“Bill Shorten’s Budget reply makes it clear that Australians will be getting higher taxes and more debt under either a Labor or Coalition government. The only difference is the Coalition would likely be marginally less economically destructive than Labor”, said Daniel Wild, Research Fellow with the free market think tank the Institute of Public Affairs.
“Bill Shorten claims that tax cuts to businesses or workers is the equivalent to a hand-out. This is dishonest and misleading. When taxes are cut, the government is confiscating less money from hard working Australians, not giving them a hand-out.”
“The top 10 per cent of income taxpayers already pay 45 per cent of all income tax. Labor’s proposal will increase this disparity.”
“Fairness is about rewarding people for hard work and encouraging upward economic mobility. That is why a single, flat income tax rate is the fairest income tax rate.”
“Business investment in Australia is just 12 per cent of GDP, which is lower than during the Whitlam years. Australia’s high business tax rate must be cut to increase investment, job creation and wages.”
The 2018-19 Budget is the highest taxing, spending, and debt Budget in Australia’s history. Debt will reach a record $561 billion, taxes a record $473 billion, and spending a record $484 billion.
“To differentiate itself from Labor, the government should immediately commit to even lower taxes, flatter rates, smaller government, and a faster path to Budget surpluses and repaying national debt.”
“Australians who want smaller government, lower taxes, less debt, and reduced spending are not being listened to. We have complete bipartisanship when it comes to high taxes, spending, and debt.”
“Neither Labor or the Coalition will reduce spending, which means neither party will reduce the debt or permanently reduce taxes.”
IPA research has found that a modest 1 per cent spending cut across every Commonwealth department would save $263 billion over four years and halve Australia’s gross debt.
“The government’s Budget included a record level of taxes, debt, and spending. What is so worrying is that under a Shorten Labor government taxes, debt, and spending would be even higher,” said Mr Wild.