Sen Leyonhjelm's Pro-Taxpayer Alternative Budget

With both major parties committed to destructive tax hikes and a refusal to address the crippling overspending burdening the Australian economy, it was refreshing to see today Senator David Leyonhjelm (NSW-LDP) present an alternative budget.

Senator Leyonhjelm's proposals will return the budget to surplus this year through returning per capita spending to Howard-era 2006-07 levels, and includes significant cuts to foreign aid, welfare, and climate change mitigation:

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Writing in today's Australian Financial Review ($) where he explains the budget in greater detail, Senator Leyonhjelm notes:
With Australia's taxes already internationally uncompetitive, the plan must be based on spending cuts. However, the only way to make cuts politically palatable is to share the load. The government must convince the community that if everyone takes a small haircut now, larger and more painful cuts will not be required in future....

Spending has been increasing relentlessly for decades and there has also been no let‑up in taxation. We now tax smokers, drinkers, high income individuals, corporations, capital gains and retirement savings more than most other countries in the developed world. As a result our overall tax burden is high by international standards, even ignoring the tax-like nature of Australia's compulsory superannuation contributions.

If we do nothing, bracket creep will boost revenue per person over the next three years to around $17,400, while spending will remain at around $17,900. Thus we would still have a sizeable budget deficit, spending would remain bloated, and our tax burden would be even heavier. This cannot continue. We need wholesale change.

This budget represents a serious and credible attempt at reform, and at protecting both current and future taxpayers. We hope that the Government has the courage to act upon some of its proposals.

 

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