Penny-pinching is just a first step for the budget

BCA suggestions to move away from inefficient taxes are sensible but Australia also desperately needs to address the aged pension and superannuation policies.

According to the Business Council of Australia, tough spending cuts, increased taxes and extensive economic reform will be needed to get the federal budget back to surplus. The reality is the government will have to address not just spending but also revenue, tax loopholes and welfare if it hopes to create a long-term sustainable budget.

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