Yesterday, it was Cameron Clyne from the NAB promoting the GST to a receptive Neil Mitchell on 3AW. I usually don’t mind Cameron’s rather laid back style of analysis, but I was happy on this occasion to hear a listener pull them both up short with a question to the effect “How are dearer good and services going to help the economy?” They didn’t (couldn’t?) have a response.
Today it’s the more driven CBA boss Ian Narev, having delivered a record $7.8 billion profit, calling for the next federal government to lay out a “blueprint” for the economy. No doubt he’d look kindly on an extended GST, too. You see, apart from a little extra paperwork, it doesn’t affect their businesses. However, Narev DID call for people not to take on too much debt at the moment. (You’ve not been on the turps, Ian?)
Hey, guys! How about this? What about calling for Ken Henry’s all-in land tax? It’s in the nature of a rent and can’t add to prices. I mean, haven’t your super-profits been fuelled by bubble-inflated mortgages? And wouldn’t a single rate Australia-wide land tax make housing more affordable for our youngsters?
You’re not interested in that idea at all? I wonder why not.
Young Australians who are prepared to put their heads into the mortgage noose before this bubble deflates are about to get into BIG trouble.
Don’t make yourselves wage slaves. DON’T BUY NOW!