Ed Husic says Labor should consider lowering corporate taxes
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The news: Industry minister Ed Husic said Labor should consider lowering corporate taxes during the Australian Financial Review's AI summit in Sydney on Tuesday.
The context: Husic said the reduction could be either through the company tax rate or through an economy-wide investment allowance.
He said the Coalition had failed in its attempts to lower corporate taxes in recent years, "largely because people felt that where profits pre-pandemic were performing quite well and wages were stagnating, that it was really tricky to be able to have that conversation”.
"That’s why you saw the talk of corporate tax reform under the Coalition go nowhere,” he said.
What they said: Husic also commented that Labor needed to "bring business and labour together and show that everyone wins".
"And we need to consider … how we do that, either through corporate tax reform or the way in which we provide investment allowances for the uptick in manufacturing capital," he said.
“We need to see business be able to invest and to free up capital to do that, and if they’re committed to do that, then be able to see that enabled, but having done that too in a way where we see people’s wages and their security or employment improved, and that is going to be the test."
The sources: AFR, The Australian
