Latest Finance & Tax Stories

Taxes are not a burden: they provide many of the good things in life

Taxes are not a burden: they provide many of the good things in life

Coalition spending over the past six years has been nearly half that of the past 40 years and is forecast to drop further. With many services already cut to the bone, even the Parliamentary Budget Office has warned such ‘spending restraint’ is likely to be unsustainable. In a post-pandemic world, bringing forward tax cuts that only benefit high earners would be irresponsible, writes Michael Keating.

Do the grandchildren really pay the debt? The problem with Scott Morrison’s plan for recovery, and MMT

Do the grandchildren really pay the debt? The problem with Scott Morrison’s plan for recovery, and MMT

The Government’s plan for economic recovery is wrong. Michael West investigates Modern Monetary Theory (MMT) and the false assumption that the national Budget is like the household budget, or a business. They are already creating new money while denying the proposition that creating new money will expand the economy; preferring to punish casual workers and Arts students, and pursue austerity instead.

Government debt deepening rapidly – well before COVID-19

Government debt deepening rapidly – well before COVID-19

The Coalition won the 2013 federal election beating their chest about Labor’s “debt and deficit”. Thanks to COVID-19, we’re unlikely to see a surplus in our lifetime or our children’s. But, let’s not forget that the current debt blow-out occurred well before the coronavirus impacted the economy. Alan Austin checks how Australia shapes up against other OECD countries.

Emergency piggy-bank: superannuation’s Achilles heel exposed by virus

Emergency piggy-bank: superannuation’s Achilles heel exposed by virus

If this was the first time Australia’s cosseted superannuation sector found itself in a crisis-induced crunch, you could forgive the industry its current consternation. This is however starting to look like a replay of the Global Financial Crisis, little more than a decade ago. Worryingly, unless there is genuine reform, the next crisis will likely produce the same outcome. Harry Chemay reports.

Virgin Australia: buy the business, don’t bail out the shareholders

Virgin Australia: buy the business, don’t bail out the shareholders

Virgin Australia is pleading for a bail-out twice what its shares a worth. Its wealthy foreign shareholders can afford to pay. They’ve scampered. What is the answer? The answer lies in an Act of British Parliament, that is Section 51 of Australia’s Constitution. Michael West reports on a neat solution to a very untidy problem, the looming wave of defaults by large corporations.

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