Chartered Accountants ANZ (CA ANZ) has congratulated the Albanese Government on its re-election and is urging Labor to use its second term to reform the nation's broken tax system.
CA ANZ CEO Ainslie van Onselen has congratulated Prime Minister Anthony Albanese and said there is a real opportunity for meaningful reform.
"Chartered Accountants ANZ looks forward to working with the re-elected government and advocating for reform that makes a difference to Australians," said Ms van Onselen.
"We are especially keen for the Government to review our tax system and implement a long-term tax reform roadmap.
"We cannot continue to over-rely on personal income tax and, following the decisive victory, Labor has an opportunity to make a real difference beyond the election cycle."
CA ANZ Chief Economist Professor Richard Holden said the flagged focus on productivity is welcomed.
"The Treasurer has signalled that productivity will be the focus of Labor's second term economic agenda. That's good news," said Professor Holden.
"Labor's landslide victory may give the Government the confidence to address Australia's fiscal challenges. But it won't have $400 billion in unexpected revenues to help it this term. The task of turning around 10 straight projected deficits will require hard choices."
CA ANZ is ready to support the Government as it develops legislation introducing a $1,000 standard deduction for work-related expenses.
CA ANZ is also looking forward to consulting with the Government to ensure that its plans to widen the range of sanctions available to the Tax Practitioners Board will be fit for purpose and right-sized.
CA ANZ will also continue to oppose the Government's planned tax on unrealised gains in superannuation balances over $3 million.
"We want the Albanese Government to go back to the drawing board and fix the major flaws in this policy – no one should be forced to borrow money or sell assets to pay their tax bill," said Ms van Onselen.
One of the Government's first priorities in the new Parliament will be introducing legislation to cut student HECS debts by 20 per cent before indexation is applied on 1 June 2025.
"CA ANZ has been concerned about the increased cost of business degrees and student debt for many years, so we support the move to wipe $16 billion from outstanding student loans, but it is a short-term solution which doesn't address the source of the underlying debt – the cost of university degrees," said Ms van Onselen.
"We will continue to advocate for more affordable accounting degrees by replacing the Job-ready Graduates package to make course fees fairer, unlock more opportunities and build a stronger pipeline of emerging professionals."
Prior to the election, CA ANZ released seven practical policy asks for better financial security, productivity and regulatory certainty which included making business searches of the ASIC register free of charge.
We look forward to working collaboratively with the new government and ensuring that its policies prioritise the best interests of Australians.
