Well, gosh, Glenn Stevens, I trust you are talking to Treasury and both the RBA and Treasury are giving our hopeless political leaders a good serve of the immediate need for the Henry Tax Review to be implemented–like abolishing 120 useless and costly taxes–and the greater use of land tax, if we are to improve or worsening economy?
No? Why not, for God’s sake? Educate them that politics is, in fact, the art of the
ABC Fact-Check –> http://www.abc.net.au/news/2015-05-06/hockey-negative-gearing/6431100
What a brilliant letter in THE AGE letters today!
Daniel Andrews, user pays tolls are not a necessary part of the provision of infrastructure. In the Progressive Era, our far-seeing forebears funded highways, dams, hospitals and schools out of part of the uplift these capital works provided to land values. No privatising of roads for them.
Bryan Kavanagh, Mount Waverley
Australia’s economic output is simply the sum of our profits, wages and rents — profits to businesses, wages to workers, and rents to land and natural resources.
We’ve taxed profits and wages—almost to a standstill—and undertaxed rents, to such a degree that most Australians and many foreigners are now into rent-seeking in Oz’s land.
Economists and politicians either don’t get it, or pretend they don’t get it.
Accordingly, Australian land prices have become a circus, and this fantasyland must end badly.
Negative-gearers and battlers overly-committed to big mortgages remain optimistic and hopeful, however.
That’s good, but quite unrealistic.
Like everywhere else, the Oz debt piper must be paid—but money that can’t be repaid won’t be repaid.
We face a big financial crunch.