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Transcript - Interview with Michael Brissenden discussing the tax discussion paper

30 March 2015

MICHAEL BRISSENDEN:

The tax discussion paper will be released this morning by the Treasurer Joe Hockey and he joins me now. Treasurer, welcome to the programme.

TREASURER:

Good to be with you, Michael.

MICHAEL BRISSENDEN:

Now, why do we need another review? We’ve had plenty in the past, including, of course, the Henry Review just a few years ago and nothing seems to come of them.

TREASURER:

Well, the world economy and the Australian economy is changing very rapidly and the fundamentals of our taxation system were designed in the 1950s for a 1950s economy. We need to have a tax system that can cope with the 2050s, which is not that far away. But our world is changing rapidly. The digital economy is constantly changing the way consumers behave, the way they shop, the way they buy goods and where they buy them from and, of course, our tax system is currently just a patchwork quilt of different taxes trying to come up with new sources of revenue to pay for new spending.

MICHAEL BRISSENDEN:

Okay. Now, the paper focuses a lot on corporate and personal taxes. How do you fund lowering those taxes? The last Budget has shown that you can’t seem to do it by cutting spending, so perhaps a GST raise is the only way of doing it?

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