Tax reform to be part of productivity roundtable: PM
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The news: Prime Minister Anthony Albanese has declared tax reform will be a major component of Labor’s productivity roundtable.
The context: Addressing News Corp’s economic outlook event on Friday, Albanese also declared business must “resume its rightful place as the primary source of growth in our economy”.
The roundtable will take place in mid-August, bringing together business leaders, union officials and the Opposition to discuss ways to boost productivity in Australia.
Albanese confirmed sweeping reforms to Australia’s tax system, which remains overly reliant on income tax, would be up for discussion.
“We won't say you can't get in the room if you're going to raise issues or you can't put forward ideas, it's the opposite, and it costs nothing,” he said.
The Commonwealth Bank this week called for the GST to be on the table, though chief economist Luke Yeaman believed that would prove a “bridge too far” politically.
Asked directly whether he would like lower taxes across the board, including for the top marginal rate, Albanese said: “I always want to see taxes as low as possible”.
The prime minister delivered similar answers when asked about the future of corporate tax rates.
Albanese insisted Labor’s plans to tax superannuation accounts over $3 million would affect a “small number of Australians”, playing down the prospect of altering the plan.
“We went to the election on it,” he said.
What they said: “The agenda we took to the election is the foundation of our mandate, not the limit of our responsibilities or our vision,” Albanese said.
“Tax reform will be an important part of this conversation, but not the whole of it.”
The source: News Corp’s economic outlook event
