While our Commonwealth debt is relatively low (vis-a-vis US, Europe & Japan,)
if we add State and Municipal debt to that of the Commonwealth we are fast
approaching serious levels which, IMO, have to be be stemmed by balanced
or surplus budgets.
It seems absurd for the Abbott government to be reducing taxes at a time
when our Commonwealth debt is increasing (see above debt clock) and
we are running record budget deficits.
Taxes Reduced:
-MRRT scrapped
-CO2 Tax scrapped
-Business tax reduced by 1.5%
- Depreciation accelerated (up to $20K write off against tax in 1 Fin year)
And now we are hearing about personal income tax reduction
It would seem reasonable that if the Government is serious about paying down debt
that reducing taxes is not the way to go.
Opps....I forgot.......the main game is to be get re-elected next year and bugger everything else.
