Taxation & Finance

The Great Australian Party (GAP) proposes a finance, bank and tax review, replacing the GST with a complete reform of the tax system according to sections 51(ii), 55 and chapter IV of the Constitution, it is the only way to resolve the inequities, complexities, disincentives and punishing nature of this tax system, that imposes too much burden on the shoulders of low and middle income earners and seniors, whilst large multinational companies are exempt from paying tax in Australia. It benefits fully imported products, at the expense of Australian jobs.

GAP will abolish income tax and remove compulsory super. This will automatically bring in 33% more revenue in the home of every working Australian.

GAP will replace it with the 21st Century Electronic Transaction Tax that will remove all the inequities, supply sufficient revenue direct to treasury and eliminate taxation as a political issue. Banking and currency will return to government control, value of the dollar will be controlled by the wealth of our resources and not foreign speculation, restrictions on other Australian financial institutions will be removed, especially credit unions. A National Superannuation fund will be set up, to invest in national development, as an alternative to private funds. A real “Peoples Bank”

GAP is committed to reform of the financial system and we propose reinstating Australia’s “Peoples Bank” eg: Commonwealth Bank founded by King O’Malley and operated from 1912-1923. It exercised a powerful check on interest rates during the inflationary WW1 period and handled loan allocations at a much lower rate than private banks, with half the profits being placed to the credit of the National Debt Sinking Fund. It was so successful that political pressure was bought about to eventually privatise it.

According to the “Chrisby Papers” it would be constitutionally OK to set up a people’s bank e.g.: “Constitutional Bank” or even the “Bank of Australia”. We also propose to free restrictions on credit unions to allow them to compete with foreign banks.

GAP is ashamed of our Government Ministers who travel around the world with begging bowls, cringing at the feet of foreign countries and multinational investors, in an attempt to borrow money to pay for our imports, foreign aid and fund their economic mis-management of our economy. GAP believes that they are abrogating their elected responsibility to the Australian people. GAP will correct the situation, starting with taxation reform, financial reform, retention of our public assets, developing our vast resources of minerals and energy and processing them here, re-regulation to protect our rural industries and reduce fuel prices and in so doing create wealth, jobs and prosperity for all Australians and not just a few wealthy multinationals.