The Wire

Treasurer Joe Hockey is being criticised by both the left and the right after pushing for tax cuts for the top earners in Australia. Hockey suggests Australians have no incentive to go for promotions, work longer hours or even stay in Australia because of marginal tax rates and bracket creep. But critics on both sides say offering tax cuts is a populist move which ignores underlying issues with declining revenue and ignores structural reform including addressing negative gearing, multi-national tax avoidance and superannuation tax concessions.