Following on from my post earlier today on the Grattan Institute’s new report, Fiscal Challenges for Australia, which examines Australia’s weakening budgetary position and some of the revenue measures needed to address it, Grattan’s CEO, John Daley, has appeared in The AFR warning of a huge hit to living standards for Australia’s Generation Y as they contend with escalating tax bills while they pay through their noses for housing:
“Based on the government’s numbers, a decade of accumulated deficits means we are effectively saying to households aged 25 to 34 today that they will pay an extra $80,000 in tax over their lifetimes,” Mr Daley said.