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Monday, 25 June 2018
Page: 6293

Mr GOODENOUGH (Moore) (16:33): Approximately 6.9 million Australians representing 31 per cent of the adult population directly own shares in companies listed on the Australian Stock Exchange. Furthermore, 23.4 per cent of our national superannuation fund balances are invested in Australian shares. The government's planned reduction in the company tax rate to 25 per cent will benefit a wide range of Australians from the nearly seven million who own ASX-listed shares directly in their own name to just about every worker who has their compulsory superannuation contributions invested in Australian company shares through their super funds. Company tax cuts mean that retained profits can be reinvested in business expansion promoting further economic growth or returned to shareholders.

The government's plans to reduce corporate tax rates are designed to maintain Australia's international competitiveness in an increasingly competitive global marketplace as emerging nations in our region become more automated and mechanised through the adoption of new technology and the mobility of investment capital and resources across international boundaries become more fluid. Australia must reform and innovate in order to stay competitive in terms of trade and investment with our closest trading partners in the region. That is why passing the legislation for company tax cuts is so important. (Time expired)