Abbott Govt needs to wake up our slumbering economy

$40B wasted in shortsighted tax policy

GetUp Campaigns Director Mark Connelly said the Abbott Government has failed to wake up to the huge revenue options available through simple budget reform.

“There’s over $40 billion in revenue per year that the Abbott Government is yet to uncover,” said Mark.

“Making super tax concessions fairer, reforming negative gearing, scrapping capital gains tax discounts, taxing bank’s super profits and removing fossil fuel subsidies are just a few of the steps to create a sustainable budget.”

“When you look at the budget from a different angle, sustainable revenue isn’t that hard to find.”

GetUp’s submission to the Better Tax Inquiry combines recommendations from a GetUp/The Australia Institute report into fairer economic policies and three petitions signed by a combined 150,000 Australians calling for taxation reform. Recommendations in GetUp’s submission include:
• Making super tax concessions fairer
• Reforming negative gearing
• Developing a ‘Buffett Rule’
• Reforming the Capital Gains Tax discount
• Introducing a Financial Transaction Tax
• Establishing an Estate Tax for high value estates
• Placing a Super Profits Tax on Banks
• Removing fossil fuel subsidies

GetUp’s full submission can be viewed here: www.getup.org.au/better-tax-submission
Mick Gibb