Australia, economically, is one of the strongest economies in the world. The debate on how to develop the economy even further is, and always will be a never ending one amongst Australia, and also the rest of the world. In 2011, Australia was the 13th largest national economy by supposed gross domestic product (GDP). This year its economy was the fastest-growing in the developed world for the first three months of 2012. Experts suggest that the answers lie within the tax system, to further improve the economy. The Goods and Services Tax (GST) in particular has come under the microscope of recent time, as to how changes to the GST could benefit Australia. Small tinkering’s to the current taxation system can definitely raise …show more content…
* John Daley, Grattan Institute, 2012 * Trevor Breusch, EBSCOhost, 2005
The economy would stabilise should GST be broadened in place for tax cuts in other areas. If the revenue is being taken from one bucket and simply put into another, Australia as whole would not reap rewards. However, the key people being impacted would be the lower income earners. Incomes would need to be increasing by the greatest percentage in the lower income bracket to ensure that they could continue to afford to live the same lifestyle. The government could use the extra revenue to compensate the hardest hit. Elimination of the Carbon Tax would be impact the current Australian economy. The carbon Tax is a good way to ensure overseas polluting mining companies pay for Australia’s resources. The Carbon Tax is great for the Australian Economy to their contribution to climate change. However changes need to be made that involve lowering to the Carbon Tax for Australian citizens who are not involved with major emitting companies.
Australia has a very strong economy, an economy that is currently thriving compared to the rest of the world. The aim of Australia is to grow their gross domestic product (GDP). GDP is one the primary indicators used to gauge the health of a country's economy. Money doesn’t buy happiness, but it does pay for a civilised society. Increasing GDP should not be the ultimate goal of a good