daily reporters
The Intergenerational Report makes the case for policy bravery and the government argues it’s on the case with its climate and energy reforms, efforts to foster new industries and up-skilling the workforce.
But embarking on a sweeping tax reform process any time soon is considered one political challenge too many.
There’s a referendum around the corner and a cost-of-living crisis still unfolding.
The Prime Minister wants to lead a long-term government and knows Peter Dutton has already sought to weaponise even modest tax changes.
David Speers interviews Independent MP for Wentworth, Allegra Spender. Laura Tingle, Jacob Greber and Sean Kelly discuss the issues of the week. Mike Bowers talks the week in pictures with Cathy Wilcox.
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Good to see a chat about something relevant to all us sub 40 yo Aussies. We’re getting a bit of a raw deal. Way better than those poor Italian and Greek kids have had it in the past 15 years but nevertheless, bit of a rort and we’re smart enough to know it.
Ha try being Gen x.
@shiraz1736 “Look I am/was worse off than you” doesn’t invalidate other people’s struggles mate.
I seriously don’t get the competition to be the generation that “Has/Has had it worst”
We’re all just people in the same boat together so I think collectively we should probably plug the holes in it rather than argue about who’s sinking the most.
@@Silver_Lloyd We didn’t have it worst I think we were the generation that in the end just couldn’t give a f$&k tbh. Our vote was completely pointless from the first time I could vote. They all had policy’s that favoured the boomers and pensioners and it’s only just starting to change a bit.
@@Silver_Lloyd lol fair call. The issues in our tax system have held access to some of the essentials back from people of all ages. Not really hard to get right, just don’t kick people while they are down through the tax, super and employment systems. I guess everyone comes across a bad run at some point. Gen Xers too it seems!
Hey man if every male of combat age in our society is getting a raw deal why don’t we just say no? Any cop or soldier who isn’t an officer signing deals at the expense of us all in exchange for a cushy job overseas after they’re done won’t shoot their neighbours for these people. There is no reason to let this go on any longer
Peter Costello started it, oh the Irony.
The silent depression is real for the youth. 😢 Boomers own everything.
As @chrisi4364 said everyone under 40 is being screwed why are we slaving for these people? Literally every male of combat age in this society is getting shafted – there is no one doing this to us but ourselves
@@thomasc9370 Mate, we are not even on the back end of the bell curve for peak retirement. Australia is in TROUBLE. Yet we export out wealth like it’s a space race to acquire a greater population to lift all home owning tides and garner a ethnic shatter belt in case of war and make for a cheaper slave. Lol. The only way to make this known is to speak up with friends and family. Be vocal.
Nobody lives forever. “Boomers own everything” is already resolving itself and the pace will pick up over the next 10 years.
There are 2 levels of tax in Australia
1. Those who should pay more tax don’t pay any
2. Those who do pay tax pay too much
I couldn’t agree with you more, and I’m not exactly some poor struggling bum. Most of the “loopholes” available to and exploited by the better heeled, you probably don’t even know about. For example, were you aware that real estate held in a superannuation fund is capital gains exempt? That’s a beauty, isn’t it. Then there are other wonderful exemptions for
those with a few extra dollars such as tax concessions on voluntary super contributions. Then there are the concessions on the earnings within that fund.
Top tip: Start your own SMF and pump it hard (if you can afford to!)
Then there is the issue of the regressive nature of consumption taxes such as GST, stamp duties and excise.
I’m not in the “eat the rich” club. And I don’t want to pay anymore tax than I do. Last year’s return was eye watering. But I, and many others, might just need to suck that up for the sake of a fairer and more equitable tax system and one which is more beneficial to the wider economy.
Who are those?
Also, can you tell which demographic pays the most income tax in the country?
@@emcats84the pressure should always be on the ones who earn more, regardless of their size on the tax pie. They benefit the most from society already and will still live in comfort. Ppl who earn less are tired and poor, if not on the verge of misery.
@@tiagospires Do you not know how our tax system is structured? Which income earners pay the most tax?
@@emcats84 High wage earners mate. But the whole point is that the most wealthy in our society aren’t building that wealth via wages. The tax system should be updated to reflect this.
Middle panelist said that tax could be a deterrent to skilled migrants. Could the same argument be made for weak IR laws?
Probably not. Many don’t have lived experience IR laws. Most Australians, for that matter, understand them, and we pay a price for that.
yes, tax the rich. tax them harshly and repeatably.
Yeah, but they booted Kevid Rudd when he wanted to do that.
What’s rich?
@@davidbrayshaw3529 “rich” = anyone who has $1 more than I do
Calm down, comrade.
Can you tell me which demographic pays the highest income tax?
personally id say anyone with over 50 million @@davidbrayshaw3529
Tax large business on turnover or growth They are the leaners in this economy
For some reason we are always talking about tax, IR, wages, productivity but never about setting up industries that actually do something. The reason why GDP and profitability is low is because, once you remove all the income from mining, we don’t invent anything or build anything and that’s because we have no serious long term plan. Compare that to what’s been achieved in China over the last 40 years when the government was smart enough to identify all the key technologies the world needed and setup the worlds best facilities to build them, whilst at the same time educating their population to be experts in these key fields and to be the ones that invent the IP so they can be the leaders for the next generation of each technology. All our young people are aiming to be is TikTok influencers and gamers. This type of vision takes years to create and years to lose but we have definitely lost it. You can’t setup the workforce or import skilled migrants when you don’t have any places for them to work or long term funding to solve hard problems. Riding a bicycle for Uber in the cbd when you claim to be an engineer is not how the skilled migration program is meant to work.
We keep talking about those things because we haven’t taught economics, history or politics in schools for the last 25 years. The West set out to exploit cheap labour in countries such as China, amongst others, in order to secure higher profits for shareholders. It worked brilliantly, for a time. What they didn’t factor in was that without being able to compete against such countries with our own industry, we would ultimately become price takers rather than price makers. Neither did the West figure in the social impact of both a narrowing economy and a narrowing skill set. Of course, this has had a significant impact of productivity which would be reflected in the GDP if Western nations weren’t so hell bent on using mass immigration as a tool to blur the horrendous figures. Most Western nations would have been in continuous economic decline for the last two decades if not for immigration.
And it isn’t immigration that is fixing the problem, it’s immigration that is hiding the problem.
Ssshhhh, you need to keep that bit quiet. I watched the Simpson’s episode on the monorail, that explained what we are doing
great sense spoken here! 👏
The important two cents I’ll add is that we have an aging population that is unhealthier than ever due to our poor health culture, environments, car-centric urban design, sedentary lifestyles, dopamine addiction and stress (systems level problem).
I compare this to the ‘Blue Zones’ of Okinawan Japan who have highly life expectancy & far lower healthcare costs.
We must make real investment in our health, our education and human capital.
Examples: Denmark, Finland, Singapore
We can’t rely on pure migration for productivity, as 1-2 generations after the migration happens, the younger generations lose motivation and fall back into our culture and system.
Peace ✌️
@@davidbrayshaw3529 you’re right and I think most of those decisions come from the racism/assumption Asians were too dumb to actually do anything when in fact many have shown they can when just given some money. Indonesias economy is booming and it’s cbd and malls make ours look like cattle sheds but we cover our eyes and pretend we’re number one
It’s worse than that you know how Thales Australia (A subsidiary of Thales France), Raytheon, Boeing etc have a monopoly on our defence industry? Well think that through to its logical conclusion. I am born in Australia, the country pays for my healthcare, my education, the entire cost of raising me is paid for by Australia. Then I take out a HECS debt and study engineering again at Australia’s expense and now I am a fully qualified weapons engineer 100% Australian paid for and made. Then my only option is to go work for a foreign firm contracting in Australia. You see that’s how our leaders betrayed us – they took kickbacks and favours – so now no matter how good any Australians invention is, our taxpayer funds will pay for our people to develop ideas for foreigners, who then sell our own ideas back to us.
Whoever did this committed Treason don’t you think?
What’s with the impilied Commonwealth bank advertising?
Get rid of negative gearing.
Why don’t we get the full episode?
The top 5% of individual tax payers account for 34.5% of the tax take in Australia. The bottom 50% account for only 11.6% of the tax take (AFR, June 2023). This is completely unsustainable.
Thanks for the data which clearly shows the problem in Australia is the growing income gap between the top and the bottom… Agree this is completely unsustainable…
@@ponzitizen Thats not what the data shows. It shows there is a productivity and effectiveness gap. What you don’t realise is the high income earners and business owners are declining to stay in the workforce and develop businesses, why would they when it can be argued that 50% of Australians aren’t being effective.
@@VK6AB- majority of Australians are workers the way it should be as who’s going to work for the businesses if everyone became a successful entrepreneur… Besides the issue is not with those who have succeeded in setting up their own business and pay wages under the Fair Work Act… The issue is with those that are dependent on immigrants for low wages and the fact that the gap between the top and the bottom is widening at corporate levels as well looking at CEO’$ packages vs median workers ratio increase just over the last 10 years to see how ridiculous it is… There is a reason why people are now talking about the disappearing middle class instead of the top %’s…
@@ponzitizen The ASX 200 has 200 CEOs, the population of Australia is 26,000,000. There has to be incentive to accept the liability of a major business. If you over tax people you take away incentive, kill motivation and the IP is sold elsewhere e.g. US. In terms of workers theres a vast gulf between public sector and private sector effective contributions.
@@VK6AB- How many people in the top 5%…Look as we are talking about income taxes, the fact is you won’t pay so much tax if you are not earning multiples of the general population… Channel 7 just posted a video on burnout perhaps you can watch what the middle class is up to…
Wrong question. They should be bolder on cutting costs.
Yet here we are, not willing to cancel the ridiculous stage 3 tax cuts.
What sort of advice can we expect from a Spender, other than increased spending?
In Australia, there are two types of taxation: 1. those who should pay more don’t pay any; 2. those who do pay tax pay too much.
I thought there was just one type of Australian. Those who want more and more tax cuts while wanting more and more services.
Love this show
Hello Insiders. Last week you put tabs on the loading bar and it was very useful to navigate. If you could please continue to do this that would be great. Thanks.
problem with a democratic system is everyone gets their 2 cents and nothing gets done. Government is too worried about whether they will stay in power, which means pleasing everybody, more conversations, more meetings, more consulting, everything except more doing and more productivity for anything tangible.
Thank you Chalmers. We need more responsible adults in a world where no one wants to grow up, Where every body feels entitled to everything everyone else worked hard to build….