Offshore investment hurting Australian economy: Hockey
If Hockey gets his way and personal income tax rates are massaged to give higher earners some more breathing space, the gap in funds will have to be filled somehow, and given the government’s history it’s pretty likely people less well-off will end up getting slugged more – either at tax time, or just while doing the shopping.
The next federal election is due in the second-half of 2016.
The spokeswoman battled on however, insisting that plans were being put in place even though the legislation had not been drafted and consultations with the states and territories were still underway.
Traditional Liberal philosophy was that budget surpluses enabled personal income tax breaks, not public spending cuts.
“Because health is growing with the ageing population, it means that the tax base of the GST is narrow”.
On Friday, state treasurers agreed to impose the GST on goods sold by foreign businesses into Australia from July 2017.
‘The budget deficit is coming down and when I release the final budget numbers for the last 12 months, people will see actually we beat expectations, ‘ Mr Hockey told the Nine Network.
“Back in 1996-97, under the Howard government, the tax burden was less concentrated, with the top 25% paying a majority of income tax”.
“There’s a little bit of a concern there that we are not at the point of actually doing things when it comes ton tax reform”, said the Australian Industry Group’s Innes Willox today on ABC radio.
CPA Australia called the speech “long on rhetoric and short on substance”.
“What Joe has been signalling is the government’s intent to deal with the issue of bracket creep”, he said.
“It’s in our DNA to want to deliver further tax cuts and we will in the run-up to the election”, Mr Abbott told reporters on Thursday Island on Tuesday.
“It’s very unlikely that simply by cutting taxes that the the Commonwealth can create enough economic growth that it will cover the reduction in taxes”, Mr Daley said.
Opposition Leader Bill Shorten said Mr Hockey could not be believed and that he was making unfunded promises to prop up the Coalition ahead of the September 19 Canning byelection. “He looks like a Treasurer who has given up”, he sad. His disapproval rating was 48 per cent. Mr Hockey’s approval rating was 31 per cent, compared to 56 per cent for Foreign Minister Julie Bishop and 47 per cent for Communications Minister Malcolm Turnbull.
