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Thursday, 7 December 2017
Page: 10108

Senator BERNARDI (South Australia) (16:03): I move:

That the Senate—

(a) notes that the Trump Administration has succeeded in passing, through both Houses of the Congress of the United States of America (US), over USD$1 trillion in company tax cuts over 10 years, including a cut in the corporate tax rate from 35% to potentially 20%;

(b) expresses concern that these US company tax cuts will affect Australian companies' global competitiveness;

(c) also notes the Australian Department of Treasury research, published earlier this month, revealing that if Australia's corporate tax rate was cut from 30% to 25% by 2026, there would be $30 billion in additional company tax revenue due to stronger economic growth, and increased GST revenue from additional consumer spending;

(d) further notes the recent comments of the Business Council of Australia and the Australian Chamber of Commerce and Industry supporting Australian company tax cuts; and

(e) supports tax relief for Australian companies to ensure our companies remain globally competitive.