Why tax reform?
The tax system is holding Australia back
There is evidence that the economic costs of Australia’s tax system are higher than they need to be. Australia’s tax system was designed in a different era, when the economy was very different. It was not designed to deal with multinational trade, increasing global competition for investment, the internet and the digital economy. The implications of an ageing population requires a fresh approach to tax.
There are opportunities to simplify Australia’s tax system and improve its fairness. Many features of the existing system make it less attractive to invest in Australia and limits job growth, affecting Australia’s continuing prosperity. Other features make it less attractive for people to work. Some aspects create unnecessary waste. Across the system there is significant complexity.
Tax reform is an opportunity to unleash Australia’s full economic potential, support improved living standards and continued prosperity.
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