Tax Reform

The BCA has long highlighted the economic necessity of a competitive tax system.

The boom of the 2000s made growth-generating tax reform appear less urgent. The global recession, however, has refocused attention on the need for reform.

In particular, Australia faces much greater challenges to its ability to grow and provide employment in the next decade and beyond.

The BCA’s final submission to the Henry tax review, Unrealised Gains: The Competitive Possibilities of Tax Reform, sets out the required tax reforms, including:

Improving and cutting taxes on capital investment.
Addressing inefficiencies in the tax system.
Reducing Australia’s over-reliance on income tax over time.

To provide an initial response to the Henry tax review and to judge the tax reform policies of all political parties, the BCA has developed five high-level principles for taxation reform.

In early May 2010 the government release the Henry review report. The BCA responded to the government’s announcement, saying that it was a start, but that it needed to be more ambitious.

In October 2011 Business Council of Australia Chief Executive Jennifer Westacott participated in the federal government’s tax forum. The BCA submission to the tax forum, titled Preparing for a Better Future, outlined four key actions needed to progress comprehensive tax reform in Australia.

The Business Council of Australia will continue to advocate a tax system designed to promote investment and economic growth and to encourage higher savings.

BCA Secretariat contact: Peter Crone, Chief Economist and Director Policy

Unrealised Gains: The Competitive Possibilities of Tax Reform

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