The Treasurer Jim Chalmers has flagged the need for broader tax reform to place the budget on a sustainable footing. E61 Institute’s Matt Nolan has told ABC’s The Business program that tax reform would go a long way towards solving both Australia’s productivity problem and budget sustainability. But Mr Nolan says while the government wants to reduce growing reliance on income tax, it is going to need to find new measures to equal at least 2% of GDP or $50 to $60 billion. Mr Nolan believes there are broadly politically palatable reforms that the government could enact in the short-term such as accelerating depreciation, much larger reforms including changing the GST level will be required to bring the budget back to balance.
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