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Date Published : Tuesday, April 22, 2008
Prime minister Kevin Rudd has announced a major overhaul of Australia's federal taxation system as complaints about the current scheme continue.
The comprehensive review of all the federal government's taxation policies comes as a result of last weekend's 2020 brainstorming summit, which Mr Rudd hosted in Canberra.
Such a review is likely to include the effects of the goods and services tax (GST) - which was introduced by the Howard government in 2000 - and its potential link to credit card debt.
The additional tax - which applies to all goods and services - has been blamed by some financial experts on adding to the burdens of credit card users since its introduction.
Mr Rudd said in an interview with ABC Television: "I actually think we are getting to that time where we need to have a top down look.
"I won't commit to the next two years ... but I think it is time we actually looked at a root and branch reform of the Australian taxation system.
"But we will come back formally on that later in the year."
Other ideas put forward at the 2020 summit - designed to outline the nation's policies for the next 12 years - included a pledge to make Australia the world's leading green and sustainable economy, the delivering of fresh fruit weekly to all schools and a treaty to outline the status and right of the indigenous population and their relationship to the federal government.
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