Standard Chartered economist predicts GST will be raised to 10 per cent by 2012
Written by Our Correspondent
According to a Bloomberg report on 18 February 2010, Singapore may incur a budget deficit of as much as S$8.1 billion dollars or 3 per cent of its gross domestic product this year.
It will be the third consecutive budget deficit after a predicted deficit of S$8.7 billion dollars in 2009 when the reserves were tapped to give cash to companies and citizens to shower the reccession.
While economists say that there are unlikely to be changes to corporate and personal income taxes, GST may be raised to boost government revenue.
“Given the likelihood of a sizeable deficit by Singapore standards, we doubt that the fiscally conservative government will judge it timely to further deplete a major source of government revenue,” said Kit Wei Zheng from Citigroup.
Alvin Liew from Standard Chartered made a bold prediction:
“We forecast that the GST will be raised to 10 percent by 2012 as an expected increase in tourism broadens the domestic consumption base, making indirect taxes a more significant contributor to government revenue.”
GST was raised from 5 to 7 per cent in 2006 just after the election amidst much public displeasure.
Prime Minister Lee Hsien Loong claimed that the GST hike was necessary to “help the poor”, but till now he had not explained how it had helped the lower income group in Singapore.
The budget deficit incurred pales in comparison to the billions of dollars lost in failed overseas investments by Singapore’s two sovereign wealth funds Temasek Holdings and GIC.
The Chairman of GIC is Singapore’s octogenarian leader Lee Kuan Yew while Temasek Holdings is led by his daughter-in-law Ho Ching. None of them have prior experience in the finance industry.
GIC is expected to lose more than S$10 billion dollars when its stake in Swiss bank UBS is converted entirely to shares on 5 March.
Till today, nobody knows exactly how much GIC has lost though its Deputy Chairman Dr Tony Tan revealed that it has since “recouped” half its losses due to a stock rally last year.
As for Temasek Holdings, it is an “Asian investment firm” owned entirely by the Ministry of Finance and therefore is not “accountable” to the people of Singapore.
With the next election looming around the corner, Singaporeans can expect a bag of “carrots” to be dangled in front of their eyes after which GST and other taxes will be increased when the ruling party gets voted into office again with another “overwhelming mandate.”
PM Lee unveiled a “progress package” for Singaporeans before the 2006 elections. After he won another 5-year term, one of the first things he did was to raise the salaries of himself and his ministers.
Singaporeans should not be too concerned if GST will be raised to 10 per cent. Even if it’s raised to 20 per cent, there is nothing they can do about it.
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We need to start a petition to ask for details on a number of key concerns for singaporeans.
1. What will the GST be from the upcoming election to the next election.
2. What will be the target foreigner (includes PRs) to singaporean ratio be.
3. What will be the target rate of absorption of new citizens
4. What is the HDB pricing policy.
5. What will be target Gini coefficient
If the prediction comes true, that will be a lot especially if you were to buy a more expensive thing say $100,000 then 10% will be $10,000.
gic/th contribute to the govt budget.
if they make losses, that source is gone.
LHL doesn’t do s’pore any good.
^@concerned
1. 10%. With a well-timed ‘offset package’ that is more generous than usual, especially once every 5 years.
2. Singaporeans + PRs = one category = Singapore residents. Pink cards and blue cards are considered as one happy family to make it easier for calculating some sensitive statistics.
3. 6 million target population. Fertility rates of born and bred Singaporeans dropped to new low. Foreigners will make up the rest. Do your own calculations.
4. HDB flats will always be ‘affordable’ and ‘good investments’. Apply for a 30-year old loan if you can’t handle the monthly payments. Nothing better than to pay till you’re in your sixties and beyond for a 99-year lease home sweet home.
5. Gini coefficient is not important. Our beloved LKY says so, so it must be true. Economic growth, at any cost, is more important.
The idea behind GST is for more consumption based taxation rather than across the board income taxation. If GST increases is coupled with income taxation reduction, then there is no problem, right? The last round, GST increases was coupled with GST rebates given out to families. This is to offset the incremental hardship on the underprivileged. THe only valid question is whether it is sufficient. Again, public perception is that it is not sufficient. (What is, anyway?)
To Concerned:
I personally am a bit flabbergasted by the immigration surge we had in recent years. However, the fact is that we need a critical mass of population for economic growth, which cannot be sustained purely by “bumiputra” reproduction. Hence, for as long as our birth rate is 1.2 therabouts, we will always need immigration. Immigration in itself is not a bad thing – this is how Sg started. But we want to attract the right kinds of immigrants – people with passion for the country, people who want to set up home here and defend its way of life. I would frown upon the PRs who refuse to take up citizenship – cos they are not here for the long run. I am for the idea that after 5 years of PR, deserving individuals be given a citizenship offer. If they refuse, they shoud go within half a year.
It’s a done deal. Don’t need an economist to tell me.
The best assurance of a government that will listen to its people by having a sizable opposition in government.
Anyone trying to reason with the PAP or bargain with them on this count will be heading the wrong way. PAP only believe in the poll result and nothing else.
In the forth coming election, PAP will once again garner the majority vote because they know the electorate just too well. The electorate in Singapore is just a selfish group of people that see immediate gain and benefit and will sympathize with the PAP once they achieve in getting what they want in bread and butter. Plus a little pork barrel, the people will not mind to go for more PAP years and the final result is the same election after election.
Unless our people focus on the important of having opposition in parliament than just simply lobbying for better job offers, cheaper housing and what’s not, PAP will be able to brain wash the electorate to vote their way. The promise of better quality jobs, cheaper housing is nothing during a time when election is near but it will confuse the electorate into believing that the PAP is a government that will concede to their request. All these is nothing but a ruse to give them the mandate to rule for five more years, once they are back there to hell with the people want, it is back to business as usual, it is always about what the big boys want in their pay packet. Then you die your business.
Citizen pressure can be effective when election is coming, thereafter citizen can do nothing. With opposition in parliament, everyday the citizen can advice the government by voicing out their displeasure and works through the opposition. Only with opposition in parliament, we can ensure that PAP is kept at their toe to provide the people the right service and become less arrogant.
Don’t be distracted by red herring, go for the fundamental and that is we want true democracy through the participation of multi party politics in Singapore. Once that can be achieved, everything else will come.
Money is needed to pay for the budget deficits. The easiest and cheapest way is to raise GST. It is a regressive approach. However, is the increase from 7% to 10% sufficient to cover the gap between revenue and spending? If inadequate, govt needs to cut spending!! An unlikely scenario scenario as it means a self-induced economic contraction.
Another item in the budget to pay watch is the investment income. If it increases, does that mean that those reserve managing agencies( though not doing that well) are declaring big dividends? Look like we are vulnerable because the options the govt has are narrow.
I may sound negative but our FM is likely to be very optimistic on Monday 22022010. Let us hear what he has to say
NOT SURPRISING at 10%GST.
Last hike from 5% to 7%GST was implemented after GE In 2006.
At 7%GST, the govt squeezed S$5.25 billion yearly from Singaporeans.
So, an increase to 10%GST, the govt squeezing more i.e. upto S$ 7 billion a year……imagine S$ 7 billion a year..
If you are expecting transparency and accountability from the PAP, think again. It is worse than like pulling teeth.
I was living in HK when the HK govt contemplating the introduction of GST – Donald Tsang came to Singapore to “study” how we were able to introduce, maintain and even raised it from 3% to 5% and later 7%.
Singapore Officials are so proud that they can implement whatever policies they want without the big hoo haa that is seen in Taiwan and HK.
- Local Singaporeans don’t care, don’t really get to know, and nothing is really debated. Only Informed.
- Donald Tsang trip was much publicized in the South China Morning Post and you can imagine the back lash from the locals in HK.
As a society, there are many pages that we can learn from HK!
Again raising GST?
Are we going to see the same stupid frontpaper newspapers flash, “GST good for low income workers.”
I am going to switch “OFF” my TV set to avoid watching silly charts and powerpoint showing rubbish about GST hike is good for low income workers. A mockery of the system!
The Live TV presentation is making the whole world looking rather “STUPID” as commented by my German colleagues.
The era is lower tax regime is definitely gone for this decade. Government’s coffer worldwide in the last decade were artificially boosted ( but unsustainable) by reckless consumer spending pushing up corporate profits and corporate tax in Government’s hand. A lot of stimulus spending were “printed” money and they got to be paid for in interest and public borrowings. The end of the baby boom means smaller tax base and more must be extracted from both corporate and citizenry.
TOUGH TIMES ARE AHEAD for the poor as GST will rise. Energy shortage means higher oil prices and costs of food production.
I am worried for Singaporeans – for those with job nows and frightened of consequences for those unemployed now without a viable job to go back to in the near future.
The political landscape must change to be inclusive of Singaporeans in decision-making of shared destiny. The incumbent mob, in my judgment, is a bunch of sheep lost in the tumultuous sea. If we don’t change in the next election, I am sure we will perish as a nation except for the very wealthy businessmen and wealthy politicians.
We need the oppositions to win more seats to help us ask these questions directly in parliament. If not as always the citizens here (in SG) will be voiceless. So its advisable to vote for the oppositions in the next GE to make our questions heard.
This is not news to me. I have heard many people predicted a 10% GST some time ago.
With this prediction from an expert, i fear the final nail is being nailed into the coffin.
No need to ask. They will give a vague answer
Dear Singaporean, this GST will not be the only one thing to go up right AFTER the election, all these listed below will follow one after other in random order.
GST to 9% at the minimum.
ERP, more gantry and higher price with longer ON time.
School Fee, from primary to tertiary.
Public Transport fee, from SMRT to SBS to taxi.
Carpark fee, from public carpart to HDB season carpark.
Utilities Fee, ie electricity, water, gas, refuse removal, conservation tax etc.
Town Council conservancy fee.
Property Tax, TV License, Road Tax.
Passport Application and Renewal.
Domastic maid levy.
Minister salary and MP allowance.
Everything above will be increased while our pay will be stagnant or reduced if we remain as employee. By the way, we could count ourselves lucky if we still have jobs.
ps: please feel free to add on to the list if you like.
Predict what shit? Whether GST is increased or not, it’s entirely up to the discretion of our Prince, Lee Hsien Loong. Making a forecast on GST probably means LHL would increase it eventually.
Only if there is an more than 1/3 of the oppositions in the parliament that can stop the PAP from passing any GST increases, look at Hong Kong. So folks, please vote wisely!
petition no use . Papayas have promised jobs but never deliver . Promise singaporeans comes first and now FT taking over all our jobs . Papayas will promise the sky before election and they will suck every drop from us after that . use brain lah .
Fully agreed.. Hope the opposition can take note of these questions for us the pure singaporeans.
Budget deficit? where is the breakdown of data to show we have budget deficit. Are we spending too much on foreigners as a result?
I suspect it is another daft excuses to UP GST so that HC can have more Singaporeans’ moniey to splurge on questionable overseas investments and ministers salaries can be UPPED again soon.
concerned on Sun, 21st Feb 2010 8:19 am
concerned,
there is only one way to get the answers to your questions from the pigs but it is not through petition.
the only way is to vote in as many opposition MPs in the next election and these opposition MPs will press the pigs for answers in parliament.
Singaporeans travel freely.
Go check out the GST in the developed countries. In fact, all developed countries have 2-digit GST a very long time ago.
State revenue comes from taxation, if you know economics.
You continue to milk the cows, they will run away as shown in many developing countries where the government cronies exact heavy bribes from such people. Investors and entreprenurs are MOBILE.
The more you buy the more you pay. Fair? However, GST can be lightened for staples to benefit the less well off.
Any solution to running a resourceless, no economies of scale, little red island and remain as a DEVELOPED COUNTRY?
To “concerned on Sun, 21st Feb 2010 8:19 am”,
To answer your 5 questions:-
1. What will the GST be from the upcoming election to the next election.
Ans1) 10% to 15%. Don’t worry, still affordable lah. And is for good cause, as we will use the money to help the less fortunate citizens. We also give out GST rebate ang baos, so don’t complain so much hor.
2. What will be the target foreigner (includes PRs) to singaporean ratio be.
Ans2) In the short terms of 5 years, target ratio of 1:1 foreigner to citizen. But not to worry. We will sponsor all the foreigners to become new citizens, so that ratio in 10 yrs will be 4:5:1 citizens:new citizens:foreigners. See? 9 out of 10 will be citizens! Good or not?!?
3. What will be the target rate of absorption of new citizens
Ans3) 100% absorption, most important to give them sweeteners to vote PAP. Appoint them to be in-charge of grassroots organisations, management of PA and CDC, top managers in GLCs and TLCs. All these will ensure their absorption!
4. What is the HDB pricing policy.
Ans4) Aiyah, say so many times in parliament already you still don’t understand —- market subsidy loh!! So stupid, no wonder we have to bring in so many foreigners — the clever ones don’t need to ask, those stupid ones just shut up and are hard-driving, work 365 days a year, 14 hrs a day; where got time to ask stupid questions?
5. What will be target Gini coefficient
Ans5) Our omniscient godfather already said Gini not important what. Got jobs can already. Don’t care if jobs are washing toilets or collect rubbish for $300/mth. If you are falling behind becoz the spurs not in your arse, that is your problem.
What?!? Don’t like the answers hah?!?
What to do? Blame your forefathers and karma lah… Let’s move on, ok?
The GST will increase to 15% not 10%.
Ultimately it is up to native singaporean to decide if they still wish to be under this government control and let them have all authority to do what they want.
Don’t grumble and regret when you vote for them this coming election.
Remember your family and relative, friends will be affected by your selfish, coward mentality & action. And you need to have a deep pocket for voting again this government
VOTE THE PAP OUT before they raise the GST to 10% !!
They are blood suckers taking from the people to enrich their own pockets !!
I am sorry to disappoint you, ‘concerned’ but you are not going to get any answer from the ruling party. Even if they give you an answer, it will be a wishy washy one that they can change anytime or interpret in any way that they like. Perhaps it is most likely that they don’t really have a clue themselves. They are more concerned with matters such as;
a. Increasing the GDP, which being tied with their performance bonus, will be substantial this year given the low base in 2009.
b. Finding ways to raise money so that they have more capital to gamble in international investments to make up for the losses that they have incurred in GIC and TH.
c. Going on oversea jaunts to give advice to the Chinese, Indians and the Middle Eastern countries to raise their international standing.
d. Look for more ways to convert PRs to citizens to dilute the electoral base to counter opposition amongst local Singaporeans.
I predict that come the next elections, when the PAP gets a bloody nose and lose more than a third of the parliamentary seats, they will dispense with all the niceties and officially do away with all the democratic window dressing. They want total freedom to do what they want, pay themselves what they want and put their goons and relatives in whatever positions they fancy. GST is only ikan bilis. LHL will not be able to do it but LKY will. It will then reveal LKY for what he really is, a dictator, a bully and a fraud. By that time it will be too late to save Singapore and we will go down in history in the company of Cuba, North Korea, Zimbabwe and many other African states.
LeeHaveLied is PM for say 5 years?
How many years of budget deficit are there?
At least 3?
Is that a sign of a responsible PM?
“Singaporeans should not be too concerned if GST will be raised to 10 per cent. Even if it’s raised to 20 per cent, there is nothing they can do about it.”
Precisely. And not just GST! Anything else there is also nothing they can do about it. Including PAP again winning 98% seats. Because opposition for one will again give 50% or more walkovers to PAP at elections.
2 things will take effect after the GE, i.e. 10% GST and the rest of the newly installed ERP gantries will also be turned on, if lucky enough the rate of those existing ones would remain unchanged. So, tell me how to trust the ruling party anymore???
to Grad,
yes, the developed countries has 2 digit GST, but they use it to strengthened their safety net, unfortunately singapore GST has done little to strengthen safety net
Higher GST for citizens, Higher Salaries for ministers.
The Mayans were right! 2012 means the fall of everything! People will be out begging on the streets, making Singapore more of a Stinkapore.
But I’m sure even we’ll survive until the real apocalypse. Because there is nothing we can freaking do!
GST 9% will surely be implemented after elections. It will be IMPLEMENTED, no need to think whether it will or not. GST at 9% is going to happen in a soon. Sad right? Income never increased by 2% but GST keeps going up. Most Singaporeans always think simple that no GST increases before election, but it is not before but right after election another 5 year term of torture. Rampant increases in fees, GST, food prices, Utility, Transports and as many thing you can think of. Can Sinkies wake up to the idea of not giving PAP 99% power? I am now looking forward to the 12% GST that is coming this election after next.
We can learn from the Malaysians. Vote in as many Opposition MPs as possible until PAP dosen’t have the two-third majority in Parliament. We will get GST exemption for basic goods and services just like Malaysia or better:
http://thestar.com.my/news/story.asp?file=/2010/2/11/nation/20100211122111&sec=nation
Remember, the more Opposition MPs voted in, the better future and welfare for ordinary true blue Singaporeans.
FOLKS,
START THE ROLLING CHANGE NOW. I HAVE READ AND HEAR SO MANY COMMENTS HERE WHICH SOUNDS SO HELPLESS AND DEMORALISING TO ONE’S SPIRIT.
KINDLY GO TO KENNETH LIN ,15YR OLD BOY PETITION AND SIGN UP. CURRENTLY IS 227 SIGNATURES, WE STILL NEED ANOTHER 223 SIGNATURES FOR HIM TO KICK START AND PUSH HIS AGENDA TO PAPPIES!
IF ALL FOLKS REALLY WANT TO SEE BIG CHANGE, GO TO HIS ARTICLE , CLICK PETITION AND VOLUNTARILY SIGN UP AND YOU WON’T BE HERE FEELING SO HELPLESS AND SO DEMORALISED. ALREADY MANY HAVE SO LIAO. DON’T WAIT ANYMORE. WE DON’T HAVE MUCH TIME LEFT! WE ARE FIGHTING OUR RIGHTS AS CITIZENS IN THIS FINAL CHANCE !!!!
GO NOW AND VOLUNTARILY SIGN UP! VOTE FOR CHANGE! LET KENNETH LIN AND OTHERS HELP YOU TO PUSH YOUR AGENDA. GIVE THIS PPL OPPORTUNITY TO DO THESE FOR YOU NOW, FOLKS!!
THE PETITION CALL IS ALREADY THERE! FOLKS, QUICKLY GO AND SIGN UP. WE NEED TO SEE SINGAPORE AS A TURNOVER IN POLITICAL CLIMATE CHANGE!!
DON’T KEEP ON WHINING HERE , IT WONT HELP MUCH. IT ONLY HELP U TO FRUSTRATE YOUR EMOTIONS FOR A WHILE, BUT ULTIMATELY IT NEEDS ACTION TO MOVE.
SINGAPOREANS NEED TO STAND UNITED TOGETHER AS ONE AND SEE CHANGES COMING IN BY SUPPORTING THIS PETITION CALL. CHANGE WILL COME IF U BELIEVE.
YES IT WILL!!! BELIEVE IT WITH YOUR CONVICTIONS AND HEART! YES IT WILL!
So now they can’t find enough money to pay themselves and need to increase tax? If they had remained the salary they get before 2007, I think deficit would probably be much lesser than now… GST to help the poor? I think is GST to help the PAP..
@ Grad on Sun, 21st Feb 2010 4:15 pm
“Go check out the GST in the developed countries. In fact, all developed countries have 2-digit GST a very long time ago.”
This sentence is not fair.
How about other developed countries have more welfares for the poor and needy as compared to Singapore which is possibly what the 2-digit VAT helps to pay for?
How about Singapore ministers’ salaries are higher than other developed countries which is possibly what our hike in GST is helping to pay for?
Look, I am not against GST.
I would really love to see that our PAP government acts on its words in a substantiated way for once instead of feeding me with unsubstantiated nonsense.
I hate seeing my fellow citizens losing jobs to PRs and FTs when we are willing to work but PAP tells me BS like these people are taking jobs which Singaporeans do not want. I can prove them wrong. PRs are not Singaporeans. But when it comes to sacrificing for our beloved homeland, we Singaporeans are the first to die.
Congratulations for choosing such a wonderful government.
the % who sign the petition and the % of Singaporean is so wide PAP will just laugh it off. get 67% to sign it then people will listen to you.
Repeating the quote:
Quote from Thomas Jefferson
“We must not let our rulers load us with perpetual debt.
We must make our election between economy and liberty
or profusion and servitude.
If we run into such debt, as that we must be taxed in our meat and
in our drink, in our necessaries and our comforts, in our labors and
our amusements, for our calling and our creeds…
[we will] have no time to think,
no means of calling our miss-managers to account
but be glad to obtain subsistence by hiring ourselves
to rivet their chains on the necks of our fellow-sufferers…
And this is the tendency of all human governments.
A departure from principle in one instance
becomes a precedent for [another ]…
till the bulk of society is reduced to be mere automatons of misery…
And the fore-horse of this frightful team is public debt.
Taxation follows that, and in its train wretchedness and oppression.”
Add in the below for you to understand and “really” look forward to the type of so called “elites in charge” current and future:
http://www.theamericanscholar.org/the-disadvantages-of-an-elite-education/
Sad, bewildered and depressed.
Because NRIC is required field in Kenneth Lin’s Petition, the lesser the number of petitions is Proof of the people fear of the pappy. The old and jobless, those who work in companies own directly of in directly by pappy’s government. Civil Servants too of course.
The insidiousness of pappy’s top-down authoritarian rule with political cheating via GRC, etc.has been so invasive successful that pappy will in fact be happy about this lack of support for anyone with deferring views to him. SERVED his aim and purpose and and so NOT just an ideal as in The National Pledge!
I’ll bet that most of those who signed in for Kenneth Lin are mostly overseas Singaporeans with other PR status. med KOH wrote in TR’s http://www.temasekreview.com/2010/02/21/standard-chartered-economist-predicts-gst-will-be-raised-to-10-per-cent-by-2012/ as follows:
“Koh on Fri, 19th Feb 2010 5:34 pm
LKY has never really won. He just cheats all the time”.
I believe that says it all about that Chinese man’s moral fiber. He’ll disagree. But money justifies his every act right or wrong does it not???
Most likely twenty percent gst coz they wanna recover the losses from Temasick and GIC. This will be implemented after the coming elections.
@ Dear protest on Mon, 22nd Feb 2010 12:25 am
i think you r right, so many people bay song with the dictator yet not many sign up because the nric field is required. my 2cent here, for some reason if you can not reveal yr ic (eg: u r civil servant etc) u may use a fictitious ic number, it will still go thru. i understand that real ic are required in order to make the petition legitimate, but if we have enough number on the list, it will really show that we r really bay song. remember the LBH STTA saga? the petition collected a lot of names though it didn’t have material impact on LBH, but her reputation and image was really badly affected. Hope u get my point.
having said what i said, the real result will only be achieved if we citizen vote wisely at he ballot box, petition is only a mean to nurture the momentum.
VOTE FOR CHANGE. VOTE FOR OUR FUTURE. VOTE OPPOSITION.
That blocks in LTK’s Hougang has been en-bloc torn down? Are they those with the highest number of LTK and WP supporters in the past GEs??? Like as knowing the underhand trick pappy has been playing with serial numbers behind ballot papers to put fear in voters, to enable tracking and then for absolute ease of tracking by allocating specific ballot boxes for every block of flats, esp in HDB “HEARTlands”. Daer GCT… WHAT “HEART” hah???
@Dear Bay Song on 22 Feb 2010 4:39pm,
That’s the main key point. In order to break the chain of ‘FEAR’ that has captured singaporeans has been living for almost 50yrs , it is high time that singaporeans need to know how to use people’s power to stand up becos we have not exercise it at all from the beginning. And this is the beginning kick-start project call.
Look at Hong Kong, Taiwan, Korea, Cambodia, all these asian countries know how to use their people’s power, and they got thru it finally. Becos the actual truth is : Govt should fear the people , and not the people fear the Govt!
So having said that, the petition itself requires real i/c no. in order to prove legitimate, then it will also shows how many true singaporeans out there is truly bold and fearless enough and also know it its time to stand united together as one to overthrow this FEAR that has entangled us for years ……..
Do not wait until the time when the doors are all tightly closed and being cornored at all sides, then by then its too late even if that time wants to put real i/c is considered discared by pappies.
Vote for change. Vote all Pappies out!
Dear Bay Song@ 4:39pm,
Of course i do understand the majority of singaporeans concern. But in actual truth fact is that it all boils down to this word called ‘FEAR’.
Fear is the most consequences where alot of singaporeans dare not to take such a risk even no matter how bay song they are. But in conclusion i have to say is that , in order to see a turnover political climate change, there is always a high price to pay behind. And Singaporeans must realise and prepare to take the risk if they really want to see a total reverse and they will be totally set free by this oppressive situations and environment. No Sweat, No Gain.
@Grad on Sun, 21st Feb 2010 4:15 pm
“Go check out the GST in the developed countries. In fact, all developed countries have 2-digit GST a very long time ago.”
Australia has 10% GST, but it’s not imposed on health & medical care, education & childcare, fresh food.