Australian budget

Earlier this year, it was revealed that the Australian Taxation Office (ATO) had collected an extra $7.7 billion in unpaid tax liabilities since July 2016 via its tax avoidance taskforce, with 44 multinationals changing their business models in order to meet their Australian tax liabilities.

From Josh Recessionberg at The Australian: Josh Frydenberg will issue a rallying call to company bosses to ­invest more in new technologies — rather than returning excess cash to shareholders — in a bid to kickstart flagging productivity and boost wages by $3000 a year.

The Actuaries Institute has published a discussion paper examining a range of options for overhauling Australia’s retirement income system, which includes as its central recommendation including the family home in the pension assets test, but conveniently not for the baby boomer generation.

The Grattan Institute’s Owain Emslie and Danielle Wood have done a great job examining inheritances in Australia, which flow overwhelmingly to older Australians and the wealthy, thus helping to cement wealth along class lines: A sample of estates from Victoria’s probate office suggests the median estate in Victoria is worth about $500,000.

More from Kate Griffiths and Danielle Wood at the Grattan Institute.

Via Grattan: Today’s young Australians are in danger of being the first generation in memory to have lower living standards than their parents’ generation.

The ScoMo Government is a masterful fake.

No QE says monetary curmudgeon Stephen Grenville: QE1 was a powerful instrument in rescuing key financial markets which had frozen, but this experience has no relevance for Australia in the foreseeable future.

Earlier this week, the Business Council of Australia (BCA) called on the federal government to introduce an broad-based investment allowance to help stimulate the economy.

Via Domain: Treasurer Josh Frydenberg has vowed the government will take “the necessary actions” to protect the Australian economy amid fresh signs of a global slowdown and fears the United States could be on the cusp of a recession.

Yesterday’s good jobs number had me wondering again just how big is the National Disability Insurance Scheme (NDIS) and associated spending.

MB has frequently questioned the efficacy of Australia’s private health insurance system and whether it should receive taxpayer subsidies.

Business Council of Australia (BCA) chief, Jennifer Westacott, has called on the Morrison Government to implement a Labor-style investment allowance in place of company tax cuts.

Last month we witnessed Labor’s shadow financial services minister, Stephen Jones, demanding the federal government stimulate the economy and wage growth by lifting public sector salaries: Mr Jones said Australians needed a pay rise and the government should “lead by example” by boosting the wages of federal workers.

The Australian’s Judith Sloan has taken direct aim at Australia’s federation, arguing that states and territories have become increasingly reliant on the federal government for funds, while the federal government in turn is getting involved in areas that have been traditionally been the domain of the states and territories.

Hoocoodanode?

You would be hard pressed to find a bigger racket than Australian pharmacies.

While residents of Sydney and Melbourne are suffering from crush-loaded roads, trains, schools, and hospitals, as well as smaller and more expensive housing, toll road company Transurban is making out like a bandit.

The Morrison Government is being urged to remove Australia’s 33% luxury car tax following the demise of the local car assembly industry.

Via The Guardian: The Essential poll, undertaken from 1-5 August, also gauged voter support for the current rate of Newstart, with almost 60% of people believing the Newstart benefit of about $280 a week was too low for a single person with no children.