So let me be clear: as North Sydney’s representative, I remain of the position that stage three tax cuts should go ahead in 2024 as planned.
The government can afford to keep the legislated stage three tax cuts. What it can’t afford is to let voters down.
For the tax cuts to be realised, the government must identify and unlock other revenue streams and opportunities to avoid unnecessary spending.
One of the biggest challenges we have as a nation is how we generate revenue. Quite frequently we fall back into a debate about personal income tax, but to me that’s like trying to drive an automobile with just one wheel and leaving the other three completely off the vehicle.
Gilti tax Windfall taxes would fairly share energy profits
Beyond taxing our workers, there are many other important opportunities to generate revenue for Australia including appropriate taxing of multinational companies, and windfall taxes to help ensure that profits from the energy crisis are more fairly shared.
As former Australian Competition and Consumer Commission chairman Rod Sims has said, it is “really unhealthy for society” to have Australia’s oil and gas exporters posting record profits from high energy prices during the Ukraine war while our households’ energy costs skyrocket.
We also must not overlook opportunities to reduce spending in wasteful areas including offshore processing of asylum seekers, and unwanted and unnecessary infrastructure like the $600 million Kurri Kurri power plant.
As Chalmers said last month, the budget is just the beginning of a big national conversation about how we fund the social and economic progress we want to see.
Income tax is just one element of this; the government must be clear on what other economic reforms it will be brave enough to pursue.
This year’s federal election showed that Australians want a government with integrity. We must keep our election promises if we are to repair the dangerously low levels of trust that voters have in politicians today.
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