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Dracula in Charge of the Blood Bank

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  • Geoffrey Kingston

Abstract

The Harmer—Henry pension and tax review resulted in an increase in the common value of the single rate of Age Pension and Disability Support Pension from 25 per cent to 28 per cent of male total average weekly earnings. It also recommended a Resource Super Profits Tax that would have initially taxed mining ‘rents' at 36 per cent, on top of the pre-existing 30 per cent federal taxonprofits. These recommendations represent two sides of the same coin: higher federal spending alongside higher federal taxes. The pension rise is likely to reduce participation in the labour force. The proposed tax rise would discourage mining activity as miners considered their options to delay or abandon projects. There is a lot to like at the level of detail in the Harmer—Henry package, but future efforts to reform our tax-transfer system should focus on promoting saving and investment, including investment in human capital.

Suggested Citation

  • Geoffrey Kingston, 2011. "Dracula in Charge of the Blood Bank," The Economic and Labour Relations Review, , vol. 22(3), pages 27-44, November.
    • Handle: RePEc:sae:ecolab:v:22:y:2011:i:3:p:27-44
    DOI: 10.1177/103530461102200303
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    References listed on IDEAS

    as
    1. Geoffrey H. Kingston, 2000. "Efficient Timing of Retirement," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 831-840, October.
    2. Pindyck, Robert S, 1991. "Irreversibility, Uncertainty, and Investment," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-1148, September.
    3. Schwartz, Eduardo S, 1997. "The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging," Journal of Finance, American Finance Association, vol. 52(3), pages 923-973, July.
    4. repec:bla:ecorec:v:70:y:1994:i:210:p:315-40 is not listed on IDEAS
    5. Geoffrey Kingston, 2009. "Financial Plans for Baby Boomers: How Much Risk?," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 65-74, June.
    6. Deborah Mitchell & Ann Harding & Fred Gruen, 1994. "Targeting Welfare," The Economic Record, The Economic Society of Australia, vol. 70(210), pages 315-340, September.
    7. Michael P. Keane, 2011. "Labor Supply and Taxes: A Survey," Journal of Economic Literature, American Economic Association, vol. 49(4), pages 961-1075, December.
    8. Geoffrey H. Kingston, 2000. "Efficient Timing of Retirement," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 831-840, October.
    9. repec:syd:wpaper:9903 is not listed on IDEAS
    10. Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, vol. 58(2), pages 135-157, April.
    11. Hazel Bateman & Geoffrey Kingston, 2010. "The Henry Review and Super and Saving," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 43(4), pages 437-448, December.
    12. Geoffrey Kingston, 2006. "Choice of Tax Regime for Superannuation Contributors," Australian Accounting Review, CPA Australia, vol. 16(40), pages 41-46, November.
    Full references (including those not matched with items on IDEAS)

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