First cab off the rank is the Australian Chamber of Commerce and Industry with a Let’s Make Aged Pensions Repayable Loans! statement on 14 February 2016:
The Federal Government must use May’s
Budget to demonstrate it remains committed to reducing government spending as a
share of the economy or else we risk consigning future generations to the
painful readjustments that have taken place in southern Europe, the Australian
Chamber of Commerce and Industry said today.
The Australian Chamber has released
its Pre-Budget Submission, which outlines a series of reforms that can curb
runaway spending in areas including the age pension, family tax benefits and
childcare.
Kate Carnell AO, CEO of the Australian
Chamber, said: “Unless public spending is brought under control, the Australian
economy will gradually be crippled by increasing taxes and growing public debt,
both of which are unsustainable.
“Given welfare and social services
will account for 60 per cent of total government sector spending this year,
they provide numerous changes worth considering.
“Changes to the Age Pension could
foster innovative financing solutions that guarantee that pensioners can remain
in their homes and still save billions of dollars from spending.
“The Government should consider
transforming pension payments to owner-occupiers into a loan that is
recoverable against their property when it is sold, potentially with a residual
value that would allow pensioners to access equity for other purposes, such as
aged care. While retirees should be able to maintain a minimum residual value,
at present very little of the equity in owner-occupied housing is being drawn
down for other purposes.
“In addition, abolishing Family Tax
Benefit Part B could save $13.9 billion over four years and means testing the
Child Care Rebate could save $250 million per year.
“Public spending growth cannot exceed
economic growth indefinitely. If spending continues to grow faster than the
economy, we will need to continuously raise the tax burden. If Australia waits
until the system breaks we will consign the next generation to readjustments
like those implemented recently in Greece and Spain……
1 comment:
As a registered business organisation, is ACCI a tax exempt organisation? If so, surely it's timely to review the tax status of such an elitist right-wing organisation that contributes little to social equity in this country. Perhaps the ATO should conduct a forensic audit of its membership businesses. I'd wager there would be some very red faces. I find it disgusting and hypocritical that ACCI should attack the premise of the age pension, whilst its constituents bury their snouts deep in the trough to tease out every last cent of benefit from a range of lucrative tax minimisation devices such as negative gearing, trusts, self managed superannuation funds and the parking of inordinate sums in superannuation. And as for the CEO, Kate Carnell, ex ACT Chief Minister - I'd imagine she is the beneficiary of a taxpayer funded preserved benefit pension. How the mighty can croak!!
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