When old and new MPs return to Canberra after the election, they’ll have a unique opportunity to tackle Australia’s biggest challenges on inequality, sustainability, health and education.
There is a need for more spending in disability care, childcare, aged care, health care, education and housing. There are also calls for more spending in defence. Regardless of which parties form government after the next election, they are going to need more revenue.
Fortunately, significant revenue can be raised relatively easily, and in ways which will make Australia fairer and safer.
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.
- $12 billion could fund 70,000 extra jobs to improve education, health and a host of other public services.
- $63 billion would enable the government to raise support payments above the poverty line and double spending on education and housing.
Not only would these changes be easy to implement, they’d be popular.
And – after all that – Australians would still be paying significantly less tax than taxpayers in equivalent developed countries.
The Australia Institute’s new Discussion Paper, Raising Revenue Right, has five realistic recommendations for Australia’s 48th Parliament: