The IMF just dropped a bombshell on Australia, saying that Interest rates should be hiked even higher and the Australian governments should slash spending to avoid stoking inflation. And proper tax reform was essential as an optimal tax package for growth and equity should rely more on the GST, take pressure off personal income tax paid by workers and crack down on capital gains tax breaks.
Now, let me say the IMF has a particular free-market neo-liberal western economic spin, but their comments are pretty damming and need to be taken seriously. Yet of course the Australian polies were quick to claim the IMF somehow endorsed their current policy settings – what – read the report Albo!
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