OECD calls on Australia to raise GST and unemployment benefits

15/09/2021 6:00:00 AM

OECD calls on Australia to raise GST and unemployment benefits

Oecd, Economy

OECD calls on Australia to raise GST and unemployment benefits

The federal government is urged to embark on major tax reform to help us pay down massive debt from the COVID crisis, and do more to combat global warming by using low emissions technologies.

CancelThe OECD wants Australia to increase the GST and unemployment benefits and review the RBA's economic forecastingIn its latest review of the Australian economy, the Organisation for Economic Co-operation and Development said the GST should be raised to take the burden off income and company taxes.

The OECD agreed with forecasts from the Reserve Bank and leading Australian economists that the strict lockdowns in New South Wales and Victorian were likely to see the national economy shrink over the current September quarter.The OECD predicted the Australian economy would expand by 4 per cent this year and by 3.3 per cent next year, a downgrade from its forecasts in May.

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With just about ever town I travel through with signs out offering jobs from unskilled, to skilled. Australia should have no unemployed. We just had to import a heap of workers from overseas to help take in farmers crops. So no we don’t need to increase dole payments. OECD calls on Australia to raise GST. Problem is that it will adversely affect self funded retirees, who have no means of recovery from tax increases. Labor to its detriment at the last election, found out that tampering with the income of retirees will lead to election loss.

Josh not going to increase GST but I think Labour would! Well I said since the pandemic began we would need to raise GST to pay for the handouts but I didn't it would be said until after the next election. I can see the former happening but not the latter. Read “Mathias Cormann calls on” … Pathetic reporting ABC.

the treasurer of the right wing says ZIP about raising unemployment benefits because they don't give a fxxx about the poor and vulnerable (& yes im aware of the rise in the benefit shortly by... $3.50 a week) If we we're all in this together, then the WHOLE public dis-service wouldn't have raised it's salaries/wages. Once again, pollies in it for themselves. No matter what side of the fence they sit, liberal/labor etc etc, they all took the pay rises. How 'bout they all get $750/week

No problems….as long as they pay for it.

OECD urges Morrison government to engage in genuine tax reformSky News host Jenna Clarke says the Australian Financial Review is reporting the OECD is urging the Morrison government to overhaul the GST, reduce its reliance on income taxes and develop a plan to pay down debt on the way out of the pandemic. Don't worry about changing anything they won't be there shortly thank God. Anyone smell Mathias Cormann's grubby little hands on this? 'Overhaul' means 'Increase', which the LNP have wanted to do for ages! Now they can say, 'We're simply following OECD recommendations!' No wonder they spent so much trying to get him into the Secretary General position. Sky news host opinion is not news

Abolish gst manipulation, fixed tax rate of 10%for all Increase the tax-free threshold. That'd do us a solid. Because australia doesn't have its own currency, it must recover the foreign cash that it handed out to its citizens last year. Oh, wait ... OECD says increase GST *and* JobSeeker Fraudenburg says 'no to GST rise' but nothing about JobSeeker. Ignore it and it will go away 🤔

Bahahahaha the Crazy Lefties think money grows on trees and we never had to pay for the lock downs. Tax big business..... lower political wages and pull in their perks It's probably inevitable that GST will rise at some point but it ought to go in tandem with the introduction of universal basic income to replace all 'welfare' payments.

What politicians have taken a pay cut in support? NONE! LOL Gee, here's a thought. Instead of making mid & lower wage earners pay (as always) via a GST rise, why not tax companies who get away with paying little or no tax? Why not tax 'religious' entities who pay no tax? Yeah, it was just a thought...

Increase GST Remove GST Input Credits

OECD says now is the time for a review of the Reserve BankFor the first time, the OECD says the RBA - which sets interest rates and guides economic policy - should be the focus of an independent review. swrighteconomy Better late than never. The whole monetary policy system has become a debt ponzi scheme. From the dutch disease of last decade to 0% interest rate, it just amplified capital misallocation especially in property and increasing the debt burden on younger and future generations. swrighteconomy For normal people, the OECD is recommending: PAYING independent bodies to prepare & review budgets INCREASE regressive taxation through GST DECREASE progressive income taxation INCREASE housing inaffordability through reducing barriers for the already rich. 1/? swrighteconomy Read the report out of disbelief. This is absolutely dishonest reporting from the . True bastardry misrepresenting the report for vested interests. 1/2

OECD says now is the time for a review of the Reserve BankThe RBAInfo would face its first independent review in 40 years under an OECD proposal, which says it is time to address the central bank’s failure to meet key economic targets in recent years and deal with long-term risks from the pandemic RBAInfo OECD Hmmmmm.... I wonder what THIS is all about? 🤔

OECD says now is the time for a review of the Reserve BankFor the first time, the OECD says the RBA - which sets interest rates and guides economic policy - should be the focus of an independent review. swrighteconomy Better late than never. The whole monetary policy system has become a debt ponzi scheme. From the dutch disease of last decade to 0% interest rate, it just amplified capital misallocation especially in property and increasing the debt burden on younger and future generations. swrighteconomy For normal people, the OECD is recommending: PAYING independent bodies to prepare & review budgets INCREASE regressive taxation through GST DECREASE progressive income taxation INCREASE housing inaffordability through reducing barriers for the already rich. 1/? swrighteconomy Read the report out of disbelief. This is absolutely dishonest reporting from the . True bastardry misrepresenting the report for vested interests. 1/2

Bankcards and $1 notes the norm last time RBA was reviewedIt’s 40 years since the RBA was part of any formal review. We had $1 and $2 notes in our wallets, the government set the maximum interest rate on our mortgages and the go-to credit card for all Australians was Bankcard, writes swrighteconomy | ANALYSIS swrighteconomy 'The OECD wants to strip the entire jalopy down to its parts.' OECD or Mathias Cormann doing L-NP work from a distance; whats the real goal - less independence and more govt. control.

OECD says now is the time for a review of the Reserve BankThe RBAInfo would face its first independent review in 40 years under an OECD proposal, which says it is time to address the central bank’s failure to meet key economic targets in recent years and deal with long-term risks from the pandemic RBAInfo OECD Hmmmmm.... I wonder what THIS is all about? 🤔

Print with images and other media Print text only Print Cancel The federal government has been urged to embark on major tax reform, including increasing the goods and services tax to help pay down massive debt from coronavirus relief measures, which were introduced to save the economy from the pandemic.Read More.growing doubts about the RBA’s management of the economy ahead of the pandemic.growing doubts about the RBA’s management of the economy ahead of the pandemic.

Key points: The OECD wants Australia to increase the GST and unemployment benefits and review the RBA's economic forecasting Treasurer Josh Frydenberg has rebuffed the call for a increase in the GST but says he is open to a review of the central bank OECD calls on Australia to improve environmental innovation in the fight against global warming In its latest review of the Australian economy, the Organisation for Economic Co-operation and Development said the GST should be raised to take the burden off income and company taxes. The Paris-based group also called for an increase to unemployment benefits, and a review of the Reserve Bank. "In the medium-term, the new economic survey says that Australia has the potential to return to sustained growth if complementary structural reforms are undertaken. Shadow treasurer Jim Chalmers said at the time the RBA was not beyond criticism, backing a review of the bank, monetary policy and its interaction with fiscal policy." The OECD agreed with forecasts from the Reserve Bank and leading Australian economists that the strict lockdowns in New South Wales and Victorian were likely to see the national economy shrink over the current September quarter. "The current strict lockdowns in these states will result in GDP declining in the third quarter of 2021," it said. During a period when it consistently overestimated the strength of wages growth, there was no union representative on the board.

"In an environment of higher community transmission of COVID-19 and lingering uncertainty, the eventual recovery will remain gradual even when restrictions are eased. Loading Every 18 months, the OECD conducts a formal review of member countries, making recommendations across a range of economic policies." The OECD predicted the Australian economy would expand by 4 per cent this year and by 3.3 per cent next year, a downgrade from its forecasts in May. Loading The organisation is led by former Australian finance minister Mathias Corman. He said a number of OECD nation central banks had successfully undertaken reviews in recent years, urging the Australian government not to be restrictive with any approach to the RBA. Treasurer says no to GST rise The Federal Treasurer pushed back on the OECD's recommendation that Australia widen the GST base. Advertisement “Such a review should be broad in scope, considering the central bank mandate, policy tools, communication and organisational practices,” he said.

Josh Frydenberg told Sky News that tinkering with the GST was not on the government's agenda, although other tax reform is. "No plans to increase the GST," he said. “We think there is a strong argument for such a review process being enshrined on a recurring basis. "What we do have plans for is, obviously, to cut taxes at every opportunity that we find. And we've done that on income tax, we've done it on company tax for businesses with a turnover of less than $50 million," he said. The Federal Treasurer said he would consider a review of the Reserve Bank of Australia, after the OECD report said it failed to meet key economic targets and forecasts in recent years. RBA governor Philip Lowe pushed back at calls from Labor and economists for a formal review as recently as last month, saying other central banks were moving towards its policy approach. RBA governor Philip Lowe pushed back at calls from Labor and economists for a formal review as recently as last month, saying other central banks were moving towards its policy approach.

The OECD wants to see a review of the RBA in the fallout from the pandemic. Mr Frydenberg said he would consider the criticism of the central bank. "That is a real issue, and it's something that I'll give consideration to in terms of looking at the RBA, looking at the monetary policy settings, and learning from the experience throughout this pandemic.5 per cent, or close to $150 billion, by 2032." OECD calls for environmental innovation The OECD also called on Australia to step up its efforts to limit temperature rises in the fight against climate change. It said there was a "decline in environmental innovation over the past decade" and it called for stronger incentives for innovation and adoption of new "low emission technologies".3 billion.

Australia is under pressure from the international community to commit to net zero carbon emissions by 2050 by or during the United Nations climate conference in Glasgow late next month. While the federal government has a medium-term budget repair strategy that commits to “stabilising and then reducing gross and net debt”, the OECD said more stringent targets such as specific timeframes or measurable economic outcomes were needed. Posted .