Shadow finance minister Jane Hume says the drip feeding of findings in the latest intergenerational report is setting the government up to pursue higher taxes.
Excerpts from the IGR – set to be released in full on Thursday – have painted a grim picture of the next 40 years for the Australian economy.
“It’s only telling us what we already knew which is that aged care, NDIS and health are going to be growing pressures on the budget. Sluggish economic growth at an average of 2.2 per cent a year to 2062-63 – which is 0.9 per cent slow than the previous 40 years – will see the economy shrink by $900 billion.
She said if the government’s only solution was to increase levies and taxes then it was not using its “imagination”. The government has ruled out overseeing a major new tax agenda, limiting its changes to already announced measures like multinational tax breaks, the PRRT and a crackdown on high-end super balances.
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