That’s why I have set up a process, where economists, business leaders, unions, social and environmental leaders can come together and discuss their goals for a better tax system.
As we know from climate change, putting problems off and narrowing solution sets just makes them harder to address.Ageing population and Intergenerational equity aren’t tomorrow’s problems. Australia’s population is already ageing – in 2000 we had more than five working age people for every one over 65, now it’s around four. In 20 years it will be around three. But while our older population is ever more reliant on the young, we are letting them fall behind.
Is this what we hoped our public policy and economic settings would deliver? Older households prospering while the young fall behind? I don’t think so. But there is also much to do due in our tax and transfer policy. Income tax, GST, stamp duty, land tax, capital gains tax, our super rules, and incentives for older workers to work more years, all critically influence the fairness between generations and how we manage demographic shifts.Productivity and climate change are other key intergenerational report challenges, and tax is critical again.
So, where are the “parties of government”? Political wedging has made significant tax reform too hot to handle, as has the media obsession of getting things ruled in and out.
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