Queensland business and jobs at risk after company tax cut defeat
The Queensland Chamber of Commerce and Industry (CCIQ) remains committed to championing the cause for a reduction in the company tax rate.
CCIQ Head of Industry Dan Petrie said that the headline corporate tax rate in Australia at 30% is simply too high and only makes Australia uncompetitive next to comparable countries.
“Ideology and anti-business sentiment among some senators within Australia’s upper house have enshrined a benchmark that is a disincentive to invest.
“Efforts to quarantine large business from a sensible and modest tax cut creating a two-tiered tax system based on some senators’ views on corporate Australia represent an all too familiar low in public debate,” Mr Petrie said.
CCIQ notes that Australia’s economic competitiveness is hardly enhanced by a narrative that says business is good except if it is an organization that turns over $50 million
“The senate have effectively said Australia is not open for business and the defeat of this bill sadly represents more of the same from a senate which serves as nothing more than an obstructionist cabal of ideologues who wouldn’t know the first thing about business," Mr Petrie said.