Rob Greco

How to fix Australia's budget in 30 minutes. I played around with new game that allows you to take the role of Australia's Treasurer. My philosophy: Shift the tax burden off income, work and production and onto unproductive speculation and rents, specifically in land and housing. Channel capital into factories, industry and manufacturing. Make Australia a productive superpower again. Key moves: - Income tax cuts for every bracket, weighted toward low and middle earners. - LNG export levy, 2% federal mineral resource levy, PRRT effective rate up to 45%. Qatar exports the same gas as us and pulls in $40-50 bn a year. Fix this to pay for income tax cuts. - Broad-based land value tax (0.25%) with the family home completely carved out. Kills idle land banking. - Negative gearing eliminated. Dead money. I want capital building factories, not flipping houses. - Tobacco and alcohol excise slashed. Current rates hand the market to Middle Eastern organised crime gangs and triggered the firebombing epidemic in Sydney and Melbourne. - Defence to 2.5% of GDP. Infrastructure to $25 bn. High-speed rail down the east coast, metros in every capital city. Nobody should need a car to get around any of the 5 major cities. - NDIS nationalised. Save $20 bn without cutting a single dollar from genuinely disabled Australians by ripping out the legions of shonky providers running mafia operations on taxpayer money. - Public service trimmed from 180,000 to 150,000. - Immigration and Home Affairs lifted to $8 bn — harden the border, deport illegal residents. No cuts to pension, welfare, health, education or aged care. Politically untouchable. Result: Budget surplus, lower debt interest payments, tax cuts for every Australian, and capital flowing into productive enterprise instead of unproductive speculation. Beautiful vision. Make Australia a manufacturing and infrastructure superpower.

If tax policy is the fundamental issue for you when you are starting a business, perhaps stick to knitting ...

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