A global advisory group has warned that without meaningful tax reform the budget will remain in structural deficit for the next 15 years.
KPMG Australia has unveiled a series of proposals - just days out from Treasurer Scott Morrison's first budget - focusing on health, superannuation, welfare and education sectors aimed at improving the budget positions by around $12 billion a year over the long term.
But on tax, KPMG chief economist Brendan Rynne believes without reform government tax receipts won't cover government payments at any stage until at least 2030 and urges the government to either tax more or spend less - or better still, do both.
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