As it becomes more apparent that Malcolm Turnbull’s ‘trickle-down’ economics has been rejected by voters and given that Standard & Poor’s have put Australia’s credit rating on notice, it makes sense for the incoming government to undertake structural repair to the budget.
Neither the $50 billion company tax cut nor $18 billion worth of “zombie savings” are likely to see the light of day. Turnbull could take on Labor’s changes to negative gearing and the capital gains tax and accept the AMA suggestion that the Medicare levy be increased.
Even Labor’s superannuation changes should be in the mix. This would allow for bipartisan support something that has been lacking since 2009 when Tony Abbott began his bloody-minded approach of opposition for opposition’s sake.