Australia's Treasurer invites tax-system overhaul discussion

Sydney

AUSTRALIAN Treasurer Joe Hockey invited discussion on the biggest shake-up to the nation's tax system in more than 60 years, seeking to reduce the government's reliance on income tax as the population ages.

"The problem we face is that our current tax system, which was designed before the 1950s, is ill-suited to the 2050s," Treasurer Joe Hockey said on Monday in a statement accompanying a tax discussion paper. "As a result of changes driven by globalisation and the rise of the digital economy, Australia's heavy reliance on income taxes may be unsustainable."