Snake:
A single stand alone expenditure tax collected via the banking system as part of their charter, deals the ATO and tax agents out.
Just this much change would hand back to business the average 7% of the bottom line, now consumed cooperating with current compliance tax issues.
The necessary amount of actual tax raised, by a small painless impost on ALL spending, without exclusions or exceptions, will raise an additional 100 billion per!
It simply has to ,given the huge level of avoidance we must also deal with, if we are to return equity to our system!
And given we would therefore actually raise more revenue, we can be more generous with the genuinely needy.
And in so doing, know that this additional largess will have to be spent on current unmet need, delayed repairs etc; and therefore improve the discretionary spend/economies in post code poverty traps.
And given a single stand alone system was operating, we could jettison all other taxes, including the GST, PAYE, PAYG, payroll tax, fuel excise and what have you.
We collect somewhere near 140 taxes, with only around 14 of them actually raising any net revenue.
The rest as you rightly point out, just churn money.
We can also save huge money with a direct funding model for all public health and education, coupled to much more autonomy!
Just this much change would save around 30%, which could be saved, used to reduce debt, or improve coal face outcomes.
The tax rate can by adjusted microscopically to alone control both inflation and stagnation, meaning interest rates can be lowered to historical lows, and left, to turbocharge the non mining economy.
And given avoidance would have been finally been nailed, add at least 25% averaged, to household disposals. Thereby allowing the immediate imposition of a non contributory, 15% super.
Moreover, the same huge tax relief, would improve the average bottom line by around 30%!
The only losers!
No longer necessary, ATO, tax agents, and all the current, too clever by half, tax avoiders, many with budgets bigger than many sovereign nations!
Rhrosty.

OLD MAN:
You are mostly right in your summation of the very visible causes of the GFC! The invisible cause, too much of our very finite wealth concentrating in too few hands, which is very recently identified in 200 years worth of hard economic, cause and effect data.
Money needs to circulate through as many hands as possible to create universal prosperity!
It does none of that sequestered as trillions in corporate vaults/secret bank accounts, and the like; and all too often, just to avoid tax?
It is Global however, given the 64 trillions of worthless derivatives you identified, are still working through the entire global economy, including China, which responded with debt levels twice as large as their entire GNP!?
No nation has actually accrued that much debt, without paying for it, with a virtual depression, as is the case in Greece, Spain , Portugal, Iceland and Ireland?
All the supposed recent economic recovery has been bought with more debt!
And the S will hit the F, when the recovery, (conventional, alleged) forces interest rates to rise, forcing a new, group of mortgage holders, to confront the bankruptcy wall!?
Domestic debt here is at record levels, and our foreign debt has reportedly surged past 4 trillion, and the govt thinks we need more foreign capital?
I would have thought our foreign debt burden was already far too large!?
This debt level is entirely unsustainable, and simply can't be solved with conventional wisdom, or tried and found wanting conventional economics, lest of all, thoroughly disgraced trickle down economic theory!
We need to enact new legislation, that ensures those who have created the debts, are the same ones who repay it, and simply close any loopholes that allow foreigners, to hand us, or generations yet unborn, the "can"!
Rhrosty.

dear henry/quote..<<..Today's blog aims to provide a draft narrative to position the tough decisions needed now to minimise future misery for many Australians.>>

clearly..the words indicate..a closed mind/TOO sure of 'future misery'
being fixeD BY jumping unto misery before its time/[here we are in the delusional illusion of market forces when its not market force..but marketed fraud.

fraud we need be the only house in the street..[read cuntry in the world]..without a mortgauge..and that because our mortgauge is the lowest but 3/that somehow this enviious position nessitates us having even further pain[read more debt burden]

its pathetic..we now need the extra p
wain..of more seling of things we paid dearly to build/so others can reap in the harvest now its built...[why forgo the big payoff..of things like telstra/commonwealth bank etc..to build more spports stadiums..more airports other can later buy up for pennies on the dollar
hen its them that need return that they stole
9 nillion we got for selling the com bank..it today pays that 9 billion back each year..that theft alone caused much pain..but then that mongrel public service scoped up the shares..[cause only they know the aim is to kill govt owning anything but debt]..and god forbid they lose pension benefits..lurks and purks

if ya sell something..
just so we can build more loss making quangoes..for their cronies....uthat belongs to all of..[Thats malfeasance/odious debt]..CRIMINAL HIGH TREASON/BY PUBLIC SERVANTS..its not us needs feel the pain

that taken by fraud cannot gain/say clear title
thus close that public service slush fund..and take back the bank
[THERE IS THE 20 BILLION INCOME HOWARD/KEATING THREW their MATES WAY

we need simply put them in jail
take back the proceeds of crime

YOU MUST FORGIVE ME henry
the thing is you sound like a spin doctor..plus despite being clearly a liberal shill/or a public official talking via alias..saying bull like this

<<>.that belongs to all of us..
who is us..all of us or some of you?
now i see the words..i see its not your words/but with my computer issues i cant be bothers downloading youir damm words yet again[they tend to freeze my computer]..but damm it/i know its public servants slowing the nett down

the web high jacked along with our utilities..now not owned by us the people/your master..when the servants have opend their own slush fund/by stealing the value from our public services

then you double the damm price of the services
now you want more?..you cant simply do it by infastructure bond..but no we must suffer..IM SO OVER MOUTHS LIKE YOU DOING THINGS UNDER THEIR MORE REAL SOUNDING NAMES

LET ALONE BY MUGGINS LIKE YOU Airing the lattest green greed take over [pain we must suffer..as if we havnt suffered enough allready

op..damm over the limit[bullslit..THEN DELETE MY EDIT]..its the latest freaking way you play with my freaking right ro speak..bah on ya pathetic system..its not our austerity thats over due.

State govts, are proposing they have a right to levy tax restored!
Then compete with each other, for income tax paying Australians?
This is more of the same steam age nonsense, that pits Australian against Australian, as made manifest, before we became a federation. And we had to have different rail gauges, import export duties collected at state borders etc.
The excuse trotted out this time?
Raising their own tax, would enable them to fully and independently fund health and education! Yeah right!
Conversely, if the federal govt assumed full responsibility for all public health and education, the poorest smallest states wouldn't find themselves seriously disadvantaged, with their populations responding by relocating to the bigger richer states!
It's a recipe for disaster for the smaller states like Tassie S.A., W.A; as well as the ACT, the NT and to a lessor extent, Queensland!
This is one of those too clever by half schemes, invented arguably by empire building bureaucrats,(complex rationalists) simply seeking to shore up their own positions?
Many of which would be forfeit if we just had more direct federal funding, regional autonomy and bulked up, but far less expensive local govt!
The state govts, without an ability to legally raise their own tax, must act as just middlemen, receiving and distributing Federal funds.
And indeed, adding an additional layer of costs, which costs us around 30%, as entirely unnecessary service fees?
Money which could be saved by a direct funding model, predicated on a simple pro rata formula?
A lot of the saving the govt is seeking to find, would be unnecessary, if we would just eliminate all govt waste and double handling!
Yes sure, that would result in smaller govt across the board!
Even more so, with decent tax reform and simplification!
Isn't what conservative thinkers like Henry always rabbit on about!
I don't understand the very obvious reluctance on the part of alleged conservative thinkers?
Perhaps it's just an inbuilt aversion to real reform and the inherent downsizing, that also reduces the amount of personal power wielded?
Perhaps perceived personal power trumps real, downsizing, reform?
Rhrosty.

Old Man says that the GFC is not the main problem because it did not affect China. Thanks Old Man, you have proved my point.

China has many Govt Banks that create infrastructure debt free. The same is true of Russia. China can grow at 12% pa while the West is lucky to get 3%.

We in Australia no longer have any Govt banks,so unless we sell off all our assets cheaply, there will not be enough money for our country to function. We are the debt bitches of the big US/British banks known as the Rothschilds, JP Morgan, Rockefeller, Goldman Sachs,Citibank etc

When even your inflationary money get created as debt, you are totally enslaved because in this climate real growth is a small fraction of the Quantitative Easing ie money printing they create as debt.

When your average house price is 10 times your average yearly salary, a big correction is assured. Our economy is based upon services, flogging of energy/resources, Govt bureaucracy, inflated real estate prices and increasing debt to prop it up.