Time to ditch the windfall mentality about minerals and energy

The budget is set to benefit from ‘windfall’ tax revenue from energy and mining. But it’s time to see those sectors as core to tax policy.

(Image: Private Media)

It must be budget time again, because consultant Chris Richardson has emerged to prognosticate on the state of the national finances in one of the more pointless rituals of the fiscal calendar.

In a special treat, we’re having it twice in 2022 due to Labor deciding it wants its own crack at the 2022-23 budget after the previous government had a go in late March.

Richardson’s predictions were used by The Australian Financial Review to warn “tax payments as a share of the economy have hit a 16-year high and could surpass the former Coalition government’s tax cap”.