Australians Deserve Better

May 13, 2013 at 02:45 o\clock

Taxation for Small Business to Improve Australia’s Economy and Pension Facility for the Retirees

 Taxation in Australia covers many taxes and levies including income tax, company tax, payroll tax, petrol tax, goods & services tax (GST), carbon tax, mining tax, Medicare levy, emergency services levy and the River Murray levy. The capacity of politicians and public servants know no bounds to spending our taxes. If taxation in Australia is to offer incentives and productivity, it should shift from a welfare system to an income producing one. The retirees in Australia should be given a fair pension so that they can be self-reliant and able to enjoy their retirement years without the struggles which they are currently facing. Small businesses in Australia are normally privately owned corporations, partnerships, or sole proprietorships and are the lifeblood of the economy. Whilst big businesses are actively investing in technology to reduce its workforce, small businesses offer the greatest opportunities for employment growth. Family First is committed to getting the government to help generate successful small businesses. Australia’s economy is one of the largest capitalist economies in the world with a GDP of US $1.57 trillion. Australia’s total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by a nominal GDP and the 17th-largest measured by PPP adjusted GDP, about 1.7% of the world economy. Australia is the 19th-largest importer and exporter. The economy of Australia is forecasted quarterly by the Reserve Bank of Australia. The Australian economy is dominated by its service sector, comprising 68% of GDP. The mining sector represents 10% of GDP; the “mining-related economy” represents 9% of GDP – the total mining sector is 19% of GDP. Economic growth is largely dependent on the mining and agricultural sectors with products exported mainly to the East Asian market.