- Business leaders join roundtable to discuss importance of Western Australia's GST deal to the national economy
- Roundtable convened amid a national campaign titled 'WA's GST is working for Australia'
- WA continues to be the most productive state in the nation, underpinned by a world-leading resources sector that produces 45 per cent of the country's exports
- Industry leaders sign open letter urging the Productivity Commission to support the continuation of the 75-cent GST floor secured in 2018
- Cook Government committed to ensuring WA's economy remains the strongest in the nation and the best place to get a quality job
Some of Western Australia's most prominent business leaders have united at a roundtable today, joining the Cook Government's fight to keep WA's fair share of the GST.
The roundtable included representatives from some of the nation's leading industries including Fortescue, Hancock Iron Ore, Wesfarmers, Satterley, CBH, Hesperia, and Perdaman.
They were also joined by industry bodies including the Chamber of Commerce and Industry WA, Association of Mining and Exploration Companies, the Chamber of Minerals and Energy of WA, and the Australian Hotels Association.
The roundtable comes amid a national campaign from the Cook Government on the importance of WA's current GST deal to the national economy.
The campaign, titled 'WA's GST is working for Australia', has included targeted advertising across the country to highlight how the State's current arrangements benefit the entire nation.
Roundtable attendees discussed the importance of protecting WA's 75-cent GST floor, secured by the WA Labor Government in 2018, so the Western Australian economy can continue to power the nation.
WA continues to be the most productive state, underpinned by a world-leading resources sector that produces 45 per cent of the country's exports.
The 2018 GST reforms have enabled WA to invest in the critical economic infrastructure that drives the national economy forward including ports, roads, energy and water, as well as social infrastructure and services in the regional communities that support these industries.
If these reforms were unwound, it would take about $6 billion a year from the WA economy, undermining the State's ability to invest in this infrastructure as well as hospitals, schools and other essential services.
The State's major industries also provide a significant source of income to the nation through company tax and other sources of revenue, with WA's four largest iron ore producers contributing more than $100 billion in company tax to the Commonwealth in the first five years of the reforms.
Following the roundtable, business leaders have signed an open letter affirming their support for WA's GST deal and urging the Productivity Commission to maintain the 75-cent GST floor.
The insights from the roundtable will further inform the Cook Government's submission to the Productivity Commission's upcoming review of the GST distribution.
The State Government is also calling on Western Australians to have their say on the current GST deal to help inform its submission to the Productivity Commission.
Members of the public and organisations can make submissions directly to the Productivity Commission.
For more information and to have your say, visit: www.wa.gov.au/gst .
As stated by Premier Roger Cook:
"My government wants to diversify Western Australia's economy so it remains the strongest in the nation, which iswhy keeping our fair share of the GST is so important.
"Our government fought hard for the GST deal in2018. Ithas been critical tohelping our government invest in and meet our priorities of ensuring every Western Australian has a quality job, a home, and access to the healthcare they need, when they need it.
"By working together withindustry, we're taking a'Team WA' approachtoensurethe rest of Australia listens andkeepsthe share fair."
As stated by Deputy Premier and Treasurer Rita Saffioti:
"Western Australia has worked hard to become the economic powerhouse of the nation and create the wealth that benefits all Australians, underpinned by our world-leading resources sector.
"It is vital that WA fights to ensure that the legislated 2018 reforms to the GST system remain in place, so we can continue invest and grow the industries that support our nation's prosperity and create valuable jobs.
"Maintaining Western Australia's fair share of the GST is in the national interest, with the income generated in WA flowing across the nation to fund essential services and infrastructure in other states and territories.
"Our industry leaders know firsthand how crucial it is for WA to remain the powerhouse of the nation and today's roundtable was about uniting as 'Team WA' to strengthen our voice in the national debate.
"While we recognise the support of the Prime Minister to continue the GST reforms, we will not leave anything on the table in our campaign to ensure WA continues to receive its fair share of the GST."
