Can we please put an end to the political commentator’s myth, that as Australians we are living beyond our means, this is blatantly false, and I’ll tell you why? In my working life I had something to do with accounts, and budgets, they are made up of two distinct sides, revenue and expenditure, and both must be taken into consideration when framing a budget to ensure that the ledger is balanced. This is also true of the function of government, to ensure that both revenue and expenditure are both effective and efficient.
In Australia last year we learnt that the current LNP government has foregone at least $8 Billion of revenue in the last financial year (2015) due to their sloppy construction of corporate taxation laws, and that billion dollar corporations were using the loop holes in the law to avoid paying their fair share of tax, this also applied to multimillionaires. Australian corporations who were making in excess of $100 million p.a., with at least 579 of them not paying a cent in tax since “their” government were elected in 2013. A further 300 of the corporations were paying somewhere between 5% and less down to almost zero. When the news was released most Australian working people were so weary that they took little notice in December 2015.
That said, because of the lack of public ferocity, the LNP decided they would take advantage and drive the nail deeper into the Australian working people’s coffin. They decided to give the aforementioned people and corporations a tax cut, how you give a corporation who has not paid a cent since 2013 a tax cut, I’m not sure? What I do know is that Australian PAYE working taxpayers pay their correct amount of tax on a weekly or fortnightly basis, and to them this situation is grossly unfair, and should not be acceptable. Forget the Treasurer; the parliament need’s an accounts clerk. We are not living beyond our means, our government is simply not collecting “all” available revenue.