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News.com.au
an hour ago
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How big government is making life more expensive
We're in trouble … Right now in Australia, more than half of working-age adults get their main source of income from the government. That includes from JobSeeker, family payments, disability support, and more, as well as from income in public sector jobs. According to The Australian Financial Review, we're at the highest level of dependency since World War II. Meanwhile, the shape of the job market is shifting dramatically. According to The Australian, 82 per cent of all jobs created over the past two years were government-funded positions. In 2024, the private sector added just 53,000 jobs, while public employment surged at five times the normal rate. Economists are warning this is creating serious distortions in the labour market and driving Australia's ongoing productivity slump. But here's the worst part. To sustain this level of income support and public hiring, the government has to dramatically increase both taxes and spending. And that's what they've done. Total tax revenue hit a record $801.7 billion in 2023–24, or nearly 30 per cent of GDP – the highest in modern history. Income tax alone is expected to rise above $343 billion by 2025–26. That's a bigger tax burden on individuals and businesses than we've seen in decades. But it hasn't just been funded through tax. Over the past decade, the Reserve Bank and the government have massively expanded the money supply. Australia's M3 broad money measure – essentially the total pool of cash in the system – has grown to more than $3.15 trillion, up 80 per cent since 2015. That's more money in the economy, chasing the same supply of goods, housing, and services. And that's exactly what causes inflation. We're seeing that play out in everyday prices – at the supermarket, in energy bills, and most of all, in housing. Government overspending has helped weaken the Australian dollar. That makes imported goods and building materials more expensive – driving up construction costs. Meanwhile, inflation has pushed investors toward property as a store of value, sending demand – and prices – even higher. So, while the government talks about 'affordability,' its own policies are fuelling the very forces that make housing less affordable. And the pressure isn't just on prices. It's on productivity. To keep the machine running, the government is taxing more – especially on income, savings, and investment. But high taxes make it harder for people to start a business, grow one, or take financial risks. The result? Investment slows. Innovation stalls. Businesses hesitate. And Australia's ability to actually produce more – to meet all this demand – keeps falling behind. That's when inflation really sticks: when demand is pumped up by public spending, but supply can't keep up. Prices rise faster, and stay higher. According to former Treasury Secretary Ken Henry, Australia's poor productivity performance over the past 25 years has cost the average worker around $500,000 in lost income. And the Centre for Independent Studies puts it plainly: 'Australia's prosperity depends on private sector-led growth – not government spending propping up demand.' But right now, that's exactly what we're doing. We're building an economy on dependence – not on productivity. We're growing jobs in government – not in business. We're taxing more – but getting less. And we're printing money – instead of creating value. This isn't just about budgets or ideology. It's about whether we build an economy that rewards effort, innovation, and work – or one that makes us more dependent, more taxed, and more stuck. And right now, we're heading down the wrong path.
