Methinks the overall effect of this budget will be to squeeze individual taxpayers and families by increasing taxes on everyday Australians while protecting big corporate interests. Removing negative gearing, removing CGT exemption, clamping down on family trusts, not indexing personal income taxes to CPI unlike CGT tax (ie, tax bracket creep)
No gas tax
Comparatively, there is nominal taxing of big gas and resources as a percentage to their income, allowing billionaires like Gina Reinhardt (corporate donor to one nation) to get richer. In Norway the tax on it's oil and gas industry 75% yet here in Australia we're begging for 25% tax but Albo has assured his gas companies there'll be no gas tax.
UAE and Qatar nationalised their resources and oil industry and their citizens pay near zero personal income taxes for their extensive social welfare.No national accountability body on politicians. Politicians have been shown to be allowed to promise one thing at election and do another once in power, depending on their prevailing corporate benefactors. Labor is allowed to renege on their election promises without legal consequences, for which they're voted in by the majority of us for. But this is not just Labor at fault as long as there's no legal accountability on politicians. What is the point of democracy and voting if our votes are meaningless and we only get to vote on inconsequential referendums such as the voice that doesn't affect their corporate donors?
Politicians working in their portfolio industries after leaving political office after they created favourable laws for industry interests. Countless Mining/resources ministers going on to work for corporate miners or becoming lobbyists. Ex PM Morrison as an example, after signing up Australia to the $369 billions AUKUS deal (which independent analysts have said we might get 1 sub for $369 billion paid compared to $2 billion for a French sub) quickly resigned from politics to take up a newly created cushy AUKUS job. Arguably legalised corruption without l any consequences while acrewing over Aussie taxpayers.
New tax rules decreases national productivity
Incidentally most new adverse tax changes are carefully designed to avoid impacting politicians, such as grandfathering of NG and CGT, pollies are exempt from div 293, most are on the old defined benefits pension schemes which defer taxes until they're retired at lowest tax bracket .Effect of this new budget is higher overall taxes on younger generation
Effect of this new budget is higher overall taxes on younger generation (but ABC News heavily advertised the $250 tax refund) and increasing employment for the accountant/lawyers class and reducing Australian workforce productivity in a slap to the face of the Productivity Commission, as more individual taxpayers now need to devote more time to tax affairs instead of actual productive work. Net effect of Australia remaining the least diversified OECD economy relying on digging dirt up from the ground to sell.
Essentially Australia remains a extraction colony no different from pre-Federation days benefiting foreign or corporate interests as opposed to being an independent country looking after its own people. Obligatory poll and constructive comments welcomed.
