According to The AFR, the federal budget on Tuesday will include tougher tax compliance measures aimed at “crack[ing] down harder on tax abuse by companies and the rich in an effort to raise at least $3 billion extra for the federal budget” amid growing funding pressures over the NDIS and other areas.
This comes as new research from The Australia Institute (TAI) shows that the gas cartel is paying less tax than ever before despite booming profits, while domestic users on the east coast are being ruthlessly price gouged:
At a time when Australians should be benefitting from the massive surge in revenue in the gas industry, the money is instead flowing overseas.
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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.
