, showed even with the government’s planned stage 3 tax cuts, workers would bear the brunt of tax over coming years.
Other taxes such as tobacco and alcohol excise are at risk of declining due to falls in smoking and drinking rates while improved fuel efficiency and the switch to electric cars is likely to reduce petrol excise.Treasurer Josh Frydenberg said the stage 3 tax cuts, due to start in 2024-25, would reduce the tax burden on most workers while signalling the government was committed to future tax relief.
“This is not a realistic assumption. Comprehensive tax reform must be put back on the table, with a renewed resolve to reshape the system to sustain a strong and dynamic economy and pay for the essential services so important to our communities,” she said. “The reality is that we will need to either increase taxes or cut spending elsewhere if we are going to accommodate the growth in health and aged care spending,” she said.
But this has been cut to 81.4 years for boys and 85.4 years for girls. Over-optimistic assumptions included in the 2015 report plus a slowdown in the rate of improvement in longevityFewer babies and reduced migration has sliced 4 million from the nation’s long term population forecasts.Lower fertility among Australian women and a drop in migration means the population will be smaller and older than had been forecast in 2015. The population is now expected to reach 38.
Treasury estimates the median super balance will climb from $125,000 now to $460,000 by 2060-61 with one of the biggest winners being women.“The maturing superannuation system should generally also result in future retirees being better off than current retirees, with more income available to support their living standards during retirement,” it said.
How many pensions could be funded by Franking Credits ..Company tax passed on to those who pay NO tax.
Just bring on the election.
How so? The RBA is 'printing money' called Quantitative Easing to the tune of $130billion/mth isn't it?
SO HE'S GONNA introduce a future tax!