IMO, Aus is towards the low quartile with respect to tax revenue as a %age of GDP.
IMO this should be higher by collecting more big business tax by fixing up loopholes available to Multinationals in the form of transfer pricing , debt loading and brand/IP cash boxing overseas.
China which is the most important centrally planned global economy is providing a challenge to Western 'market driven" economies by China's growth, manufacturing & trade dominance and its rapid closing the GDP gap with the USA (China already ahead on a GDP-PPP adjusted. since 2014
It is interesting that when the market Economy fails/threatens failure, that Government involvement/central planning is deemed appropriate to save the "Market Economy"
There is a distinct difference between our Government's economic planning (tweeting the system mostly for re-election purposes and management by crisis) than a well devised long term economic plan bilaterally agreed and tweeked every 5 years to account for external economic change such as China has got.
The current Aus/China trade debacle is an example what happens when the two systems clash and so far it seems that China is winning, IMO.
Take coking coal for example; China has rejected some of Aus coking coal which is being now sold to India & japan at $70/ton less than the previous premium China price.
So what can one say? China central planning costs Australia $70/ton for coal and the winners are India & Japan and even the USA has got in on the act via its central Planning Trump trade deal Jan 2020 by supplying US coals to China at higher/leveraged prices which in part has displaced our coals in the China market.
