Australia’s looming debt crisis could be a real opportunity
Why not use the looming fiscal crisis of the states to tackle the buck-passing by seriously reforming which tier of government is responsible for spending?
Victoria, under Premier Jacinta Allan, is being urged to overhaul its payroll tax settings. Harry Afentoglou
Victoria’s “temporary” COVID-19 debt levy that was slapped on business payrolls and property investors nearly two years ago to get post-pandemic finances under control is a sign of a looming crisis of Australia’s fiscal federalism.
The 10-year levy is hardly temporary. And it is not reducing Victoria’s public debt, which is instead forecast to balloon to $188 billion by 2028.
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