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.
https://www.oecd.org/tax/revenue-statistics-united-states.pdf
Re: central planning by Governments.
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.
https://www.forbes.com/sites/timtreadgold/2020/11/20/japan-1-china-0-or-how-to-kick-an-own-goal-with-australian-coal/?sh=45af20bd1a69
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.
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