The International Monetary Fund has urged the Albanese government to develop a bold tax reform package including a higher GST and the end to various tax breaks to help pay the cost of much lower company taxes and imposts on working Australians.

In its annual review of the state of the economy, the IMF raised concerns about the level of state and territory government debt – which is on track to surpass $1 trillion by the end of the decade – while urging the federal government to set clearer budget targets.

The so-called Article IV report, which the IMF carries out on all its members, is a stocktake of fiscal and monetary policy, the economic outlook and possible near-term threats.

It found the Australian economy was gaining momentum, with inflation have “declined significantly”, the jobs

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