Time and again, you see an embarrassing lack of subject matter expertise in ABC economics coverage.
’s company tax analysis imploded at ABC News, the public broadcaster is at it again, on Friday publishing anon stage 3 tax cuts entitled, “These tax cuts are set to reshape Australia’s budget”, and subtitled, “Do you understand their true scale?”
This is mindless stuff. In economic and accounting terms, the taxation is a flow value, while the capital expenditure items are stock values. Stocks and flows are not commensurable, as evenWere the ABC looking to illustrate a meaningful comparison, why didn’t they put the legislated tax cuts beside total Commonwealth tax receipts over those 10 budgets of approximately $8 trillion? Readers would be scrolling for a month.
It is ironically our society’s most socialistic cohorts – Millennials and Gen Z – who will be predominantly on the hook for this bracket creep when, a decade hence, they enter the peak earnings years of their lives. The ABC’s analysis exists in an inflation vacuum , presenting the revenue impact of the tax cuts by their nominal value of $243 billion to 2035.of the tax cuts in 2020, ANU’s Centre for Social Research and Methods said this of using a nominal value: “For the accounting purposes of the Commonwealth government, this is appropriate. For economic and social analysis purposes, this approach is problematic.
Predictably, the ABC piece also gripes that only 20 per cent of the value of the stage 3 tax cuts accrues to Australians who earn less than $120,000 per year. Time and again, you see an embarrassing lack of subject-matter expertise in ABC economics coverage. Perhaps owing to that lack of in-house expertise, you continue to see ABC reporters producing so-called economic analysis that relies upon the talking points of the Australia Institute as if they were credible economic research.on Twitter for “helping with the maths”.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japan approves abortion pill for the first timeHealth ministry gives green light for two-step treatment to end pregnancies up to nine weeks
Read more »
Previously unseen photos show Obama White House at time of Bin Laden raidImages show president plus Joe Biden, Hillary Clinton and advisers focused on Afghanistan operation that killed al-Qaida leader
Read more »
Flanagan's time not over at Belmore despite teen impressingCameron Ciraldo insists the immediate future of playmaker Kyle Flanagan remains at Belmore despite indicating he wants to see more of Matt Burton and Karl Oloapu as the side’s halves.
Read more »
‘Cool time to be making shit’: why artist Illma Gore is optimistic about the rise of AIShe’s being sued by Marilyn Manson and is hated by Trump supporters but the Brisbane provocateur is focusing on the bright side
Read more »