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Not a good look

16/10/2015

NAGL means - Not a Good Look

NAGL means – Not a Good Look

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That was the excuse Malcolm Turnbull gave when asked why he had moved his money into a tax haven. He said that as communications minister, if he had invested in the ASX, then that would mean owning Telstra shares and it would not have been a good look.
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So he moved his money into a tax haven – a Cayman Island hedge fund, and let them invest in the ASX for him. Much better look, don’t you think?
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Of course it is impossible to know for sure if this hedge fund has indeed invested in the ASX and therefore, according to Turnbull, directly or indirectly invested in Telstra. And I guess that’s only if that fund invests in Australia, which Malcolm tells us he is so optimistic about. Nothing says I am optimistic in this country like investing in another country.
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Oddly though, Malcolm was well aware he was going to be communications minister if the coalition won the 2013 election, as he was the opposition communications shadow minister. Yet he only choose to move the money and update his fiduciary interests in January 2015. So from September 2013 till January 2015, while Malcolm Turnbull was communications minister, he had no problems with good looks. January was also just one month before the first coalition move against Tony Abbott. Malcolm did not stand at that time letting a chair take the limelight. I presume if Turnbull had ousted Abbott in February, it would not have been a good look being only one month after Malcolm updated the register.
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Lets not talk about how the current Prime Minister leads a party that says multinational corporations should not use tax havens and how he then moves his money to a multinational corporation in a tax haven.
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Lets not talk about how as communications minister, he promoted the need for data retention laws while now promoting how you can use apps to get around his own data retention laws which are costing the taxpayers close to $300 million to impose on themselves.
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And of course, don’t get me started on how the innovation Prime Minister – Mr Broadband himself – thinks 25mbps is “good enough”. Because that’s how innovation should be don’t you think? Not cutting edge. Not have the ability to grow as technology grows. But good enough.
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Good enough is his new stance on so many things now. From the republic to same sex marriage to returning a raped pregnant refugee back to Nauru. But if you ask me, his new stance is not a good look.
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A. Ghebranious October 2015

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