When you lose your money, you lose everything
- by admin
FourFourtwo Australia is no longer the financial powerhouse it once was.
With the introduction of the new capital gains tax, the country’s economy has been in a tailspin.
With almost half the country left in default, the nation has had to slash its budget, while also cutting public services.
In an interview with The Australian Financial Review, Dr James Coyle, head of the Institute of Public Policy, said Australia’s economy had entered a “crisis”, and that the government needed to find a way to address the countrys problems.
“We are not a strong economy and we have lost our way.
We have had to do a lot of tough decisions on everything, including tax and spending,” Dr Coyle said.
Dr Colloy said Australia had lost almost $600 billion to the state and territory governments, and that “it is now a very fragile and vulnerable economy”.
“I have been to New York where we have been in crisis mode, and it is now one of the safest places on the planet,” he said.
The Australian Treasurer, Scott Morrison, said in a statement that “this is a crisis for the Australian economy and the nation”.
“This is not a crisis of the economy or a crisis with Australia,” he added.
“The Government is working to address it and ensure that the long-term welfare of the Australian people is not jeopardised.”
The Treasurer said the Government would take action to reduce the burden on the public finances, and had a plan to address Australia’s debt problem.
The Budget, however, did not contain any mention of the capital gains levy, nor did it contain any specific plans to address its impact.
The Reserve Bank also did not release a statement on the impact of the changes.
The government said the Capital Gains Tax would apply to people who made less than $75,000, but the changes were likely to affect a broader range of Australians, with businesses likely to be impacted.
Mr Morrison said the changes would allow the Government to “put the brakes on” spending and debt, which has led to a financial crisis.
“This means the Government is looking to put in place measures to cut the impact that we have had on the economy,” he told reporters.
Dr James said Australia was in a “very difficult situation”, with almost half of the population in default and a debt of more than $500 billion.
Dr Martin said the new tax would hit the poorest Australians the hardest.
“I think the poorest people in Australia will be the hardest hit by this, because they are most vulnerable to the impact,” he explained.
The Government has also cut back on public services, cutting funding to universities and hospitals, and reduced welfare payments. “
There’s a lot more pressure on the Government because they’re already facing significant debt.”
The Government has also cut back on public services, cutting funding to universities and hospitals, and reduced welfare payments.
It has also announced that it would scrap the carbon tax and the “super-rich tax”, but has not made any further announcements about its plans.
The Treasurer, Joe Hockey, said the government was “focusing on delivering a strong and stable economy”.
He said that while “we have had a challenging year” the Government was determined to deliver a “fair budget”.
“The key to Australia’s long-run economic success is delivering a fair budget for the public,” Mr Hockey said.
“As the economy has contracted, the Government has cut spending, introduced higher taxes and cut back public services.”
FourFourtwo Australia is no longer the financial powerhouse it once was.With the introduction of the new capital gains tax, the…
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