IMO its Right Wing to live within one's means, honour debt obligations
and to support the country to do likewise ; so here goes:
IMO the reasonable place to start is with the former Government's 2022-23 Right Wing Budget as a reference point:
To Grow the conomy by Plan (not farm it out to Multinationals) :
(a) Do a SWOT Analysis :
-Strengths (internal)
-Weaknesses (internal)
-Opportunities (external)
-Threats (external)
(b) From the Swot Analysis set major objectives & provision major strategies
for the country with the objective of compiling a strategic Economic Plan (bilaterally Agreed) to ensure economic
growth (GDP Growth) of 5%+ over the next 30 years (the period for a planned paydown of our Sovereign Debt)
(b) The economic plan should use our strengths, acknowledge & rectify our weaknesses, exploit opportunities
and counter threats.
(c) Then devise and implement achievable and measurable programs in conjunction with the States & Munis
(d) Review the Economic plan every election (extend elections to 4 years & full Senate elections every 4 years)
and adjust programs but not fundamentally change the bilaterally agreed Plan for partisan political reasons.
Cement this via a referendum.
That said, such an enterprise is above my 'pay scale" so instead I'll suggest how our budget can be repaired
and set on the right track to pay down debt within a Generation. We could discuss the details of an economic
plan to grow the economy at 5%+ P/A on another thread if neccessary
As posted previously the target figure is a budget surplus of $120 Billion a year to pay down combined Governments'
debt within 30 years. To do that, IMO the above Economic Plan needs to be implemented to ensure GDP Growth of at
least 5% P/& may I suggest the following Budget adjustments to complement that:
Income:
(1) Revise the Tax Act to ensure Foreign/Majority Foreign Owned Corporations pay their fair share of Corporate Tax: ...+ $30 Billion P/a
(2) Supertax the Billionaires & very wealthy ......................................................................................................................+ $10 Billion P/A
(3) 5% P/A GDP growth will produce .................................................................................................................................+ $20 Billion P/A
(4) 30% death/Inheritance tax..#..........................................................................................................................................+$30 Billion P/A
(5) Scrap the 50% CGT Concession..................................................................................................................................+ $10 Billion P/A
(6) Scrap Franking Credits for non-taxpayers....................................................................................................................+ $12 billion P/A
(7) Increase the GST to 12%..............................................................................................................................................+$8 Billion P/A
Total Revenue change........................................................................................................................................................+ $120 Billion
Spending:(1) Support for Seniors: Remove all benefits for those with assets (including Family Home) of $2 Million...........................................- $5 Billion
(2) NDIS: decentralise admin including supervision to minimise rorts...................................................................................................- $2 Billion
(3) Community based Aged care ( incorporating volunteers )in lieu o fsome Privatised Government financed programs...................- $2 Billion
(4) Reintroduce State Public Hospital Sweepstakes (Like Qld Pre-1990)..............................................................................................-$2 Billion
(5) National Infrastructure Roads State Partnerships............................................................................................................................+ $5 Billion
(6) Government Schools national Support.............................................................................................................................................+$5 Billion
(7) Scrap baby bonuses ........................................................................................................................................................................-$1.5 billion
(8) Take Public Sector Super payments out of the Future Fund...........................................................................................................-$9 Billion
(9) Take Defence Force Super benefits out of the Future Fund...........................................................................................................- $8 Billion
(10) Bolster the Future fund by $10 Billion P/A...................................................................................................................................+$10 Billion
Net Budget savings of .........................................................................................................................................................................$9.5 BillionIn 30 years the Comm + States + Munis would be free from debt and be positioned then to invest more in industrial development,
education, health services , infrastructure, education , defence etc and position Aus in the top 10 countries in the world, IMO.
Otherwise as pintohoo has astutely observed above , we'll likely shrink into 3rd world status making the former PM of Singapore
prediction true that "Australia will eventually be the white trash of Asia"
PS: As Citizens our first duty is to put Australia First; not the interests of foreign owned Multinational Corporations or their
100 or so Aussie Billionaire Hitchikers so that a fair and democratic/debt free Aus can be maintained .
All IMO only and for those who may be distressed by reading this post may I recommend Lifeline: 13 11 14 .
PS: Rather than bait/flame and be moded, why not offer your critique and if you would wish some alterations to the
propositions above, then replace the item with an amount (negative or positive) instead. Its the civilised/reasonable
way to discuss differences, IMO.
# This, in part, remedies intergenerational debt, IMO.
