The treasurer is right: we can’t afford another decade like the last. But that demands a game-changing performance from him, writes John Kehoe.
and policy-minded economists are wondering whether the Labor treasurer will develop a serious plan. They want him to succeed, to revive waning productivity, lift real wages and improve living standards.noted that the Albanese government needs to get bolder. Both were instrumental in the Hawke-Keating and Howard government reform era.
The tax list included cutting personal and company tax, introducing dividend imputation, capital gains tax and fringe benefits tax, establishing the goods and services tax and abolishing wholesale sales tax.But the two-decade reform era has been followed by 20 years of largely living off its fruits and luck from the China-driven commodities boom.
These are hardly radical proposals, given they have been supported by the International Monetary Fund, the Organisation for Economic Co-operation and Development, and Henry.Nevertheless, there is a range of tax changes that a social democratic political party could pursue. There is also a case for easing the tax burden on wage earners who will pay more for aged care, healthcare and disability support, which requires much more spending discipline.
There may also be a case for reducing some tax concessions for superannuation, trusts and capital gains.Piecemeal measures won’t be enough Politically, cherry-picking will risk losing political capital, and the government may become more cautious about systematic changes.As Henry warned from his experience advising Swan on the resource super profits tax, isolated and “incremental” tax changes gives “a lot of well-armed people only one target to shoot”, and “it will take a pounding”.
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