Boosting productivity is vital for improving real wages, business profits and overall wealth in Australia.
The focus for policymakers should be on getting fiscal settings right, modernising our ramshackle tax system, reducing regulatory burdens, and encouraging business investment in innovation and technology.
The Federal government should reduce the company tax rate to 25 per cent for all businesses to enhance the competitiveness of Australian businesses versus international competitors.
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The Federal government should reduce the company tax rate to 25 per cent for all businesses to enhance the competitiveness of Australian businesses versus international competitors.
With the corporate tax rate at 30 per cent, Australian businesses have become less and less competitive with counterparts in other OECD countries, where the average corporate tax rate has been moving down closer to 20 per cent. Reducing this rate is a critical part of making Australian business competitive again.
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We need to create a Tax and Federation Reform Commission to provide considered advice on reform options.
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We need to create a Tax and Federation Reform Commission to provide considered advice on reform options.
A standing Commission would have the ability to provide considered advice on comprehensive reform of the tax system.
As well as tax reform, such a Commission would also be tasked with recommending opportunities for improved delineations of federal and state spending responsibilities.
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The Australian tax system is onerous, and tax reform is necessary to modernise a system which is no longer fit for purpose in the modern world.
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The Australian tax system is onerous, and tax reform is necessary to modernise a system which is no longer fit for purpose in the modern world.
The Federal government must commit to comprehensive tax reform, including reform of federal-state arrangements, with an aim of reducing or eliminating unproductive taxes on business such as stamp duties, insurance taxes, and payroll taxes.
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Commit to government expenditure levels at less than 25 per cent of GDP. Government spending has grown to unprecendented levels, creating onerous debt levels and growing pressure for higher tax levels.
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Commit to government expenditure levels at less than 25 per cent of GDP. Government spending has grown to unprecendented levels, creating onerous debt levels and growing pressure for higher tax levels.
Containing the spending level to less than 25 per cent of GDP provides a responsible discipline on spending that accommodates reasonable demands for public expenditure while recognising the need to keep tax levels modest.
The Federal government must also commit to a fiscal strategy of achieving underlying budget balance on average over the economic cycle. The government's incentive to achieve responsible fiscal outcomes is hampered by the absence of a fiscal strategy tethered to economic and fiscal outcomes. Introducing such a fiscal strategy would help to prevent spending blowouts and address the structural deficit.
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