By 2023 Aus will likely have $1.5 Trillion of debt and, over say a 20 year period , that's at least $75 billion a year in extra taxes and/or a reduction of expenditure to pay down the debt.
We have already sold the silverware !
The question is who/what will pay?
Perhaps:
-increase corporation tax? (+ $3 bln) -increase personal tax? (+$3 bln) -increase the GST?...........(+ $6 bln)....(This is paid by consumers; not corporations) -increase the fuel excise?.(+ $1 bln) -introduce death tax (say 40%)? (+$5 bln) -scrap negative gearing?...........(+ $1 bln) -scrap multinationals tax avoidance & impose a flat tax on their revenue? (+ $5 bln) reintroduce the MMT.?( + $2 bln)
Total:,+$26 bln p/a
Expenditure cuts: -cut military spend & DVA benefits (no participating in overseas wars for the foreseen future) -cut the $1.5 billion overseas grants -cut out complex welfare payments & their admin and establish a UBI per adult etc
(-$15 bln)
Net +$41 bln
The rest would have to be achieved by GDP growth , IMO. over time.
