A year ago, former Treasury Secretary Dr Ken Henry, who produced a 1,000-page review of Australia’s tax system in 2010, advocated for fundamental tax reform, claiming that the existing system is an “intergenerational tragedy”.
Henry asserted that Australia’s tax structure has deteriorated compared to 15 years ago, with young people bearing the brunt of higher tax burdens, reduced disposable income, and restricted access to necessities like housing.
He also claimed that intergenerational imbalances would worsen as the population ages and reliance on income taxation increases.
