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Ryan Bridge: Should we care what the IMF thinks? · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Don't you find that just a little bit annoying when
• 0:02
  Speaker 1: some economists or think tank or some group comes to
• 0:05
  Speaker 1: our country tells us what they think we need to
• 0:08
  Speaker 1: do to make our country better. There's the odd case
• 0:11
  Speaker 1: where you'd want to listen former world leaders, current world leaders,
• 0:14
  Speaker 1: banks who lean your money, rating agencies who dictate your
• 0:18
  Speaker 1: cost of borrowing, Oh, listen to that. But your oecds,
• 0:22
  Speaker 1: your IMF's, your world banks are United nations. Do we
• 0:25
  Speaker 1: really care? They all come down here. Someone tells them
• 0:28
  Speaker 1: that we don't have a capital gains tax and they say, ah, well,
• 0:31
  Speaker 1: I know what you need, a capital gains tax and
• 0:34
  Speaker 1: raise your pensionage. The IMF is here doing this right now.
• 0:38
  Speaker 1: They outline the problem quite well. We have a structural deficit.
• 0:41
  Speaker 1: Government spends more than it earns. We all know this.
• 0:44
  Speaker 1: It's borrowing money from the rest of the world just
• 0:46
  Speaker 1: to keep our heads above water. It's struggling paycheck to paycheck,
• 0:49
  Speaker 1: taking out payday loans to cover the in betweens. That's
• 0:52
  Speaker 1: what we are. In fact, it's gotten so bad. I
• 0:55
  Speaker 1: did some numbers on this, told you about it earlier
• 0:57
  Speaker 1: this year. Next year, five and a half thousand dollars
• 1:02
  Speaker 1: of taxes that you pay as a household will go
• 1:05
  Speaker 1: straight to paying the interest bill on our debt five
• 1:10
  Speaker 1: and a half grand a year just in interest, more
• 1:13
  Speaker 1: than we spend on schooling our kids through primary and secondary.
• 1:17
  Speaker 1: Insane right. Debt servicing is now the fourth largest line
• 1:21
  Speaker 1: item on the government's books, according to Treasury. So enter
• 1:23
  Speaker 1: the OECD or the IMF or the OEIMF who cares
• 1:28
  Speaker 1: their solution a comprehensive capital gains tax that could raise
• 1:33
  Speaker 1: the equivalent of one percent of GDP, roughly harving the
• 1:36
  Speaker 1: country's fiscal deficit. A deficit they say we should pay down. Yeah.
• 1:42
  Speaker 1: The problem with demanding more tax to pay for bad
• 1:46
  Speaker 1: spending is that it encourages more waste and gluttony. It's
• 1:50
  Speaker 1: like gorging on fast food, paying for the skinny jab
• 1:53
  Speaker 1: and then getting fat all over again. You don't learn discipline,
• 1:56
  Speaker 1: there are no consequences to it. And once the structural
• 2:00
  Speaker 1: deficit inevitably arrives, which will you know what? The im
• 2:06
  Speaker 1: O E c d S will recommend another bloody tax.
• 2:10
  Speaker 1: For more from early edition with Ryan Bridge. Listen live
• 2:13
  Speaker 1: to News Talks it' B from five am weekdays, or
• 2:16
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