OPINION: There are growing expectations that Jim Chalmers will be inspired by governments in the US and Canada as he grapples with how to pay for spending increases.
The country’s most astute business leaders expect that Jim Chalmers will target highly profitable industries – especially energy and banking – and wealthy individuals as he tries to plug the country’s budgetary hole in the May budget.
As a result, business leaders believe Chalmers will be tempted to follow the lead of governments in the United States and Canada, targeting banks, gas producers and wealthy individuals. Anna Bligh, chief executive of the Australian Banking Association, is clearly apprehensive that the temptation to extract extra revenue out of the country’s big banks will prove irresistible to Chalmers.last week, she hit back at suggestions that the government should lift the major bank levy to help plug the $50 billion annual structural budget deficit.
Forcing the punters to pay a higher tax rate on any capital gains they make from selling their $1 million investment property would spark a huge backlash.
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