Release of Henry review consultation papers

The Australia’s Future Tax System Review Panel today released consultation papers on the broader tax-transfer system and retirement incomes.

These papers follow recent public submissions where a wide range of views were received from people and organisations around Australia.

Family assistance and government family payments are a key part of Australia’s Future Tax System Review.

At various times in our lives, almost every Australian will come into contact with the $70 billion transfer system.

Payments like Family Tax Benefit, Age Pension and the Baby Bonus are all part of Australia’s transfer system.

Australia has changed enormously over the decades. But our transfer system has not kept pace.

The Government is determined to make the tax and transfer system fairer, more competitive and geared to the challenges of the future.

We need a responsive and targeted social and income support system that meets the changing realities for Australian working families, is geared to workforce participation and provides adequate support for life changes.

It’s time for a modern system to support modern Australian families.

I thank the panel for their work on developing these consultation papers.

I encourage members of the community to continue to make submissions to the inquiry into Australia’s Future Tax System.

Please visit Australia’s future tax system website (www.taxreview.treasury.gov.au) or call 1800 614 133 for copies of the papers and more information on the review.