The federal government has released the report of the National Commission of Audit.
The report makes 86 recommendations – 64 dealing with budget finances and 22 dealing with public sector performance and accountability as well as infrastructure.
The Commission says: “The recommendations offer savings estimated at $60 to $70 billion per year within ten years. On top of this with the reduction of debt there will be a significant annual saving in interest.”
Amongst other things, the report calls for the income taxing power to be returned to the states in order to address vertical fiscal imbalance and to allow the states to be 100% responsible for policies in areas such as education and health. [Read more…]