Australia’s economy after COVID-19

If high youth unemployment persists and grows, do we again establish National Service or something similar for any unemployed 18-22?

With regard to taxation, can we impose a turnover tax on global corporations who often pay no tax. The Australian Tax Office reported that of 2,214 entities (1,197 foreign-owned) examined for the 2017-18 period, 710 still paid no tax despite tougher anti-avoidance laws. For example, Google and Facebook pay less than $40 million in tax as much revenue is still channelled via low-tax countries like Singapore.

Do we really need to pay senior public servants so much pay?

Do we really need to fund the ABC and elite sport so extensively?

Why not fund elite sport (and stadium refurbishments) through a national lottery as the UK does.

Do we attach ties to foreign aid which can deliver benefit to both the recipient country and Australia, say through investment in local manufacturing production which can build wealth in the recipient country and provide cheaper manufacturing products for our country, rather than rely upon China for just about everything.

Do we spend billions on water infrastructure to deliver water to Australia’s dry interior to help food production and help water proof vulnerable communities?  

Do we again examine superannuation tax breaks and the fairness of franking credits?

Should Australian governments utilise an extremely low interest rate environment, predicted in 2018 to last for the next 20 years, to borrow and improve important physical structures that aid society and economic expansion such as roads, bridges, ports, public transport, and sewer systems?

Do we draw upon the Future Fund and Industry and Retail Super Funds (worth around $2 trillion in long term capital)?

In the end, however, government must take the lead and help revive Australia in order to create greater per capita wealth rather than rely on factors such as exports to China and high levels of immigration.  

If we don’t act soon to diversify our economy, our best days in terms of having a very high standard of living (and reasonable societal equity) may be confined to the pages of history.