Entrepreneur Dick Smith has never been shy about sharing his ideas to improve Australia, even when they would negatively affect his own wealth. In his book My Adventurous Life, Mr Smith argues that the wealthy, including himself, should pay 15 per cent more tax to help the less well-off.
He believes that Australia’s wealthiest 1 per cent owns more than the 17 million Aussies who are the least wealthy, and almost 5 million of the poorest are living from paycheck to paycheck. Although he promoted this idea publicly through the advocacy body the ‘Dick Smith Fair Go Group’ in 2018, he admits that not one politician dared to show any support for it.
Mr Smith believes that wealth disparity is a growing concern in Australia, and he is in favour of death duties. He has also expressed his views on cutting immigration, stating that the current intake of 200,000 migrants per year will “destroy Australia,” and he wants that number cut to about 70,000.
He argues that if Australia grows to 100 million people, that will halve living standards because there won’t be enough “cake” to go around. He warns that Australia must admit the “impossibility of endless economic growth.”
Besides his original chain of electronics stores, Mr Smith is perhaps best known for launching his range of Australian-made foodstuffs and household items in 1999. However, his food company faced a significant challenge when the cut-price German-owned supermarket chain Aldi offered cheaper alternatives to big-name brands. Mr Smith’s food company ultimately disappeared, along with the jobs it created.
Mr Smith has sent his book and ideas to his “mate” Anthony Albanese, the Prime Minister of Australia, whom he regards as a friend from Albanese’s previous stint as infrastructure minister. With Mr Albanese also stating his ambition that Australia should make more things and even planning a $15 billion National Reconstruction Fund to invest in local manufacture, Mr Smith might feel that he now has an ally in The Lodge.
»Dick Smith argues that the wealthy, including himself, should pay 15 per cent more tax«
↯↯↯Read More On The Topic On TDPel Media ↯↯↯