ERROL PARKER | Editor-at-large | Contact
Federal treasurer Jimothy Chalmers has lamented the latest decision by the Reserve Bank to increase interest rates by .25pc, telling voters he wishes there was some other way to bring inflation in line with projections.
Speaking in Canberra today, Treasurer Chalmers said something like meaningful and responsible tax reform is his preferred method of helping ease the burden on young mortgage holders to stop spending.
“You know, the Reserve Bank is making like much harder for ordinary Australian families with these constant rate hikes,” he said.
“Money isn’t cheap anymore and it’s hurting the wrong people, it seems. We’re becoming a society of have’s and have not’s and I’m powerless to stop it. I just wish that we could do something like enact meaningful tax reform. Put in a large inheritance tax? If you’re as good as you think you are, you don’t need Mummy and Daddy’s money when they’re gone, do you? Tax land properly and make sure stamp duty multiplies with each bit of property you buy,”
“We could renationalise the TAB and ban every other sports betting platform. Take that money and use it to ease the individual tax rate. Put in safeguards to make sure businesses like Coles and Woolworths. Quntas. The banks. Make sure they can’t price gouge. Build some gulags for white collar criminals,”
“But, you know, doing any of that would make Albo’s approval rating dip lower than Shorten’s ever was and put Dutton in The Lodge before Christmas 2025. So yeah, we’re just going to leave it.”
More to come.