Signs of progress as Government weighs action on tax inequality
National
Anglicare Australia has welcomed news that the Government is considering changes to tax concessions that benefit only the wealthy, calling it a positive step toward a fairer system
Anglicare Australia has welcomed news that the Government is considering changes to tax concessions that benefit only the wealthy, calling it a positive step toward a fairer system.
Reports this week suggest that Treasury is preparing options for reform ahead of a national productivity roundtable, including changes to family trust arrangements, capital gains tax, and superannuation concessions.
“These are welcome signs that the Government is prepared to consider serious reforms to make the system fairer,” Anglicare Australia Executive Director Kasy Chambers said.
“Australia’s tax system has been skewed for too long. It rewards people who already have wealth and power while leaving behind people on low incomes, renters, and people locked out of housing.”
Ms Chambers pointed to Anglicare Australia’s Widening the Gap report as evidence that current tax settings are fuelling inequality.
“Our research shows that the wealthiest Australians now hold 90 times more wealth than those with the least — and that the gap is growing every year.
“That’s no accident. It’s the result of deliberate policies, like tax breaks for property investors, generous concessions for high super balances, and tax settings that favour income from wealth over income from work.
“To build a fairer tax system, these are exactly the policies that need to change.
“This is a chance to build a tax system that works for everyone, not just the wealthiest. Australians want action. Now is the time to deliver it,” Ms Chambers said.
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