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Australia should embark on a indirect tax shift, by lowering corporate and household income taxes while increasing the goods and services tax, to boost investment and lift economic growth rates, the International Monetary Fund (IMF) says.
In a report ahead of the nation's Budget, the IMF acknowledged that reforms "appear challenging in the current political environment." However, it said the Government should push for reductions in tax breaks to fund a corporate tax cut.
Australia has already cut the corporate tax rate for small business and lowered its personal income tax thresholds for average wage earners.
Concluding, the IMF said Australia should continue to provide tax breaks for research and development spending if the current incentive program proves successful.
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