Time to debate the benefits of collecting more tax – doing so would make Australians feel a lot richer
This morning, the media is reporting that the federal government has been advised that the budget cannot be fixed without raising taxes and cutting spending, and that its housing target is unachievable.
However, Australia Institute research shows there are several ways to increase the bottom line in ways that will also make the Australian community fairer and safer.
For example, by cutting fossil fuel subsidies, ending the gas industry’s free ride, reforming negative gearing, and closing tax loopholes for superannuation and luxury utes, Treasury would raise between $12 billion and $63 billion.
“Australia is a low tax country,” said Richard Denniss, Executive Director of The Australia Institute.
“If we were to collect the average amount of tax collected by OECD countries, then we would be nearly $140 billion better off every year.
“In Australia, when the price of oil and coal goes up, we feel poor and call it a crisis, whereas other big exporting countries feel rich.
“Norway taxes its fossil fuel industry and gives its kids free university. In Australia, we subsidise the fossil fuel industry and charge our kids a fortune to go to university”.
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