{"id":14199,"date":"2024-06-03T17:00:08","date_gmt":"2024-06-03T14:00:08","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=14199"},"modified":"2024-06-03T17:00:08","modified_gmt":"2024-06-03T14:00:08","slug":"treasury-boss-quite-comfortable-with-company-tax-rate-michael-west","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=14199","title":{"rendered":"Treasury boss &#8216;quite comfortable&#8217; with company tax rate &#8211; Michael West"},"content":{"rendered":"<p><span class=\"published\">June 3, 2024 12:00<\/span> | News<\/p>\n<p>The top Treasury official has defended Australia\u2019s company tax rate as appropriate and supportive of a sustainable federal budget.<br \/>\nTreasury secretary and Reserve Bank board member Steven Kennedy said he was \u201cquite comfortable\u201d with corporate tax settings, which followed remarks by Minister for Industry Ed Husic.<br \/>\nAt the The Australian Financial Review AI Summit last week, Mr Husic suggested corporate tax reform, investment allowances or other incentives should be considered in the context of boosting investment in technology such as robotics and automation.<\/p>\n<figure><figcaption>Treasury Secretary Steven Kennedy says the tax system is sustainable. (Mick Tsikas\/AAP PHOTOS)<\/figcaption><\/figure>\n<p>Dr Kennedy said the Australia\u2019s tax system was \u201cnot unusual or not particularly uncompetitive\u201d compared to global standards and strong business investment in the country suggested settings were not too restrictive.<br \/>\n\u201cThere\u2019s a long debate in Australia that we rely too heavily on income taxes, and particularly company tax, and people would encourage various governments to, for example, increase the consumption tax GST, or change the tax mix in some other way,\u201d he said on Monday.<br \/>\n\u201cSuch conversations should be had and can be had over a long period of time, but I don\u2019t see anything fundamentally unsustainable about the Australian tax system.\u201d<br \/>\nDr Kennedy said the focus should be on reducing inefficiencies in the tax system and \u201ctaxing in an appropriate level to meet our to meet our spending obligations\u201d.<br \/>\nGiven pressures on the budget, he said corporate tax levels were \u201cappropriate\u201d.<br \/>\n\u201cI\u2019m quite comfortable with where Australia\u2019s company tax rate is,\u201d he said.<br \/>\nIn Australia, large companies are subject to a federal tax rate of 30 per cent on their taxable income and small or medium business companies firms a 25 per cent rate.<br \/>\nFinance Minister Katy Gallagher said Australia\u2019s company tax rate was internationally competitive and the government had taken steps to incentivise investment in the budget.<br \/>\n\u201cIn particular, through the transition to net zero and our production tax credits,\u201d she said during the hearing.<\/p>\n<figure><figcaption>Supply issues and rising costs are compounding structural housing issues, the hearing was told. (Mick Tsikas\/AAP PHOTOS)<\/figcaption><\/figure>\n<p>Dr Kennedy also remarked on barriers holding back home-building.<br \/>\nThe limited supply of new dwellings as the population grows is making houses unaffordable for households to find a property to buy or rent.<br \/>\nIn an opening statement, Dr Kennedy said the pandemic was in part responsible for sluggish construction.<br \/>\nSupply chain bottlenecks and the inflated cost of materials and financing stemming from the COVID-19 outbreak were compounding existing structural issues in the housing market that were \u201ccomplex and had built up over time\u201d.<br \/>\n\u201cThey involve all levels of government, as well as industry and community housing suppliers,\u201d Dr Kennedy said in a an opening statement.<br \/>\nA lack of essential infrastructure in greenfield sites was flagged as a barrier, as well as labour shortages and low productivity performance in the sector.<br \/>\n<span class=\"et_social_bottom_trigger\"><\/span><\/p>\n<h3>Latest stories from our writers<\/h3>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Treasury secretary Steven Kennedy defended Australia&#8217;s company tax rate as appropriate and supportive of a sustainable federal budget.<br \/>\n&#8211; Australia&#8217;s tax system is not considered uncompetitive compared to global standards.<br \/>\n&#8211; Large companies in Australia are subject to a federal tax rate of 30%, while small or medium businesses face a 25% rate.<br \/>\n&#8211; The limited supply of new dwellings is making houses unaffordable for households.<br \/>\n&#8211; The pandemic has contributed to sluggish construction in the housing market.<br \/>\n&#8211; Supply chain bottlenecks and inflated costs of materials and financing are compounding existing structural issues in the housing market.<\/p>\n","protected":false},"author":6,"featured_media":14200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[842,328,6038,1902,1766,4039,186,11354,3348,2460,33,11405,1625,8696,4498,11446,2511,432,10802,5760,9545,569,518,4537,415,4735,3895,6654,4857,6861,2294,4773,1823,1991,6403,2753,12163,2796,12093,839,8051,3331,5175,3138,456,864,8872,5957,284,9116,1270,8410,3480,1827,5671,8385,4472,1065,3778,4556,3912,5681,9212,1183,1682,618,7045,973,444],"class_list":["post-14199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-ai","tag-australia","tag-automation","tag-bank","tag-budget","tag-building","tag-business","tag-businesses","tag-change","tag-community","tag-companies","tag-company-tax-rate","tag-construction","tag-consumption","tag-corporate-tax","tag-corporate-tax-reform","tag-costs","tag-covid","tag-debate","tag-federal-budget","tag-federal-tax","tag-finance","tag-finance-minister","tag-financing","tag-government","tag-gst","tag-hearing","tag-housing","tag-housing-market","tag-incentives","tag-income","tag-income-taxes","tag-increase","tag-industry","tag-infrastructure","tag-investment","tag-investment-in-technology","tag-issues","tag-june-3","tag-labour","tag-labour-shortages","tag-news","tag-pandemic","tag-performance","tag-photos","tag-population","tag-production","tag-productivity","tag-property","tag-rent","tag-rising-costs","tag-shortages","tag-spending","tag-statement","tag-stemming","tag-stories","tag-supply-chain","tag-tax","tag-tax-credits","tag-tax-rate","tag-tax-reform","tag-tax-system","tag-taxable-income","tag-taxes","tag-technology","tag-top","tag-transition","tag-treasury","tag-zero"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Treasury boss &#039;quite comfortable&#039; 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