Part 3/6:

This issue is echoed by international examples, notably in the United Kingdom, where recent attempts to tax "non-doms"—individuals with domiciles outside the UK but residing there—have backfired. Instead of boosting government revenue as expected, the policy has prompted many wealthy individuals to relocate their assets and even themselves out of the country, depriving the UK economy of vital capital.

The Risk for Australia

The comparison raises alarms about the potential repercussions of similar policies in Australia. If the current or future governments proceed with increased taxation on key sectors that drive economic activity—such as business, mining, and finance—the nation might suffer from capital flight, reduced investment, and diminished economic dynamism.