Business Council urges the senate to pass the enterprise tax plan

Business Council of Australia chief executive Jennifer Westacott has today urged the senate to pass the Enterprise Tax Plan in full to ensure Australians benefit from the jobs and growing wages that only a vibrant, diverse and growing business sector can deliver.

A direct video appeal from Jennifer Westacott was sent to each Senator this morning ahead of the senate consideration of the legislation.

The plan to reduce the company tax rate from 30 per cent to 25 per cent is the best plan on the table to stay competitive, expand, create jobs and higher incomes.

“We have a plan on the table, right here, right now, that will grow the economy and increase investment. It will help make our country more successful and give businesses a chance to compete – we just need the senate to act,” Ms Westacott said

“Our regions are crying out for the well-paid and meaningful jobs and wages growth that only growing investment can deliver, by passing company tax cuts the senate could give these communities the hand up they need.

“Opportunities for everyday Australians are at risk of evaporating if we don’t stay competitive. We’re talking about a $65 billion cost for a $180 billion net gain over a decade. 

“We want to thank the Senate for their support in taking the first step to make Australia’s tax system competitive by cutting the company tax rate for small businesses.

“However, we need the tax cut for small and medium-sized businesses to be extended to all businesses otherwise it will become meaningless. If big businesses aren’t investing, if big businesses aren’t building and creating new opportunities, then small businesses aren’t building and creating new opportunities.

“Our global competitors are leading the way by reforming their own tax systems and unless we do the same we risk falling to the back of the pack.

“This modest reform is a gift to the small and medium businesses who rely on thriving bigger ones, and to the workers who need the growing wages that boosting investment can help deliver. It sends a signal Australia intends to remain internationally competitive.

“We are appealing to the Senate to put Australia first and ensure all businesses – small, medium and large – can stay competitive, expand and create jobs and higher incomes.”