The Australia Institute supports the Murray-Darling Basin Commission of Inquiry Bill 2019.
This submission considers the implementation of the Basin Plan from a financial auditing perspective.
“The Business Council of Australia proposal for an Investment Allowance deserves support,” said Ben Oquist, Executive Director of the Australia Institute.
“Given the weakness of the Australian economy, with interest rates heading towards zero and monetary policy effectively being exhausted, other measures to stimulate the economy deserve support.
“The BCA proposal should be supported at least for the medium term, and could be strengthened with the addition of a ‘fiscal responsibility’ sunset clause.
The economic benefit of the salmon industry to Tasmania is weighted strongly against its environmental and social impacts. Yet it accounts for just 1% of jobs in the state.
Over 5 years $3.8 billion worth of fish were sold, but just $64 million tax paid, while $9.3 million in subsidies were received in 2 years. Changing generous leasing arrangements to the Norwegian model could raise $2 billion for community development.
by Richard Denniss
[Originally published on The Guardian Australia, 10 July 2019]
The only time the business community pretends to take economics seriously is when they want to slash their taxes – or other people’s wages. The economic evidence to support the case for multimillion CEO bonuses is as weak as the economic evidence that cutting penalty rates would boost employment. But in Australia, when self-interest and power combine, a lack of evidence is rarely a problem.
by Richard Denniss
[Originally publioshed in the Australian Financial Review, 09 July 2019]
We need to reform the way we talk about reform. Unless we urgently implement "reform reform", it’s likely that hard-working mums and dads will lose their jobs and life savings and, obviously, that would be the fault of the Labor Party. And the unions. And anyone else opposed to the reform reforms.
New research from The Australia Institute has shown that South Australians consider the privatisation of their energy network to be the number one reason for the increasing cost of electricity. Price gouging from power companies was considered the second most likely cause of increasing energy costs, according to the survey.
by Ebony Bennett
[Originally Published in The Canberra Times, 29 June 2019]
You have to hand it to the Coalition. It says it hates Labor's style of "class war" politics, but the reality is the conservative side of politics is just better at it. The Coalition has so radically reshaped our tax debate that earlier this week Labor was debating whether or not earning an income $200,000 a year should be classified as the "top end".
The income tax cut legislation to be introduced to Parliament this week is the largest single budgetary measure not to face a Senate Inquiry.
The Australia Institute is today releasing a proposed Terms of Reference for a potential Senate Inquiry and new analysis on the fiscal risks associated with the Stage 3 tax cuts.
“The income tax legislation is the largest single budget measure not to face a Senate Inquiry,” said Ben Oquist, Executive Director of the Australia Institute.
“Given Stage 3 does not come into effect for another five years, it would be wise for the Senate to take its time to consider their implications.