This publication is about responsibility. It is about the obligation we have to the long term social and economic future of Australia. It is about the legacy and burdens we will pass on to future generations – Gens Y, Z and Alpha. That is, fundamentally, what our structural deficit is about.
As business and community leaders, we should consider the sustainability of what our governments do, and what they don't do. We need to think through the desirability, efficiency and contributive justice of what we raise as revenue. And we need to think through the sustainability, effectiveness and distributive justice of what we spend.
This is not easy. But it is imperative.
Our paper, Solving the structural deficit, is a contribution to that discussion. In July 2015 we published our position on tax reform, Tax Reform: KPMG's submission to Treasury. We considered the tax system as a whole and presented a large number of ground-breaking ideas.
We urge change in four broad areas: health and aged care, welfare, superannuation and age pension and education. Our estimates are that these would improve the budget position on a long term basis by around $12 billion in today's terms annually.
Our pathways are not 'slash and burn', but rather the search for sensible and rational changes, drawing both on our expertise at KPMG and beyond.
© 2017 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.