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Top economists, former Treasury officials and ex-politicians are warning that “Australia is fast approaching a fiscal nightmare” because the nation’s tax system isn’t ‘fit for purpose’:
The tax on $100,000 goes to the heart of one of the problems.
If you are on a salary of this amount, you will end up paying almost $23,000 a year in personal income tax.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.