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Australia21's work on inequality just became even more important with the Senate this week passing the Government’s budget tax cuts, a change the Prime Minister Malcolm Turnbull says is ‘thoroughly fair’.
‘It is fair. It rewards and encourages enterprise. It encourages and enables aspiration. That is what this is all about.’
But many claim the new tax cuts will increase inequality, further weaken Australia’s ‘fair go for all’ landscape, and adversely affect Australian society and the economy.
Help us work on smarter solutions for Australia's big issues like inequality. Please donate to our end-of-financial-year matching donations appeal: www.australia21.org.au/donate
A new report from The Australia Institute, released as part of the Australia21/The Australia Institute Inequality Roundtable held just days before the tax cuts were passed, shows inequality is getting worse in Australia.
“The government and policy makers should be working to reduce inequality. Unfortunately, the government is doing the opposite. It is proposing income tax cuts that undermine the progressive nature of our income tax system,” said Matt Grudnoff, Senior Economist at The Australia Institute.
“Inequality in Australia is getting worse faster than other developed countries. Our ranking among OECD countries has fallen. Australia used to be below average for inequality, now we’re above average and rising still.
“At a time when the government should be focused on reducing inequality it is instead handing out a large income tax cut that will make inequality worse.”
Participants at the Australia21/The Australia Institute Inequality Roundtable
18 June 2018
The Roundtable, co-chaired by Wayne Swan and Australia21 Director Em Prof Bob Douglas, brought together more than 30 leading thinkers, including eminent economists, policy advisers, academics, social scientists and union representatives.
“We hope and expect politicians and ordinary Australians everywhere will pay serious attention to the report from the Roundtable," said Professor Douglas. "Now it's even more important for everyone to become informed about inequality and what it means."
The Roundtable report will be released later this year in the lead-up to the Federal election.
Help us work on smarter solutions for Australia’s big issues like inequality.
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