Jim Chalmers’ lack of budget rules risks the government drifting to higher tax and bigger government, instead of transitioning back to a private-sector led economy, the Business Council of Australia says.
Treasurer Jim Chalmers’ lack of budget rules risks the Albanese government drifting to higher tax and bigger government, instead of transitioning back to a private sector-led economy after the pandemic, the Business Council of Australia warns in its budget submission., BCA chief executive Jennifer Westacott said a well-run market economy had delivered Australians almost three decades of uninterrupted growth and prosperity pre-pandemic.
“Our concern is we drift into higher levels of both spending and taxation as a share of GDP and higher debt.”temptations to unwind the stage three personal income tax cuts due in July 2024. Treasurer Jim Chalmers said: “Our fiscal strategy to rebuild our buffers and strengthen the budget position is clear. We are banking the majority of tax revenue upgrades, showing spending restraint and investing in our productive capacity so we can put the budget on a more sustainable footing over time.”
“This would force discipline on the budget decision-making process while still allowing for growth in real spending per person,” the BCA said.
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