MEDIA RELEASE: OLDER AUSTRALIANS OPEN-MINDED ABOUT A CHANGE TO THE GST: 2 NOVEMBER 2015
The news is abuzz with talk of increasing the GST to 15% and close to one in two older Australians agree it is time for reform, according to a survey.
While Cabinet Secretary Arthur Sinodinos is concerned some states may be politically hostile to change the feeling is not necessarily representative in the community.
Out of 20,000 over-50’s surveyed by the FiftyUp Club in recent months:
· 17% believe the rates should be increased above 10%;
· 17% believe the base should be broadened to include more items that are currently exempt; and
· Another 12% would like to broaden the base and increase the rate.
However, another 46% do not want a change in the GST at all. These are the group of older Australian’s that the government needs to have a conversation with.
Such a fundamental change to the tax system may require other trade-offs in the tax system to compensate Australians.
One change many older Australians would like to see is a change to costly tax concessions on superannuation, which have broadly benefitted higher income earners.
FiftyUp Club research shows almost half of the over-50’s think tax concessions for people with large super balances should be wound back.
“The GST debate needs to be had openly and honestly with the people and while the FiftyUp Club survey indicates older Australians are even split on the need for any change a significant number are open to conversation,” said FiftyUp Club spokesperson Christopher Zinn.
MEDIA ENQUIRIES:
Jackie Levett, FiftyUp Club media contact
EMAIL: Jackie@fiftyupclub.com
PHONE: 0434 995 611