Michael Hill leaving NZ

Mark Hubbard's picture
Submitted by Mark Hubbard on Mon, 2009-01-05 19:29

I'm just back from ten days away, and still trying to catch up on a bit of business reading. This one caught my eye:

Michael Hill looks for lower taxes - moves to Australia.


The company expects the restructure to see an increase in net profit for the 2008/09 year by $57 million, "due primarily to the recognition of future Australian taxation deductions." It expects the tax deductions to boost profit by $7.4 million every year until at least 2012/13. The restructure aims to improve efficiencies and governance structures, and it's forecasting an increase in cash flow of $4.5 million this year, with a $9.5 million rise per annum over the next four years.

Nothing changes under National. We have such a behemoth of a bureaucracy, and huge welfare state, all of which has to be fed by a voracious, thieving tax take, that we are still chasing our best companies away. Given we are starting out from such a small economy, this is economic insanity. Key has to start making some very hard decisions. (And muzzle and slaughter his out of control departments of State).



On other matters, I read most of Free Radical 80 while away. Stunning. The economic articles particularly were informative - I hope some of those copies make their way to members of the moronic MSM. I left my free copy on the coffee table of the holiday house, so friends using it might peruse and become informed (rather than me just banging on at them).


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