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PKF Australia

Accountants and Business Advisers

Have All Australians Become Frogs?

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Nick Falzon

Partner

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Have All Australians Become Frogs?

Does anyone remember the fable of a frog being boiled slowly? A frog dropped in boiling water would hop straight out but if you put the frog in cool water and warmed it gently the poor little frog would boil to death.

The current government’s personal and corporate tax cuts with corresponding reductions in spending are sensible and were enough to get the government reinstated but to maintain our quality of life Australia needs an efficient, modern and effective tax regime. This needs a thoughtful, innovative approach from government and, with a majority in the lower house, the Coalition government can realistically look to pursue this.

The alternative I fear is a slow boil where a perceived level of comfort leads to no real action, no risks taken but no improvements made in our tax system and by the time we all see the danger it may be too late. Without ongoing, genuine reform our tax base will erode, our workforce will not have the skills that are valued in this century, multinational companies will not base significant operations here and the next generation of Australian companies will not be developed. All in all, this group of frogs will boil and may not notice the trouble until it is too late.

Fortunately, the alternative view of the future sees our country leveraging off our strong economic base, creating an economic and tax environment that stimulates. This sees the nation utilising our incredible Human Resources and continuing to punch well above our weight internationally. All resulting in this continuing to be the best place on Earth to live and work.


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