It has been more than 20 years since serious reform to Australia’s tax system has been on the radar of politicians and voters. But that might change in Labor’s next budget on May 12, as Treasurer Jim Chalmers considers making some of the biggest tax changes in decades. The goal is to take pressure off working age Australians and give young people a leg up in the property market. But will they work?
Economists warn that the war in Iran and surging energy prices will make it more difficult for the government to sell an ambitious tax reform package to an electorate already concerned about its hip pocket. But the treasurer has given the appearance of being unconcerned, promising his cabinet colleagues “a whole bunch of options” for tax reform.
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