What does a person-centred economy look like?
In our view, a good economy encourages all people to participate at their very best. Our vision is a society where people are better able to connect, take up opportunities, and interact with the world around them. We believe Australia can find better ways to encourage people to reach their full potential. An optimal society is inclusive, diverse, and ready to embrace the challenges of living.
For most Australians, our tax system needs to be streamlined. We will aim to make the process of calculating personal income tax as uncomplicated and efficient as possible. For a lot of everyday people that’s going to reduce stress levels and allow us to spend more time on the things which really matter: family, work, self-improvement, health, and personal day-to-day living.
For those who access social security, there is a real need right now to raise the rate of Newstart in alignment with recommendations from ACOSS. Assisting people in that way will improve their prospects of finding work and help reduce the rate of disadvantage, which left in neglect, tends to end up costing us far more in the long run. A population who is empowered to lift themselves out of disadvantage can better develop their skills and abilities, take up good opportunities as they arise, and contribute more back to their community.
For large-scale corporate entities and multinationals, we need a slightly different approach. While most businesses do the right thing, there are simply too many who pay minimal or zero tax. It is certainly a good thing that businesses generate jobs, however we believe their contribution to Australian society must go further. A fairer taxation system will ensure that big businesses invest more in our society as a whole. An improved relationship between big business and the general population will be mutually rewarding for both sides.
We support additional measures to ensure that tax obligations of large corporate entities are met:
1. A minimum effective tax rate of at least 20% (i.e., in line with the lowest tax band for working Australians)
2. A maximum cap on deductions that can be made to offset prior losses.
3. A minimal 5% rate on national turnover for multinationals aimed at targeting profit-shifting.
Efficiency goes hand-in-hand with investment. Our party will build-in measures across all areas to properly regulate funding and make sure that our investments reach the right targets. At the same time, our economy can only thrive if we invest in the well-being of our people. A smart economy is one where we value human beings and aim for sensible and sustainable policies which can tangibly improve our society and quality of life.