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Dracula in Charge of the Blood Bank

Published online by Cambridge University Press:  01 January 2023

Geoffrey Kingston
Geoffrey Kingston*
Affiliation:
Department of Economics, Macquarie University
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Abstract

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The Harmer–Henry pension and tax review resulted in an increase in the common value of the single rate of Age Pension and Disability Support Pension from 25 per cent to 28 per cent of male total average weekly earnings. It also recommended a Resource Super Profits Tax that would have initially taxed mining ‘rents' at 36 per cent, on top of the pre-existing 30 per cent federal tax on profits. These recommendations represent two sides of the same coin: higher federal spending alongside higher federal taxes. The pension rise is likely to reduce participation in the labour force. The proposed tax rise would discourage mining activity as miners considered their options to delay or abandon projects. There is a lot to like at the level of detail in the Harmer–Henry package, but future efforts to reform our tax-transfer system should focus on promoting saving and investment, including investment in human capital.

Keywords

H1H2H3I1I2I3Age PensionDisability Support PensionGoods and Services Taxpersonal income taxcompany taxResource Super Profits Tax
Type
Symposium
Information
The Economic and Labour Relations Review , Volume 22 , Issue 3: Australia's Transfer and Tax System Under Review , November 2011 , pp. 27 - 44
Copyright
Copyright © The Author(s) 2011

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