Australia eclipsed Qatar during 2017 as the words largest exporter of liquid natural gas (ABC News). Qatar receives approximately $42 billion dollars a year in royalty payments while Australia receives less than $1 billion. Royalty payments are received for the use of resources held by the country. Australia is letting over $40 billion a year walk out the door due to poor financial management by our politicians.
One of our well known mining companies in WA is worth 23 billion dollars (Forbes). This is just the wealth of one of many mining companies operating in Australia. Western Australia is in the red to the tune of 32 billion dollars due to once again financial mismanagement of resource royalties by state governments.
The top 700 companies in Australia pay no tax. Therefore placing an increasing burden on the average Australian to pay more tax to fund necessary infrastructure and services.
Over 600 family trusts were created during 2017 (ABC news). Australia now has over 800,000 trusts in operation. These trusts according to the ATO cost the Australian tax payer over $3 billion dollars per year.
The Australian national debt is circa $551 billion. The budget deficit had a shortfall during 2017-2018 of $29 billion. In simple terms we have a mortgage of $551 billion but our available revenue to pay cost of living and the interests on the mortgage at the end of every year is short $29 billion. Then we increase our mortgage by the shortfall amount. Therefore, it should now be obvious that major financial surgery is in order. See my policy tab to see where the money can be found without placing a burden on the taxpayer. Our politicians talk about saving a million here and there is simply window dressing and kicking the can further down the road.