World Economy

Australia CEOs Want Less Corporate Tax

Australia CEOs Want Less Corporate TaxAustralia CEOs Want Less Corporate Tax

The nation’s top chief executives have warned that Australia’s competitiveness is being eroded by the energy security crunch and tax system as US President Donald Trump advances plans for corporate tax cuts, APP reported. As heatwaves across eastern Australia in recent days triggered targeted blackouts, Boral Ltd. (Australia’s biggest supplier of building materials) chief executive Mike Kane said lowering the corporate tax rate and tackling energy price hikes and security were two major issues that must be addressed to ensure ongoing economic prosperity. He backed the Turnbull government’s plan to lower the corporate tax rate to at least 25%, but flagged it may ultimately have to fall even lower if the Trump administration is successful in cutting the US rate to 15%. “If Trump moves before we do, we’ll be forced to. They’ve got to match up with where the US ends up otherwise they’re going to be at a disadvantage,” the head of the building materials giant told The Australian on the sideline of Citi’s A50 Australian Economic Forum in Sydney.


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