If you’re one of the millions of Australians who haven’t seen the new Netflix series, you might not be able to tell the difference between the flat tax and a tax hike.
In a nutshell, the flat is what the government has proposed to change from 1 per cent to 1.5 per cent.
This would apply to the tax rate paid on goods and services from a single business.
There would also be an exemption for companies with 10 or fewer employees.
But what do Australians think about the flat?
A recent poll by Newspoll found that 80 per cent of Australians are against the flat rate.
That’s compared to 68 per cent who are in favour.
In fact, just over one in five Australians thinks it would be good for the economy if the flat was raised.
As the ABC reported last week, the Australian Bureau of Statistics has been predicting a rise of more than 2 per cent for several months now.
“It’s a matter of confidence in the economy,” said Stephen Gorman, the chief economist at the Australian National University’s Centre for Economic Performance.
“We’re not just looking at the numbers and the economy, we’re looking at what people are actually feeling in terms of the confidence in their economic outlook.”
And for those of us who are a little wary about the rise in the cost of living, it may be just what we need.
It has been revealed that the median household income in Australia was $50,000 last year, a decrease of about 4 per cent from last year.
The latest figures from the Reserve Bank showed the median income was $71,000 in June.
For the first time in almost four decades, Australians are expecting to live longer.
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