Gina Rinehart's financial advice for Anthony Albanese
Gina Rinehart has offered some free and unsolicited financial advice to Prime Minister Anthony Albanese in the wake of his divisive Federal Budget.
Australia's richest woman, who has no experience in politics, suggested cutting the fuel excise and halting immigration would have a greater positive impact on the economy, as opposed to the Albanese government's measures to curb the cost of living.
Rinehart has been critical of the $300 handout to combat energy bills regardless of household income, and believes that a big-spending budget is not the best way forward.
Rather than tax Australians more to hand the money out again through handouts and welfare, she said lower taxes overall was a better way forward.
Ms Rinehart said cutting fuel tax, which the government has rejected as too expensive, was one option.
“I have advocated strongly for the government to directly reduce costs of living for Australians by cutting their fuel excise taxes, which would spread not only to car users, but all products that require transport,’’ she told news.com.au.
“I have also advocated for cutting other taxes, payroll tax, stamp duty and license fees, that not only would bring down the cost of living, but were supposed to have been cut when GST was introduced decades ago."
“Big spending, big government costs all (which I advocate against), and adds to the costs of living."
“Recycling taxes paid is very inefficient, the taxpayer is actually better off paying less tax, and spending their income as they prefer.”
Ms Rinehart, who has racked up a net worth of over $46.5 billion AUD through her investments into mining, has previously suggested a better way is to cut taxes and allow people to keep more of what they earn.
“To help people suffering the most on low incomes, such as veterans, pensioners and uni students, if the government really cared about these fellow Australians struggling with high costs, they would remove the onerous government paperwork and their unfair limits on pensioners, veterans and students working hours, each of whom face higher effective tax rates than me if they choose to work above a very small threshold of hours,’’ she said.
“Letting Australians who want to work, work, would be not only better for those Australians and their families, but would save the need for the government’s very expensive policy of hugely increased immigration, to allegedly bring in more workers.”
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