New TTT to deliver more PPPs for Queensland
As for the extent of government infrastructure being targeted for private investment, David Janetzki cited three potential targets – energy, housing and stadiums.
Janetzki announced the TTT during a Committee for Economic Development of Australia address in South Brisbane, telling assembled business people Queensland was 'open for business' while also taking a swipe at Victoria over GST shares.
'In an era of challenging government debt and challenging balance sheets, deliberate deployment of diverse capital has never been more important,' he said.
Janetzki said the TTT, which would be up and running on August 1, would 'explore different models to deliver commercially for investors, while delivering for taxpayers'.
Speaking to media following the address, Janetzki said the TTT would be responsible for capital attraction, transaction management and 'sending a clear message to the market that we're open for business'.
Asked whether the TTT would result in public-private partnerships (PPPs) in areas not traditionally open to PPPs, Janetzki said: 'We want to send a clear message that we're open for business.'
'The clear element here is that we want to attract private capital into Queensland, whether it be renewables, housing, those investments into the Gabba precinct,' he said.
'That's the kind of thing we're looking at.'
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News.com.au
3 days ago
- News.com.au
‘Our tax system is broken': Economist defends proposal to raise GST to 15 per cent
The expert behind a proposal to hike the GST to 15 per cent has defended the controversial plan, saying Australia's tax system is 'broken' and needs 'bold change'. Ahead of Labor's Economic Reform Roundtable next week, UNSW economist Professor Richard Holden and WA Teal MP Kate Chaney have floated a radical plan to overhaul Australia's tax system — by raising the rate of the goods and services tax (GST) for the first time since it was introduced at the turn of the century. Under the proposal — which has already been ruled out by Prime Minister Anthony Albanese — the GST would by raised from 10 per cent to 15 per cent and broadened to include fresh food, health, childcare and education. To soften the blow, all taxpayers would receive a $3300 annual rebate, effectively removing the GST on the first $22,000 of someone's spending. 'I think there's no doubt that our tax system is broken and it's time for a bold change, but I want to give them something back in return,' Prof Holden told Nine's A Current Affair on Thursday night. According to Parliamentary Budget Office costings, the plan would raise an additional $95.2 billion for the government in its first year of operation, minus the $3300 rebate to every adult. Low and middle-income earners would be up to $371 better off, but the top 20 per cent of earners would be $2200 worse off. That would leave the government with an additional $24 billion a year. 'The Parliamentary Budget Office has gone through that and they say that on average the bottom 60 per cent of income earners would be better off,' Prof Holden said. He argued the overhaul would give the government room to cut Australia's income tax rates, which are among the highest in the world. 'What this would do after the compensation is leave you with enough money to cut the top marginal tax rate from 45 per cent to 40 per cent, [and] the second marginal tax rate from 37 per cent to 32.5 per cent,' he said. Ms Chaney denied the $3300 rebate was a 'bribe'. 'No, it's simply returning the GST on the first $22,000,' she told the program. 'What we're saying is we need more tax, paid by people who can afford to spend more. We have one of the lowest GST in OECD countries, about half the average, so by bringing the GST more in line with other countries we will actually be able to have personal income tax cuts and fix the budget.' She conceded a 5 per cent increase to the GST would 'probably' cause a 'one-off shift' in inflation. While Mr Albanese ruled out the proposal, Ms Chaney said she hoped it 'starts a conversation' ahead of the next election. 'It's politically really scary for people to talk about tax and I understand that, but if someone doesn't start it then we're never going to make any progress at all,' she said. Host Ally Langdon pressed Ms Chaney on why more could not be done to cut wasteful government spending instead of raising taxes. 'I would like it if the budget actually matched up each year,' Ms Chaney said. 'The reality is we've got an ageing population which means more health costs, more aged care costs, we have an NDIS, we want to support people with disabilities. People do expect a lot from government services.' Speaking to ABC Radio Melbourne on Thursday, Labor MP Andrew Leigh said while he liked Prof Holden, the government had no plans to touch the GST. 'The Prime Minister and the Treasurer have a longstanding view on the on the GST,' he said. 'The government isn't doing any modelling at the moment and doesn't have any plans to change the GST.' Dr Leigh argued there were 'more efficient taxes than the GST'. 'It hasn't been at the centre of the conversation around productivity,' he said. 'There was certainly more discussion around corporate tax, and that's been a matter that has occupied much more discussion from the Productivity Commission for example, which has thought more about investment allowances and company taxes than it has about expenditure taxes.' Asked whether he supported Ms Chaney's proposal, Mr Albanese on Thursday replied, 'Governments make government policy … the only tax policy that we're implementing, is the one that we took to the election.' That includes Labor's legislated $5-a-week tax cuts which would grow to $10-a-week in the 2027-28 financial year, and the push to double taxes on superannuation accounts over $3 million to 30 per cent. Mr Albanese noted there would be a 'range of ideas floated' ahead of the Economic Reform Roundtable set to take place from August 19 to 21, adding that people are 'entitled to put forward their views'. Despite this, the PM has rejected increases to consumption taxes, like GST, stating they were 'regressive in nature'. On Sunday, the Australian Council of Trade Unions (ACTU) unveiled its own proposal, calling for cuts to negative gearing and capital gains tax concessions for property investors to be limited to just one property, following a five-year grandfathering period. Asked about the ACTU plan on Wednesday, Treasurer Jim Chalmers noted the government's longstanding promise to not adjust negative gearing and capital gains tax concessions, but said he didn't want to 'get in the habit of knocking off ideas before we get in the room'. 'The guidelines I've put around people's contribution is to make sure that there's specific ideas, that they're affordable, that they're in the national interest and people try and engage with each other and not just the government on them,' he said. 'Some people have embraced that challenge, others haven't. I've tried not to kind of engage in a daily running commentary on every idea that's pitched up.' Meanwhile, the Australian Council of Social Services (ACOSS), in its submission to the roundtable, has called for reform to the tax system to raise more revenue, reduce inequality and drive action to address climate change. 'For too long now, people with plenty have been showered with tax breaks that pull investment away from productive purposes and rob essential public services of the revenue they need,' Dr Goldie said. The council is advocating for changes to employment opportunities and streamlining income support. 'The extra revenue we need to fund care and community services, schools, and an income support system that protects people from poverty must come from those with the most capacity to pay — not those doing it toughest,' ACOSS chief executive Cassandra Goldie said. 'We must better prepare and train people for jobs and finally lift income support to levels that don't trap people in poverty and destitution.' Opposition leader Sussan Ley on Thursday accused the government of using the roundtable to push tax hikes under the guise of productivity reform.
West Australian
3 days ago
- West Australian
AARON PATRICK: When it comes to economic progress, Australia has become rich, fat and lazy
Economist Chris Richardson has scored one of the most coveted invitations going in Canberra, to the government's policy 'roundtable' in two weeks. The tax and budget expert knows the three-day event won't be short of ideas to reverse Australia's poor economic growth record. He's worried it may lack something just as important, and intangible: leadership capable of convincing the big egos and powerful interests that will gather around the cabinet table (which is oval, not round) to compromise on their positions. 'How do you get a bunch of people to agree on stuff when they really don't want to?' he asked The Nightly. 'The politics of 'no' has never been more successful here and around the world.' Mr Richardson's concerns about ego and self interest raise important questions about management of the event. Will Jim Chalmers emerge as a genuine negotiator? Does the treasurer want to? Is there anyone else with the authority or moral courage to put aside their biases and bring about agreement for the nation's sake? The argument for action is so compelling it is worth repeating. When it comes to economic progress, Australia has become rich, fat and lazy. The average Australian's living standards rose by 1.5 per cent over the past decade. Across the rich world as a whole, they rose 22 per cent. The reasons are complex and contested. The problem is not. Except for a few fringe or idiosyncratic commentators, there is agreement workers' productivity should improve so wages can rise. Which just means Australia has to get better at making and doing stuff. Baked into the economy, inefficiency is terribly hard to stamp out. Often it is introduced as well-intentioned rules to protect people and the environment that morphs into unnecessary edicts. One example is a requirement for tug boat crews to be fully staffed even when they aren't needed. Other times inefficiency happens when influential groups secure special advantages for themselves. Thanks to the construction union, for example, traffic controllers on large building sites can earn $200,000 a year. Business groups would like to stamp these costs out. Unions would like business and the wealthy to pay more tax. The debate over workplace efficiency is so fraught that it would be remarkable if it was seriously discussed at the Canberra gathering. Similarly, many experts, including Mr Richardson, would like the tax system changed. A popular idea is to raise and extend the GST in return for income tax cuts. This would capture more money from criminals, who generally dodge income tax. But the GST is seen, politically, as being associated with the Liberal Party. Raising it might upset Labor voters. Rather, Dr Chalmers is expected to play it safe. People closely following developments think he will steer the discussions towards reducing business regulation; speeding up approvals of new factories, mines and other large industrial projects; and changing building codes to make it easier to construct houses and apartments. For a politician who prides himself on being a great communicator, the options are easy to summarise in a three-phrase sentence almost no reasonable person would challenge: cutting red tape, speeding up projects and building more homes. Apart from making a clear slogan, such promises would have the advantage, for the Government, of being vague, difficult to measure, and carry responsibilities shared with the states. The moment when the Government would be held accountable might never come. In other words, they would be promises with little political risk. Which may help explain why the Prime Minister, who proposed the meeting in the first place, seemed to lower expectations of policy breakthroughs this week. On Thursday, asked about a union suggestion to reduce tax breaks for property investors, he sounded like a leader dismissing a suggestion he has heard many times before. 'The only tax policy we're implementing is the one we took to the election,' Mr Albanese told reporters in Melbourne. The prime minister was presumably referring to a plan to increase taxes on superannuation accounts with more than $3 million and a small cut in personal income taxes. Demand for slots at the meeting has been strong. When Mr Richardson, the economist, got his invitation to the third day, which will discuss tax and the federal budget, he posted an image online of a golden ticket to Willy Wonka's chocolate factory. As one of the few truly independent attendees, Mr Richardson sounded nervous about his ability to help convince others to compromise. 'Say a little prayer for me,' he posted on LinkedIn. He's also conscious the political environment is hostile to policies, that no matter how good for the nation, will hurt some interests. 'We have already seen some stakeholders say no to some things,' he told The Nightly. 'So its no surprise that the politicians are dialling expectations back down. I get that. But how is Australia going to change? Because we need to change.'
The Advertiser
4 days ago
- The Advertiser
Rethink on rules for everyday items could spur economy
Fixing rules for baby formula, carpeting, furniture packaging and other items could save Australians billions and stimulate the economy as the federal government seeks solutions to ailing productivity. Australia has more than 7500 standards to ensure its products and services are safe. But a Productivity Commission interim report has found more than three-quarters do not have an equivalent international standard, 40 per cent of those in legislation are obsolete or superseded and only one in four are consistently implemented by the states, territories and Commonwealth. As a result, Australia's labelling requirements for infant formula differ from those in Europe, the US and Hong Kong, which makes local manufacturers less competitive in those export markets. Swedish furniture giant IKEA has also pointed to differences in packaging standards from overseas frameworks, and inconsistencies across states and territories impose unnecessary costs and undermine the efficiency and scalability of recycling efforts. Differences in flooring standards between states and territories are the source of the flooring sector's "greatest inefficiencies", the Carpet Institute of Australia has found. The consequences are so far-reaching aligning standards across Australia with overseas requirements could be worth almost $4 billion a year - potentially raising GDP by 0.2 per cent, the Productivity Commission found. Harmonising standards would improve compatibility and increase competition by allowing more overseas-designed products to be sold in Australia, increasing competition, while reducing costs through economies of scale. It would also pave the way for productivity gains by giving Australians earlier access to new technologies and improving public welfare by making it easier to acquire less expensive medical devices. Treasurer Jim Chalmers welcomed the interim report and acknowledged standards reform could help Australians save and ease burdens on businesses. "We've made good progress in some areas but there's more to do," he said. The independent government advisory body also recommended states and territories join an automatic mutual recognition scheme for workers who require specific licenses for their jobs, allowing them to move freely across Australia to places where their skills are most needed. These recommendations could be considered when Dr Chalmers convenes his economic roundtable later in August. During the event, a range of experts are expected to discuss ways to lift living standards for Australians by boosting productivity, building resilience and strengthening the budget. Proposals by other groups include increasing GST to 15 per cent, slashing property investor tax breaks and leaning on artificial intelligence. Fixing rules for baby formula, carpeting, furniture packaging and other items could save Australians billions and stimulate the economy as the federal government seeks solutions to ailing productivity. Australia has more than 7500 standards to ensure its products and services are safe. But a Productivity Commission interim report has found more than three-quarters do not have an equivalent international standard, 40 per cent of those in legislation are obsolete or superseded and only one in four are consistently implemented by the states, territories and Commonwealth. As a result, Australia's labelling requirements for infant formula differ from those in Europe, the US and Hong Kong, which makes local manufacturers less competitive in those export markets. Swedish furniture giant IKEA has also pointed to differences in packaging standards from overseas frameworks, and inconsistencies across states and territories impose unnecessary costs and undermine the efficiency and scalability of recycling efforts. Differences in flooring standards between states and territories are the source of the flooring sector's "greatest inefficiencies", the Carpet Institute of Australia has found. The consequences are so far-reaching aligning standards across Australia with overseas requirements could be worth almost $4 billion a year - potentially raising GDP by 0.2 per cent, the Productivity Commission found. Harmonising standards would improve compatibility and increase competition by allowing more overseas-designed products to be sold in Australia, increasing competition, while reducing costs through economies of scale. It would also pave the way for productivity gains by giving Australians earlier access to new technologies and improving public welfare by making it easier to acquire less expensive medical devices. Treasurer Jim Chalmers welcomed the interim report and acknowledged standards reform could help Australians save and ease burdens on businesses. "We've made good progress in some areas but there's more to do," he said. The independent government advisory body also recommended states and territories join an automatic mutual recognition scheme for workers who require specific licenses for their jobs, allowing them to move freely across Australia to places where their skills are most needed. These recommendations could be considered when Dr Chalmers convenes his economic roundtable later in August. During the event, a range of experts are expected to discuss ways to lift living standards for Australians by boosting productivity, building resilience and strengthening the budget. Proposals by other groups include increasing GST to 15 per cent, slashing property investor tax breaks and leaning on artificial intelligence. Fixing rules for baby formula, carpeting, furniture packaging and other items could save Australians billions and stimulate the economy as the federal government seeks solutions to ailing productivity. Australia has more than 7500 standards to ensure its products and services are safe. But a Productivity Commission interim report has found more than three-quarters do not have an equivalent international standard, 40 per cent of those in legislation are obsolete or superseded and only one in four are consistently implemented by the states, territories and Commonwealth. As a result, Australia's labelling requirements for infant formula differ from those in Europe, the US and Hong Kong, which makes local manufacturers less competitive in those export markets. Swedish furniture giant IKEA has also pointed to differences in packaging standards from overseas frameworks, and inconsistencies across states and territories impose unnecessary costs and undermine the efficiency and scalability of recycling efforts. Differences in flooring standards between states and territories are the source of the flooring sector's "greatest inefficiencies", the Carpet Institute of Australia has found. The consequences are so far-reaching aligning standards across Australia with overseas requirements could be worth almost $4 billion a year - potentially raising GDP by 0.2 per cent, the Productivity Commission found. Harmonising standards would improve compatibility and increase competition by allowing more overseas-designed products to be sold in Australia, increasing competition, while reducing costs through economies of scale. It would also pave the way for productivity gains by giving Australians earlier access to new technologies and improving public welfare by making it easier to acquire less expensive medical devices. Treasurer Jim Chalmers welcomed the interim report and acknowledged standards reform could help Australians save and ease burdens on businesses. "We've made good progress in some areas but there's more to do," he said. The independent government advisory body also recommended states and territories join an automatic mutual recognition scheme for workers who require specific licenses for their jobs, allowing them to move freely across Australia to places where their skills are most needed. These recommendations could be considered when Dr Chalmers convenes his economic roundtable later in August. During the event, a range of experts are expected to discuss ways to lift living standards for Australians by boosting productivity, building resilience and strengthening the budget. Proposals by other groups include increasing GST to 15 per cent, slashing property investor tax breaks and leaning on artificial intelligence. Fixing rules for baby formula, carpeting, furniture packaging and other items could save Australians billions and stimulate the economy as the federal government seeks solutions to ailing productivity. Australia has more than 7500 standards to ensure its products and services are safe. But a Productivity Commission interim report has found more than three-quarters do not have an equivalent international standard, 40 per cent of those in legislation are obsolete or superseded and only one in four are consistently implemented by the states, territories and Commonwealth. As a result, Australia's labelling requirements for infant formula differ from those in Europe, the US and Hong Kong, which makes local manufacturers less competitive in those export markets. Swedish furniture giant IKEA has also pointed to differences in packaging standards from overseas frameworks, and inconsistencies across states and territories impose unnecessary costs and undermine the efficiency and scalability of recycling efforts. Differences in flooring standards between states and territories are the source of the flooring sector's "greatest inefficiencies", the Carpet Institute of Australia has found. The consequences are so far-reaching aligning standards across Australia with overseas requirements could be worth almost $4 billion a year - potentially raising GDP by 0.2 per cent, the Productivity Commission found. Harmonising standards would improve compatibility and increase competition by allowing more overseas-designed products to be sold in Australia, increasing competition, while reducing costs through economies of scale. It would also pave the way for productivity gains by giving Australians earlier access to new technologies and improving public welfare by making it easier to acquire less expensive medical devices. Treasurer Jim Chalmers welcomed the interim report and acknowledged standards reform could help Australians save and ease burdens on businesses. "We've made good progress in some areas but there's more to do," he said. The independent government advisory body also recommended states and territories join an automatic mutual recognition scheme for workers who require specific licenses for their jobs, allowing them to move freely across Australia to places where their skills are most needed. These recommendations could be considered when Dr Chalmers convenes his economic roundtable later in August. During the event, a range of experts are expected to discuss ways to lift living standards for Australians by boosting productivity, building resilience and strengthening the budget. Proposals by other groups include increasing GST to 15 per cent, slashing property investor tax breaks and leaning on artificial intelligence.
