We already have $1.1 trillion of Government debt, add to this the current $180 billion Corvis-19 grants and at least that much again in forgone tax reciepts and that only over the next 3 months with a likely repeat of the dose come July 1st. This will take our Government debt (Comm , State & Muni) to well over 100% of GDP .
In the context of posters posts above, we should be asking now who's going to pay. before the Fires & Covid debacle, we were paying $21 billion a year interest alone on debt with this likely to double over the next 2 years.
IMO, the first hit will be: -Sell the NBN.................say $50 Billion -States to sell remaining power generating assets ....Say $100 billion -Sell the Post Office..........Say 10 billion -Sell the ABC..............say $1 billion -Sell down Commonwealth & State Government buildings.........$5 billion
To form a reasonable discussion on recurring Government income we have to consider what is happening now:
At present we have a disproportionate amount of tax imposed on individuals in the form of PAYE, GST (exclusively a consumer tax) Rates , etc. With the wealth of our resources it seems absurd that only 19% of tax collected is Corporate.
IMO, we simply have to get more tax revenue from Big Business, particuluarly from those in the extraction & export businesses. so that the individual is not crippled with extra tax to pay down Australia's ever increasing debt load.
