Politics

Australia has failed to crack down on offshore tax evasion

Despite the tax office vowing to leave ‘no stone unturned’ looking for Australian links, it is stymied by government inaction.

(Image: Private Media)

Another release of offshore tax papers, another wave of outrage from political leaders vowing to clamp down on tax evasion and money laundering, and another resigned shrug at a global financial elite that continues to play by its own rules. 

The Pandora Papers, a leak of 12 million documents obtained by the International Consortium of Investigative (ICIJ) Journalists, puts a spotlight on to the secretive world of shell companies, secret trusts, shadowy property dealings and tax evasion on an industrial scale. And it’s the latest reminder that Australia could be doing a lot more to crack down on tax loopholes and purge the flow of dirty money.  

Dark secrets, muted response 

By now most of the world has woken up to the lengths to which the rich and famous go to hide their wealth in offshore tax havens.

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