Skip to content
CharitiesAidWelfare, Taxation

Raise more revenue to fairly fund services: ACOSS response to the IGR

ACOSS 2 mins read

ACOSS is urging governments to “get real” about tax reform to raise more revenue, as the Intergenerational Report forecasts a rise in spending on essential services and social safety nets to meet community needs over coming decades. 

The federal government must raise the revenue required by strengthening the progressive tax system.

ACOSS is calling on the government to:

  • Introduce a 15 per cent levy on post-retirement superannuation earnings to help fund quality aged care services for all 

  • Introduce a 10 per cent Commonwealth royalty on offshore gas resources and abolish fuel tax credits for off-road use, except for agriculture to fund the energy transition

  • Reform negative gearing and reduce the capital gains tax discount to invest in housing

  • Prevent avoidance of the Medicare Levy and extend the high-income Medicare Levy Surcharge to all individuals to help fund essential healthcare 

  • Abolish Stage Three Tax Cuts to fund poverty reduction measures

“With the inevitable pressure on current and future budgets to provide the health and care services we need, respond to climate change, and lift people out of poverty, the government and all stakeholders must ‘get real’ on tax reform,” said ACOSS CEO Cassandra Goldie.

“As the population ages, we will inevitably spend more on health and care services. The choices are clear – either raise the public revenue to fund decent services for all, ramp up user charges, or leave people to fend for themselves.

“User charges for essential services are unfair. Those with the money get decent care, the rest end up with substandard care.

“Australia can’t afford to forego $20 billion a year for high-end tax cuts, or lower the company tax rate.

“We must close the loopholes and shelters that allow people and businesses who have the ability to pay to avoid their obligations. Superannuation, capital gains tax, private trusts, and mining resource taxes must return to the tax reform agenda.

“Tax reforms should be linked to expenditures on the services we need.”

Currently, super investment earnings are taxed at 15 per cent while a person is working but are not taxed when a person is retired.  

“To help fund a universal, quality aged care system, a 15 per cent aged care levy should apply to the investment income of superannuation funds after retirement, such as interest and capital gains on a fund’s investments, rather than retirement benefits,” said Dr Goldie.

“The government must confront the twin challenges of growing needs for services and a leaky tax base. We have an opportunity to bring the community on board with an agenda that joins the two together.

“The government must also lift woefully inadequate income support payments to $76 a day to reduce poverty and help alleviate the growing costs of the health system.”


Contact details:

Georgie Moore 0477 779 928
Charlie Moore 0452 606 171

More from this category

  • Finance Investment, Taxation
  • 04/11/2024
  • 10:01
Tax Practitioners Board

TPB reflects on a strengthening of collaboration with stakeholders and supporting the tax profession

The Tax Practitioners Board (TPB) Chair, Peter de Cure AM, today released the 2023-24 Annual Report, highlighting increased engagement with tax practitioners and taxpayers, combined with a focus on high-risk practitioners. In his review of the year, Mr de Cure observed that the past 12 months have seen welcome reforms that strengthened integrity in the profession and enhanced the efficiency and effectiveness of the TPB's operations. Mr de Cure thanked tax practitioners, emphasising that the majority of the 63,000 tax practitioners continue to act both ethically and lawfully and seek to do the right thing. Pointing to the TPB’s expanded…

  • CharitiesAidWelfare, Government NSW
  • 01/11/2024
  • 14:22
Uniting NSW.ACT

*** MEDIA ALERT *** Uniting NSW.ACT available for comment after Drug Summit in Griffith today

*** MEDIA ALERT *** Uniting NSW.ACT’s General Manager of Advocacy & External Relations Emma Maiden is available for comment following the NSW Drug Summit in Griffith today: Emma said: "Today, people with lived experience and frontline workers talked about the particular kind of stigma experienced by people using drugs in rural and regional areas – with fear of discrimination and judgement playing a key part in people not seeking help in the first instance. "A lack of treatment options and proper funding for local community programs were also high on their agenda. "And the ability to have a person centred…

  • Government Federal, Taxation
  • 01/11/2024
  • 07:49
Australian Taxation Office

ATO collects $100 billion from large corporates

The Australian Taxation Office (ATO) has published the tenth annual Corporate tax transparency (CTT) report revealing the ATO received $97.9 billion in income tax from large corporates, up 16.7% from the previous year. ATO Deputy Commissioner Rebecca Saint reflected on another record year of tax paid by large corporates. ‘This is a great result for the Australian community. Tax paid in 2022-23 was again the highest since CTT reporting started. When you include the additional tax revenue raised by the Tax Avoidance Taskforce for the year, we collected around $100 billion from large corporates in 2022-23.’ Most sectors of the…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.