@timrichards
I don’t think it’s a sesnsible idea to fiddle with what is Govt #revenue (it’s in need of repair as it is). The Australian fascination with holding govt to account for #deficits (as if it were a household budget) would make #tax intervention every quarter an impossible nightmare to manage the #budget and potentially political suicide where major intervention were to be required. Tax regime falls into fiscal policy which rests with the govt of the day along with public spending (Treasure & Finance) after all, they run the country. For better or for worst, #CashRate setting (and Bond rates) falls within the purview of an independent #RBA Board in charge of monetary policy, aka #banking (this needs not be, but there it is). The interplay between the two economic roles and its impact on people’s lives is an fascinating seesaw to behold.
Two problems that require some intervention but currently are not are: 1) greedflation, a propensity for the supply side (goods and services) of the economy to jack up prices to maximise profits (the raison d’etre of private enterprise) and keep costs (wages) down as much as they can get away with; and, 2) the arbitrary range of suitable inflation rate determined by the RBA.
I don’t know if the author of the article you mention in your toot is an economist, but if he is, he should go back to school and get the basics straight before writing anything about how to manage an economy imo.
Given the #Right-wing of politics’ obsession with lowerering taxes (esp. for the wealthy end of town) and the role main stream media plays in loudhailing #LNP talking points, the premise of this article is not surprising in the least.
The quality of #journalism in Australia, by and large, is appalingly partisan.
Happy to be factually contradicted as always.
#AusPol #Economics #inflation #GreedFlation #WageStagnation #Oligarchy #PoliticalDuopoly
