Chris Murphy, who has crafted tax policy for the federal government and the Productivity Commission, released a research paper outlining reforms to land, corporate, and individual taxes.

Combined, the reforms would provide $43 billion in “consumer welfare”, effectively providing each household an extra $4000 a year.

But Murphy said it was critical for the government to make a decision soon.

“Comprehensive tax reform stands out as a way of delivering large benefits compared to other areas of economic reform,” he wrote.

“To realize these substantial benefits, there must be an openness to altering the method of collecting $91 billion in tax revenue to cause less damage to consumer welfare.”

“As Theodore Roosevelt expressed: ‘In any moment of decision, the best course is to do the right thing, the next best is to do the wrong thing, and the worst is to do nothing’.”