If China stops buying our resources (unlikely unless we have a war) then a majority of the entitlements would end. Taxes could only fill a small gap before the govt would destroy investment and the economy with taxes. The govt would need to be cut in half as it would be a a burden on the country if China walked. The govt is already a major cost overhead for all Australians. Half our incomes leaks to the govt via multiple hidden and open taxes. Govt is everyone’s largest cost base. Think about your tax before it hits your account, Medicare levy, GST, fuel taxes, indirect taxes for banks, payroll tax, stamp duties. Royalties etc. these are all either direct or indirect taxes. The renewable green taxes are coming as well as increased capital gains. Australia could expect to see an inheritance tax at some stage as the govt will end up consuming more of peoples pay packets to keep running. In America, most parts of Europe and Oz to some extent, the govts are borrowing astonishing amounts of money. They waste and spend the cash on overhead and wonky outcomes. This is driving up inflation which is another tax. Not only are govts taking a chunk of what ever you earn, they are feeding inflation to make what is left go nowhere. Govt is a global problem, but the govt MP’s are guaranteed an indexed pension for life. You and I are not guaranteed anything. Nice to know the low hanging fruit in the senate are also pension linked for doing SFA for their terms. Govt is a rort on the people.
