Can the Albanese Government afford to protect us from mad gun men by this proposed gun buyback proposal?

The Albanese Government is in an economic bind trying to bankroll a guns buyback, like the one John Howard pulled off as Prime Minister in 1996 after the Port Arthur massacre.

You see, it’s going to cost a lot of money. The OECD (this is the Paris-based think tank that has 38 countries, including Australia, as members) says our bloating budget deficit is heading to $36.8 billion this financial year!

While the OECD recognises the aftermath effects of the pandemic, its lockdowns and how it made federal and state governments spend ‘big time’ to avoid a recession, it has implied that the Albanese Government has over-spent or failed to encourage productivity. That’s why our inflation is persistently high.

When home ownership was looked at, this is what the economic researchers in Paris concluded: “Home ownership is expensive, with the median mortgage burden as a share of disposable income higher than any other OECD members save France and Luxembourg”.

It also underlined the following problems with our economy that the Government needs to look at. And here they are:

1. Australian industries are less competitive than the US.
2. Federal and state Govts need to reduce their budget deficits.
3. We’ve had two decades of falling competition, with a small number of companies dominating too many sectors.
4. Compared to the US, entrepreneurial start up statistics aren’t good for Australia.
5. Productivity has turned negative over 2020 to 2024, which has been mostly on PM Albanese and Treasurer Chalmer’s watch.
6. We have high living costs and housing affordability.

Now add to all this the costs of a 2026 buyback!

The AFR reports that there are 800,000 guns in Australia more than the last buyback time in 1996 after the Port Arthur massacre. And while the Government says the potential cost is $1billion, the Shooting Industry Foundation of Australia thinks it could be as high as $15 billion. With our budget outlook, this would shock not just Australians but financial markets as well! The 1996 buyback cost $771 million in today’s dollars. Queensland Premier David Crisafulli estimates that the 2026 figure for administration alone would be $160 million, raising doubts about the amount put forward by the Shooting Industry Foundation. So, this could become a national blowout for budgets.

The PM wants a 50:50 bankrolling deal with state and territory governments to reimburse gun owners.

While the PM has ruled out a one-off levy, economists say a small income tax surcharge would help cover the cost.

Former Treasury economist Chris Richardson says a 0.06% increase in our Medicare levy of 2% would raise $850 million. Former ANZ chief economist Saul Eslake also supports a one-off levy.

Is saving lives an economically positive goal? Socially, of course, the answer is yes, but the AFR cites economists who calculate that the value of someone’s life for the economy at $1.18 million. So, if we save 200 people via the buyback, that’s worth $5.9 billion to the economy!

For those with guns, President of

the NSW Firearms Dealers Paul Britton informed the AFR that the average retail costs are $1,200 for a handgun and $900 for a shotgun. A rifle, the most commonly owned gun in Australia, sells for about

$1,600. The cheapness of guns seems to be a part of the problem!