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Australia Says Corporate Tax Cut, Free Trade A Win-Win

by Mary Swire,, Hong Kong

01 February 2017

Australian Prime Minister Malcolm Turnbull has said that if the country had a 25 percent corporate tax rate today "full-time workers on average weekly earnings would have an extra AUD750 (USD570) in their pockets each and every year."

In a speech to the National Press Club, Turnbull argued: "You don't get more jobs, higher wages, or more hours by taxing the businesses that employ Australians more. Without a competitive business tax rate Australia will be less able to attract investment. And without investment, there will be fewer jobs."

"The reality is that we are part of an intensely competitive global economy, and other countries have been cutting – and will continue to cut – their company tax rates. We cannot afford to get left behind and let Australian jobs go offshore."

Turning to the subject of trade, Turnbull said: "Whatever other countries may think, it is very clear that for Australia more trade means more exports, which means more jobs and more opportunity. Our big export deals have dramatically expanded the horizon for Australian business – large and small, regional and metro."

Turnbull expressed disappointment at the US withdrawal from the Trans-Pacific Partnership (TPP). However, he emphasized that the Government will "continue to work to open more markets for our exports with negotiations underway with India, Indonesia, the EU, and in due course the United Kingdom."

In a speech at the same venue, Opposition Leader Bill Shorten said his party would not support "a tax-funded spree for large multinationals" and warned that "attempting CPR on the TPP is a waste of time."

"Our priority should be on economic reforms that actually deliver real jobs – not fantasy trade deals," he said.

TAGS: tax | investment | business | free trade agreement (FTA) | India | export duty | trade treaty | corporation tax | Australia | United Kingdom | offshore | agreements | multinationals | tax rates | Indonesia | import duty | tax reform | trade | European Union (EU) | Europe

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