It’s regressive in the sense that poor people spend more of their money on goods and services that include VAT.

It’s also “broad based” in that wealthy people spend more money (in total) on things, and the vendors of those things collect the tax.

For example, if a company in Australia sells a $11m private jet to some asshole, that asshole just paid $1m in taxes.

Said asshole may well pay no income tax by virtue of their ability to disappear taxable income through complex business structures.