The country’s most astute business leaders expect that Jim Chalmers will target highly profitable industries – especially energy and banking – and wealthy individuals as he tries to plug the country’s budgetary hole in the May budget.
As a result, business leaders believe Chalmers will be tempted to follow the lead of governments in the United States and Canada, targeting banks, gas producers and wealthy individuals. Anna Bligh, chief executive of the Australian Banking Association, is clearly apprehensive that the temptation to extract extra revenue out of the country’s big banks will prove irresistible to Chalmers.last week, she hit back at suggestions that the government should lift the major bank levy to help plug the $50 billion annual structural budget deficit.
Forcing the punters to pay a higher tax rate on any capital gains they make from selling their $1 million investment property would spark a huge backlash.
Maybe a spend less budget? 🤔
Albo Labor gov has been splashing money like a drunk NDIS Neg gearing childcare r going to cost tons on top of Medicare n aged care He is still keeping a tax cut He must have rocks in his head
inflation is going to 2% without help from him
Labor aren’t going to target the rich. There aren’t enough of them. They will tax everyone and everything they can get away with politically. They are nothing short of democratically constrained communists.
Running gaslighting rubbish
Why would you look to the US as a model, absolute shambles
Can only hope.
Oh please don’t follow them 🥹🙏
JEChalmers will be a one termer at this rate
I've heard no talk of a wealth tax but that's a great suggestion from the Fin Review Personally I'd be happy if Treasurer just abolished proposed tax cuts for high income earners & passed legislation to ensure multinationals operating in this country paid their fair share of tax
If he does go this route and increase corporate taxes on big profits it will back-fire badly. Australia is already a very tax-unfriendly country for big commerce. The exodus will be short and swift. But if it makes him happy and gains a few more inner west votes.....
Don’t increase spending
Trudeau's doing a grocery handout too. Maybe not the best person to talk to about budgeting
Trudeau has made dental health free for 9 million people. Has made child care free for another large number. What else did i read? Free school lunches minimum wage hikes, plastic bag bans and soft drink taxes
god help us two REALLY bad administrations!
Phill Coorey will go nuts.
Massive job losses but Coorey fails the test
Well, the US does not pay for spending increases, it just puts it all on the national credit card.
The way mining and property industries are going there won't be too many of the rich left to tax in Australia!
first, stop spending
Good. You cannot keep squeezing blood from low to middle income families while millionaires & corporates lap up tax, income perks, rorts established 30 years ago. The 3rd Lamborghini or reno of Byron beach house can wait. About time Labor is focusing. AlboMP JEChalmers auspol
He'll somehow manage to flog small business as well. Easy targets.
We need less government in our lives not more taxes. Are we getting value for money for all the spending programs we currently have!? The more we spend the worse outcomes seem to be.
Export taxes on coal and gas would produce far more revenue . JimCharmers Budget2023