by Ben Oquist, Executive Director of The Australia Institute.
Scott Morrison is set to make the same mistake as the Business Council of Australia on energy and climate policy. Equating emission reductions with higher prices gets the politics and economics wrong.
The unprecedented insecurity of work in Australia's economy - with the labour market buffeted by technology, globalisation, and new digital business models - has sparked big thinking about policies for addressing this insecurity and enhancing the incomes and well-being of working people.
The Australia Institute welcomes the defeat of the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 in the Senate.
“We welcome the defeat of the Government’s big business company tax cut legislation in the Senate,” said Ben Oquist, executive director of The Australia Institute.
“Congratulations to Labor, the Greens, and Senate crossbenchers Senators Griff, Patrick, Hinch, Hanson, Georgiou and Storer who have done the right thing by the country and helped avoid a future fiscal timebomb.
The Australia Institute commissioned ReachTEL to conduct a survey of 1,093 residents across Western Australian households on the evening of 13th August 2018.
South Australia, Tasmania and Queensland all miss out on company tax cuts with only 11% of beneficiaries headquartered in those three states, analysis of Department of Finance data and ATO statistics reveals.
The Australia Institute has today released new analysis of a list compiled by the Department of Finance and distributed to crossbench senators outlining large companies that may benefit from the further company tax cuts for big business. The list was released under Freedom of Information laws.
New analysis by The Australia Institute’s Revenue Watch initiative shows the company tax cut would represent a $39.5 billion gift to the big four banks over the first decade of the cut.
Furthermore, new polling also released today shows a majority of voters (61%) think the Senate should block the company tax cuts for large companies, including 68% of One Nation Voters.
“The company tax cuts are economically unsound and will result in less revenue being available for community services and productivity enhancing public infrastructure,” said Ben Oquist, Executive Director of The Australia Institute.
As corporate profits continue to climb, new research from the Centre for Future Work shows the share of Australian GDP paid out to workers is hovering at a post-war low.
The Australia Institute’s Centre for Future Work has today published a new research symposium documenting how workers’ slice of the national economic pie continues to get smaller.
The share of total economic output in Australia that is paid to workers (in the form of wages, salaries, and superannuation contributions) has been declining for decades. Workers produce more real output with each hour of labour (thanks to ongoing efficiency improvements and productivity growth), but growth in real wages has been much slower - and recently, real wages haven't been growing at all. The result is that labour's slice of the economic pie has been getting smaller.
New analysis by The Australia Institute shows that based on Rio Tinto’s half year report, the company tax cut would represent a $7.67 billion gift to Rio Tinto over the first decade of the cut.
The Australia Institute has today launched a new Revenue Watch initiative, looking at companies over reporting season, to quantify how much company tax revenue would be lost to the federal budget should the company tax cut for big business be legislated and come into effect in 2026-27.