The Forum > General Discussion > Budget savings + higher taxes?
Budget savings + higher taxes?
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As for the big tax grab, total tax as a percentage of GDP is now lower than it was during the Howard years.
When it comes to creative accounting, to cook their books the Libs let unfunded Federal superannuation deliberately blow out from $70 billion to $103 billion, thereby overstating their surpluses by $33 billion. Then they had to sell Telstra to set up the Future Fund but were really just plugging up their own revenue hole before somebody noticed. Then they nicked another $23 billion from the Reserve Bank to help buy more votes.
Since a significant part of their surplus was outstanding HECS debt, it only took a stroke of the ministerial pen to increase HECS rates and thereby automatically increase the surplus without doing anything else.
So what’s new?