Productivity and Prosperity? Yes Please!
Last month, the Productivity Commission delivered a damning assessment of Australia’s productivity performance over the last 12 years in the discussion paper Increasing Australia’s future prosperity.
They asked for submissions with fresh ideas. Prosper has a few:
• Attack rent seeking at its source by taxing land rents through a land value tax
• Unwind monopoly abuse wherever it is found
• Reframe the current narrative asserting the private entitlement to gifts of nature
• Lift the tax burden from labour, which sulks, fails to replenish itself or leaves
• Lift the tax burden from capital, which must pass it on or wear out
• Fund infrastructure investment from land rates and charge for it at short run marginal costs
• Democratize the profits of mineral extraction