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Jennifer Westacott, the Chief Executive of the Business Council of Australia, has called on Parliament to pass the Government's company tax proposals as "the bare minimum" needed to ensure the country's international competitiveness.
Westacott was reacting to the publication of the National Accounts for the December quarter of 2016. She said that "growth is patchy across the economy," and that this underscores "the risks if Australia fails to respond to our international competitors' moves to cut company tax."
In particular, Westacott said that Australia must work hard to attract new investment. She described US President Donald Trump's promised tax reforms as "bad news for Australia."
"There are only so many investor dollars in the world, and money will always flow to the most profitable investments, supporting workers in those countries and bolstering their wages. Parliament must pass the Government's company tax plan in full as it is the bare minimum needed to ensure Australia remains attractive to global investors," she concluded.
The Government has proposed a 10-year Enterprise Tax Plan which, if passed, would reduce the company tax rate from 30 percent to 25 percent by 2026.
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