Northern based Government Senator Ian Macdonald has called on the Labor Opposition to stop putting North Queensland jobs and investment at risk and support the Australian Government’s plan for company tax cuts.
“We already have a widening and uncompetitive gap between Australia’s company tax rate of 30 per cent and that of places like Singapore (17 per cent) and the United Kingdom (19 per cent),” Senator Macdonald said.
“There is an every growing risk that investors will be lost to more competitive overseas markets, particularly as the United States looks to reduce its corporate tax rate from 35 to 21 per cent.
“The Australian Government’s Enterprise Tax Plan would cut the company tax rate from 30 to 25 per cent, allowing businesses to invest more money, hire more staff and pay employees higher wages.”
Senator Macdonald said while we may not always see the physical presence of many of these larger companies in North Queensland cities, their investment in our region cannot be under estimated.
“You only need to look at the Bowen Basin to see that direct foreign investment has major flow on benefits and it vitally important to our region,” Senator Macdonald said.
“As a nation, we need to do everything in our power to remain competitive and ensure we are securing jobs and investment for the future.”