What should be of more interest is our mountain of debt which is increasing at a rate go knots.
https://australiandebtclock.com.au
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.
What do others think?
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