The Stage Three tax cuts will add to inflationary pressures and permanently flatten the rate structure, while leaving the problem of bracket creep unsolved.
In an era when big-bang tax reform is off the table, a coherent set of smaller reforms can contribute to budget repair while shoring up the tax base to fund services for our ageing population.
Those who were around at the time nostalgically remember the Hawke government’s Economic Summit of 1983, described in The Australian Financial Review as “unleashing two decades of economic reforms”.
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Miranda Stewart is a professor at Melbourne University Law School.
