Australia is a conundrum. One minute we are wealthy, our home prices are booming, the streets are crowded with expensive luxury cars, we are building glittering towers in our cities. But at the same time, the government can’t find the taxes it needs to balance the budget, homelessness is rising, graduates can’t get jobs. We are too poor.
Is this the same country? You must ask the question, how these two facts can exist side by side. How can we be both wealthy and poor? In fact, the answer is so obvious that we can’t see it. Wealth is not taxed! Once you’ve got it you keep it, and the Howard government built a half a dozen methods for the wealthy to convert income into wealth without the inconvenience of paying tax.