting fees from poor working Australians.

Nor should it come as no surprise that the Labor party are behind this grifting.

Hiding behind their faux bleeding hearts are multimillionaires deceiving taxpayers of hard earned tax dollars and disabled people the proper support they need.

And don’t forget the money Superannuation funds pour into foreign owned renewables.

Peoplefirstparty.au is the only party prepared to stop these rorts. Sign up today.

28/05/2026

“Australia's energy minister has accused the coalition of being unpatriotic, as he defended taxpayer-funded travel and staffing costs for a major climate conference.

Chris Bowen is due to spend more than $150 million on the United Nations' 31st Conference of the Parties meeting, known as COP31, in his role as president of negotiations.

In a Senate estimates hearing, environment department officials told Liberal senator Sarah Henderson the budget had allocated funding for 70 full-time equivalent staff ahead of the UN-run conference in November.”

•••••••••••••••

When you see the money spent by bureaucrats on the climate agenda you start to see why they will never admit they are wrong.

Destroying our economy is a lucrative business for the Canberra bureaucracy providing high salaries and free travel.

They fiddle in the halls of power while our country burns.

The rot needs to stop.

26/05/2026

I’m getting feedback that seems to justify multinationals shifting profits offshore because our taxes are too high here in Australia.

Government waste aside, our taxes are too high because of profit shifting. If multinationals paid more tax here, Australians would pay less.

Furthermore this issue has only gotten worse as foreign investors have been allowed to buy our Infrastructure, farmland and housing.

Peoplefirstparty.au policy is to level the playing field by shifting the tax burden onto companies that shift profits offshore.

Transfer pricing is difficult to monitor given the millions of transaction that occur on a daily basis. The easiest way to stop profit shifting is to lift the rate of tax on profits sent offshore to fund a CUT IN THE TAX RATE HERE IN AUSTRALIA.

This is the very essence of putting the Australia People First.

An easy way to tell if multinationals are shifting their profits offshore is to compare the operating profit ratio of their operations in Australia verses their worldwide operating profit.

Pfizer for example had an operating profit ratio of just 7% in Australia verse 35% for its worldwide income.

This was on $1.4 billion in sales of which a billion was transferred to Ireland.

Australia withholds only 10% on royalties paid to Ireland, despite Ireland having a company tax rate of 12.5%.

A total tax burden of 22.5% which is 7.5% less than the 30% applied to company tax in Australia. Sending profits to Ireland saves Pfizer 7.5% of a billion dollars or $75 million.

It is therefore clearly obvious that any company will shift profits to Ireland (and numerous other countries with that Australia applies low withholding rates too.)

Peoplefirstparty.au is the only party that has the knowledge to crack down on profit shifting to fund a cut in taxes here in Australia.

25/05/2026

All tax evasion should be called out.

Following up on yesterday’s post in regard to the taxation of offshore Oil and Gas companies it was pointed out that Oil and Gas companies can shift their profits offshore to avoid tax in Australia.

That’s 100% correct, but it’s not isolated to just Oil and Gas companies.

Offshore profit shifting is rampant amongst all multinationals.

Why don’t the Greens or David Pocock have a 25% export tax on all profits sent offshore?

Why can Pfizer, Meta etc send billions of dollars offshore to avoid paying tax here in Australia?

Why can Australian companies especially banks, offshore jobs to India and the Philippines without paying any withholding tax.

Why don’t renewable companies, 70% owned by foreigners have to pay a royalty on our sunlight and water?

Peoplefirstparty.au is the only party to have a policy on profit shifting and is the only party to have consistently raised these issues in estimates and the Senate.

We will raise the withholding tax rate on profits transferred to treaty countries to 25% and on interest income paid to all countries to 30%. This will prevent capital from leaving Australia and ensure that profits generated domestically contribute to our economy, rather than being funnelled offshore.

Additionally, an operating profit ratio test will be introduced to further strengthen transfer pricing rules and prevent the leakage of profits abroad.

If you’re going to call out one industry for tax evasion then call out all companies.

Otherwise you’re just demonising the industries you’re trying to destroy.

25/05/2026

The taxation regime of gas and oil exploration in this country is not understood which has led to an enormous amount of misinformation.

Here are the facts:

1. Oil and gas companies pay 30 cents tax on their profits just like every other company in Australia. That means that Australians already have 30% ownership.

2. Oil and gas companies pay a super profit tax on their profits known as the Petroleum Resource Rent Tax. The PRRT has collected very little revenue to date for two reasons a) there has been an enormous amount of capital invested in getting these projects up resulting in large depreciation offsets and b) the gas was foolishly sold forward at very cheap prices when the projects were given the go ahead. A lot of these contracts will roll off over the next decade resulting in larger profits and a larger tax for taxpayers.

3. 70-80% of gas and oil exploration in Australia is unsuccessful. Offshore gas exploration is not a multi million dollar business- it’s a multi billion dollar business. The idea that taxpayers should fund 30% of offshore oil and gas exploration is absurd. The last person to come up with that idea was Gough Whitlam. Needless to say no banks would lend against such a proposition.

Peoplefirstparty.au has always had a policy to abolish the PRRT and replace it with a 5-10% royalty on Sales.

Combined with the 30% company tax that will guarantee that Australians share in over
40% of the profits of any offshore oil and gas project.

That’s an excellent return given taxpayers incur no risk.

I’ve done up a table in comments showing the share Australians will receive based on operating profit margin before tax.

David Pocock, the Greens and One Nation are all wrong on this.

The formers 25% export tax will wipe out most of the profits made eliminating the incentive to further explore for gas.

One Nation offering to fund 30% of exploration costs for mostly foreign owned companies will expose taxpayers to billions of dollars in subsidies with no guarantee of return.

Australia desperately needs sensible economic reform. Unfortunately none of the parties in Canberra have a clue how to make this happen.

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PO Box 2387 Chermside
Brisbane, QLD
4032

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+61732527101

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