Crisis Proofing the Australian Economy

Craige McWhirter
Thu, 16 Apr 2020 12:51:27 +0000
economics, politics

An Open Letter to Prime Minister Scott Morrison

To The Hon Scott Morrison MP, Prime Minister,

No doubt how to re-invigorate our economy is high on your mind, among other priorities in this time of crisis.

As you're acutely aware, the pandemic we're experiencing has accelerated a long-term high unemployment trajectory we were already on due to industry retraction, automation, off-shoring jobs etc.

Now is the right time to enact changes that will bring long-term crisis resilience, economic stability and prosperity to this nation.

1. Introduce a 1% tax on all financial / stock / commodity market transactions.

2. Use 100% of that to fund a Universal Basic Income for all adult Australian citizens.

Funding a Universal Basic Income will bring:

Economic resilience in times of emergency (bushfire, drought, pandemic)

Removal of the need for government financial aid in those emergencies

Removal of all forms of pension and unemployment benefits

A more predictable, reduced and balanced government budget

Dignity and autonomy to those impacted by a economic events / crisis

Space and security for the innovative amongst us to take entrepreneurial risks

A growth in social, artistic and economic activity that could not happen otherwise

This is both simple to collect and simple to distribute to all tax payers. It can be done both swiftly and sensibly, enabling you to remove the Job Keeper band aid and it's related budgetary problems.

This is an opportunity to be seized, Mr Morrison.

There is also a second opportunity.

Post World War II, we had the Snowy River scheme. Today we have the housing affordability crisis and many Australians will never own their own home but a public building programme to provide 25% of housing will create a permanent employment and building boom and resolve the housing affordability crisis, over time.

If you cap repayments for those in public housing to 25% of their income, there will also be more disposable income circulating through the economy, creating prosperous times for all Australians.

Carpe diem, Mr Morrison.

Recognise the opportunity. Seize it.

Dear Readers,

If you support either or both of these ideas, please contact the Prime Minister directly and add your voice.