November 27, 2005
WE'VE GOT SOME CATCHING UP TO DO:
Surplus soars on profits (David Uren and Elizabeth Colman, November 28, 2005, news.com.au)
FEDERAL coffers are overflowing with tax revenue, which is $3.6 billion ahead of budget, according to an Access Economics review that argues for taxation changes.
The review, to be released today, says the boom - based largely on commodity prices - could last until after the 2007 election, yet cautioned against giving away "expensive" but popular tax cuts.
Access director Chris Richardson said such a move could leave large deficits in the future, arguing instead for sustainable tax reform on the basis that it "improves efficiency". He predicted the overall surplus would rise from the budgeted $8.9 billion to $11.7 billion.
John Howard has demonstrated what a conservative Third Way parliamentary party can achieve--nice to have no checks and balances when the good guys are in charge. Posted by Orrin Judd at November 27, 2005 6:20 PM