Australia’s flawed tax system in spotlight ahead of next budget

Australia’s flawed tax system in spotlight ahead of next budget
Australian treasurer, Jim Chalmers. (Image: Bloomberg)
Bloomberg
By Ben Westcott and Swati PandeyAustralia’s outdated tax system is buckling under spending pressure, prompting the Labor government to explore options to boost revenue to pay for programs including a vast defense build-up and health care weeks before budget day.At the heart of the problem are large areas of wealth that are all but exempt from taxation, leading to an over-reliance on income taxes that are already among the highest in the developed world. At a time when the economy is fully employed and commodity prices are elevated, A...

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