Australia’s tax rate ‘uncompetitive’ says Richard Goyder

 In Australia, Coles, NewZealand
The boss of supermarket giant Wesfarmers has backed fresh calls for bigger cuts to made to the corporate tax rate, amid concerns that living standards and jobs could be at risk if Australia continues to fall behind Asia and the developed world in attracting big business.
The corporate tax rate, at 30 per cent, has not been changed in 14 years and is now higher that the 24 per cent average of members of the Organisation for Economic Co-operation and Development (OECD).
Richard Goyder, chief executive of Wesfarmers, which owns Coles and chair of the B20 advisory group, said Australia risks putting its business and economic credentials at risk by not being more competitive on tax.
"If Australia’s tax rate is uncompetitive and it’s increasingly uncompetitive, then capital will flow to other markets and we won’t get the investment in productive assets that will improve economic growth and the creation of jobs and wealth creation in Australia," he told the Nine Network’s Financial Review Sunday program.  Sydney Morning Herald – Read more…

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