We already have $1.1 trillion of Government debt, add to this the current $180 billion Corvis-19 grants and at least that much again in forgone tax reciepts and that only over the next 3 months with a likely repeat of the dose come July 1st. This will take our Government debt (Comm , State & Muni) to well over 100% of GDP .
https://australiandebtclock.com.au
In the context of posters posts above, we should be asking now who's going to pay. before the Fires & Covid debacle, we were paying $21 billion a year interest alone on debt with this likely to double over the next 2 years.
IMO, the first hit will be:
-Sell the NBN.................say $50 Billion
-States to sell remaining power generating assets ....Say $100 billion
-Sell the Post Office..........Say 10 billion
-Sell the ABC..............say $1 billion
-Sell down Commonwealth & State Government buildings.........$5 billion
To form a reasonable discussion on recurring Government income we have to consider what is happening now:
https://www.abs.gov.au/ausstats/[email protected]/mf/5506.0
At present we have a disproportionate amount of tax imposed on individuals in the form of PAYE, GST (exclusively a consumer tax)
Rates , etc. With the wealth of our resources it seems absurd that only 19% of tax collected is Corporate.
https://treasury.gov.au/review/tax-white-paper/at-a-glance
IMO, we simply have to get more tax revenue from Big Business, particuluarly from those in the extraction & export businesses.
so that the individual is not crippled with extra tax to pay down Australia's ever increasing debt load.
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Who do you think will be repaying the Government?, page-9
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