Ken Henry warns that Australia’s social compact with younger workers shouldering an ever-rising tax burden faces an “existential crisis” unless reformers can better persuade a sceptical public of the need to overhaul tax and spending.
Ken Henry has warned that Australia ’s social compact with younger workers shouldering an ever-rising tax burden faces an “existential crisis” unless reformers can better persuade a sceptical public of the need to overhaul tax and spending. Australia was too reliant on economically damaging taxes on wages, corporate non-mining profits, and state property stamp duties, said the former Treasury secretary who, in 2009, led the last major review of the tax system for the Rudd government.
Its 138 recommendations remain largely unimplemented. “Dumb luck” of “plundering” natural resources would not deliver prosperity for future generations, he said in a speech in Canberra. Ken Henry says business investment in Australia has been at “terribly, terribly low” recessionary levels for year
Ken Henry Australia Tax Burden Reform Economy
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