So, you’ll pump up the national debt ceiling by two-thirds, from $300 billion to $500 billion and shunt an extra $8 billion into the RBA? Is this your “budget emergency”?
Would the real Joe Hockey please stand up?
OK, so you’re no longer the Opposition and now you have to face the reality of this depression.
Fine, but don’t simply blame the US for it: the Howard government, the Rudd, government, the Gillard government and the Rudd government (again) have set us up nicely for an enormous collapse of our own.
I mean, about one trillion in our very own property bubble and all that, Joe. Of course, the US situation will indeed make it even worse for us, but my point is that much of our troubles are home-grown.
BTW, just a hint, Joe.
Don’t simply cosy up to the Business Council of Australia and pump up the GST. Even the Grattan Institute is coming to see that’s a no-go. It’ll further exacerbate ineffective demand. You ought to be able to see that.
The only thing that can do it for Australia now is greater land value capture, so you can slash taxes on both people and business – as recommended in The Henry Tax Review–modelled effective by KPMG-Econotec–and shown to be the most efficient revenue base in the 2013 tax report by Price Waterhouse Coopers.