“It’s extraordinary”: The concessions that show the system is “rigged” in favour of Baby Boomers

The Australian tax system is too heavily weighted in favour of Baby Boomers.

That’s the take of the economics editor at The Australian newspaper.

Adam Creighton told Neil Mitchell the number of aged-based tax concessions were “extraordinary” and “cost the budget a fortune” each year.

“Some of them are quite little known,” he said on 3AW Mornings.

“We’ve created this huge class of people in society who don’t pay any tax, even though they’re in quite a good position financially.”

He said there needed to be a major overhaul and simplification of the Australian tax system.

Neil Mitchell: “So you’re saying the system is so heavily rigged in their favour that it’s harming the rest of the country? Is that a fair comment?”

Adam Creighton: “I think it is. I think it is.”

Click PLAY below to hear him explain why