Measures to repair the Australian budget

16 September 2022 by IdeaSpies

Governance

Higher taxes and cuts in spending are vital if the government wants to fund quality services and repair the budget, Reserve Bank governor Philip Lowe has told politicians

Declaring the state of the budget a “significant issue”, he said the community – rightly – wanted high-quality services and infrastructure. The problem was that governments had been unwilling to confront the ways to pay for them.

Lowe pointed out that governments would soon have to either increase taxes, cut services or undertake some serious structural reform so the economy was larger and generated more revenue.

https://www.smh.com.au/politics/federal/soft-landing-not-certain-lowe-sees-growing-overseas-risks-to-australia-s-economy-20220916-p5bijz.html

What do you think?

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Comments

IdeaSpies @ 2022.09.17 4:42 AM

This tool looks useful if alternatives can be considered.

https://ideaspies.com/posts/an-interactive-budget-that-shows-alternatives-to-planned-tax-cuts

Glenn Barnes @ 2022.09.19 4:42 AM

Good to see the RBA Governor "belling the cat" on these issues.

The Australian community needs to get involved in serious dialogue over the appropriate and affordable level of services we wish the government to provide and how we fund these. The opportunity and problem belong to us - the public! We cannot expect or rely on our politicians to resolve the issues and the inevitable trade-offs due to a conflict of interest with their electoral ambitions.

Our community leaders need to demand the establishment of an appropriate forum by the government.

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