5 months of waffle, vague discussions, distractions, and an endless list of hypothetical proposals, may be unravelling for the Prime Minister and his government. Despite treasurer Scott Morrison promising upon his ascension into office to create a ‘tax system for the 21st century’, Morrison has recently retracted away from this misleading and superfluous claim, concluding; ‘The scope for tax reform is limited in this economy’.
For me, no major economic reform, despite this being proclaimed as a major hallmark of the Turnbull government back in September, is an unacceptable outcome. Despite the endless talk around tax and economic reform, the business meetings, and the often colourful rhetoric, very little has amounted, and this will pile enormous pressure on the government.
It is time for Turnbull to deliver on his promise to bring ‘economic leadership’, and actually propose something. Whether this it to raise the GST, property taxes, scrap negative gearing, or cut spending (my preferred solution), it is time for substantive policies to be proposed. Often, effective policies do come at the expense of short term popularity. But this is an unavoidable part of politics, and making tough calls is necessary for long term success, and more importantly the future of our nation.
Without any economic alternative aimed at solving the nation’s debt woes, increasing growth, or tackling unemployment, the credibility of the Turnbull government is severely damaged. Only for a limited amount of time can a prime minister avoid specifics, or avoid upsetting some individuals. It is time for Turnbull to stand up, show genuine economic leadership, for the political capital that was earned from flashy terms such as ‘innovation’ and ‘consultation’ is rapidly diminishing.