More than $70 billion in potential revenue has been forgone since Labor took office, according to new analysis that is fuelling calls for the Albanese Government to hold a national plebiscite on a gas export tax.
Housing unaffordability has always had a pretty obvious cause. When the Howard government introduced a 50% discount on capital gains, it set the housing market aflame. Investors flocked into the system knowing that now they could negative gear properties to reduce their tax, and they could easily make up the loss when they sold the property because half of the profit would be tax free.
An influential farming group has called for reform of Australia’s largest fossil fuel subsidy, the $10 billion per year Fuel Tax Credit Scheme (FTCS). The call comes in a new report, Energy Sovereignty for Regional Australia, commissioned by Farmers for Climate Action and written by University of Western Australia Adjunct Professor Ray Wills.
The nation has been through wars before, and history shows us that national governments have tended to let extractive industries dictate tax policy during these periods.
