Get Ready For Less
PwC analysis to be released on Tuesday shows taking the GST to 12.5 percent and extending the tax to fresh food, education and health would raise $40 billion a year, enough to help the states axe taxes that could hold back the post-pandemic recovery. Shane Wright, Brisbane Times.
Personal Finance Commentator Noel Whittaker advised against running down assets, such as buying expensive holidays or caravans, to qualify for the full Centrelink benefits. The value of Centrelink payments will erode if inflation picks up. A 2.5 percent rise in the GST is in effect inflation. The LNP government may increase payments by the equivalent amount to compensate, but highly unlikely.
If the GST is raised, and you rely on Centrelink payments, you will have less.
This from the same article: Federal Treasurer Josh Frydenberg, facing a budget deficit of more than $200 billion this financial year, has made clear the states will have to cover the costs of any reform.