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Australian business and jobs at risk after company tax cut defeat
22 Aug 2018 | Archive
Australia’s largest business lobby group, the Australian Chamber of Commerce and Industry, has criticised today’s Senate vote against tax cuts for businesses of all sizes.
“Small businesses as well as large businesses, and the people who work for them, have been let down by the Senate’s decision today to deny a modest tax cut phased in over ten years to Australian businesses”, James Pearson, CEO of the Australian Chamber of Commerce and Industry, said today.
“Large businesses as well as small businesses need a competitive tax rate in order to invest and provide jobs.
“Many small businesses depend on larger businesses as customers and suppliers. They need those businesses to stay competitive and be successful. Otherwise, they’ll have to look elsewhere, including overseas.
“Australia’s company tax rate for larger businesses remains one of the highest of all developed countries. This directly hurts Australia’s economic competitiveness.
“This puts Australia at a distinct disadvantage in seeking international investment and encouraging Australians to invest at home.
“Because it’s not just overseas investors who can take their money elsewhere – it is Australians as well.
“The decision by the Labor Party, the Greens and several cross-bench Senators to maintain an uncompetitive tax rate raises questions about how serious is the alternative government and the Parliament about encouraging overseas investment.
“Australian businesses of all sizes, and the people who work for them, deserve a fighting chance in the increasingly globalised business environment.”
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