Known as the Lizard of Oz, Paul Keating isn’t that popular but he has come good by suggesting that the Federal government take an axe to the budget rather than look at raising taxes.
It should be possible to strip $90 billion out of the federal budget — a cut of 20 per cent — Paul Keating claims, based on his achievement as treasurer through the late 1980s.
The former prime minister said yesterday that the burning issue should not be taxes but rather how to adjust the budget to the reality that the income the world was paying us had fallen, and this was cutting both personal and company taxes.
“All these things are pushing down on commonwealth revenue and, when it has been so affected, the penny ought to drop that we ought to be cutting spending,” he said, noting that Scott Morrison was correct to highlight this. Read more »