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Former Reserve Bank of Australia (RBA) governor, Ian Macfarlane, believes younger Australians should be “squealing louder” about inter-generational inequity, which is seeing them being over-taxed on their labour income while the wealthy older generations pay minimal taxes:
“The people who hold all the wealth are the older people – we don’t really tax wealth. The people who depend on income are the young people who have no wealth and our tax system relies very largely on taxing income, so we have a problem going forward.
“I’m surprised that the younger generation aren’t actually squealing louder”…
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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.