The Australian Taxpayers’ Alliance, the nation’s largest grassroots advocacy group representing taxpayers, today commended Scott Morrison and Josh Frydenburg’s decision to not simply throw money at the coronavirus slow-down but instead to institute sound economic policy including tax incentives and tax deductions for new investments.
“In any kind of panic, sound economic policy and the right kind of fiscal stimulus makes all the difference,” said ATA Policy Director, Emilie Dye. “Australia needs to cut taxes and encourage domestic production instead of subsiding every industry that sends lobbyists to Canberra.”
“Australia has one of the highest corporate tax rates among OECD countries. Pollies effectively punish manufactures who set up shop in Australia with a 30 per cent tax rate. Then we wonder why all our goods come from China.
“Woolworths might have a bit more toilet paper on their shelves if Australian’s were confident about our ability to be self-sufficient but burdensome regulation, a high minimum wage, and restrictive tax rates have made our country unfriendly to business.
“Now with supply shortages infecting the economy, corporations are asking for handouts. But bandaids don’t protect people from the coronavirus and bandaid solutions will fail to stop what is a much deeper problem.
“Lastly, and most importantly Australians and policymakers alike need to stop depending on and listening to the panic riddled news articles. Fear sells more newspapers than statistics but doesn’t produce well thought out laws.
“This year Australia has jumped from crisis to crisis. We have faced drought, bushfires, climate change and now coronavirus. While drama makes for great articles, panic hurts the economy. The run-on toilet paper is no different than the run on the bank before the Great Depression.”