The Australian Chamber of Commerce and Industry, Australia’s largest and most representative business network, warmly welcomes the passage of the personal income tax package through the Senate.
“The tax cuts will immediately put cash back in the pockets of working Australians, providing a much-needed boost to consumer spending,” Australian Chamber CEO, James Pearson, said today.
“The tax cuts, in combination with the Reserve Bank’s decision to lower the cash rate by 0.5% over the past two months, will stimulate parts of the economy that have been struggling.
“The new personal income tax structure provides greater incentive for Australians to work and to earn more.
“Australians will keep more of the money they earn, to spend the way they want.
“The full tax package is a welcome structural reform that will make the personal income tax system fairer for all Australians.
“The tax cuts will provide both short-term and long-term benefits to the economy. The Stage 1 tax cuts provide vital tax relief now. Stages 2 and 3 provide the longer-term structural reforms necessary to tackle bracket creep and give greater certainty on income tax. It is a strong statement by the Government, with the support of the Parliament, that ambition is encouraged and aspiration rewarded.
“With the passage of the tax cuts achieved, the Australian Chamber looks forward to working with the Government on its plans to benefit Australians by strengthening our economy. This includes practical reforms to industrial relations, investment in skills and infrastructure, and reducing red tape, to boost jobs and opportunities for all Australians.”
The Australian Chamber is Australia’s largest network of employers, speaking for over 300,000 businesses employing millions of Australians in every sector of the economy, in every corner of Australia. Our Small Business is a Big Deal campaign gives voice to what small businesses need from the federal government, and our Getting on with Business recommends ways to make Australia the best place in the world to do business, so that Australians have the jobs, living standards and opportunities to which they aspire.