Unrealised Gains: The Competitive Possibilities of Tax Reform

In October 2008 the BCA made its Initial Submission to the Australia’s Future Tax System Review (also known as the Henry review). That initial submission outlined Australia’s major challenges, the features of an effective tax system, problems with the current tax system, and potential ways to address those problems.

In June 2009, the BCA made its second and final submission to the Henry review, titled Unrealised Gains: The Competitive Possibilities of Tax Reform, which set out a long-term vision for tax reform to drive economic growth.

The Unrealised Gains submission called for a tax system that maximises community wealth, including through lower corporate tax and lower taxes on local savings, and measures that support a gradual shift in focus away from taxing the means of production to taxing consumption.

In March 2010, to build on its two Henry review submissions and in the lead-up to the release of the Henry review findings, the BCA released Five High-level Principles for Taxation Reform, underscoring the need for a principled response to tax reform.

In October 2011, in its submission to the Australian Government’s 2011 tax forum, Preparing for a Better Future: Progressing Comprehensive Tax Reform in Australia, the BCA called for comprehensive changes to the tax system and a more efficient approach to government spending.

In September 2012, the BCA Submission to the Business Tax Working Group Discussion Paper reiterated the importance of a comprehensive, long-term 10-year tax reform process.

In July 2013, the BCA devoted a chapter of its Action Plan for Enduring Prosperity to specific policy reform recommendations relating to tax, fiscal policy and the federation.