The New South Wales Government’s review of federal financial relations has proposed a range of tax reforms, which include increasing the GST or broadening its scope.
The expert panel has also proposed giving NSW residents the option of making a one-off stamp duty payment when they buy a new home or paying land tax every year. The report argues that future generations will face higher taxes, reduced government services and higher public debt if major reforms are not implemented:
The coverage of the 10 per cent GST has steadily fallen since it was introduced as households increased spending on exempt fresh food, health, education and financial services, which now make up about 44 per cent of household consumption…
