The following explanation by economist, professor, author, lawyer, and political commentator Robert Reich, applies to the situation in the United States; The same can be applied to Australia The only difference is that the amount, will differ, due to a smear economy and population. But it will still be an equivalent to meet similar needs. Taxation reform and on this scale should be part of our conversation.
Wealth tax: $2.75 trillion
Funding the IRS: $1.75 Trillion
Taxing Wall St trades: $777 Billion
Repealing Trump tax cuts: $500 Billion
Raising the top tax rate by 1%: $123 Billion
Eliminating loopholes: $119 Billion Total: $6 Trillion. Nearly double the cost of Joe Biden’s Build Back Better reconciliation bill.