In releasing the Intergenerational Report, Treasurer Jim Chalmers says Australians must do away with complacency by the end of the decade.
Treasurer Jim Chalmers has told Australians the country faces a choice between complacency and success, releasing an intergenerational report that warns of major challenges to the climate, the economy and the budget over the next 40 years.
Chalmers, in an address to the National Press Club, said the report set out the choices the country had to make if it were to fail or succeed in the years ahead.“Because if the 1980s meant the end of certainty the 2020s must mark the end of complacency.” But spending on education will flat line as our ageing population means fewer children who need schooling.
“Governments will need to make choices about the structure of the tax system to adapt in the face of this evolving landscape in order to pay for essential public services,” it found.It notes that without change to the tax mix, personal income tax will account for 58.4 per cent of all tax collected by the Commonwealth, up from 50.5 per cent now. The share of company tax will fall to 18 per cent of the nation’s tax take, from its current level of 23.5 per cent.
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