Lower tax rate increases competitiveness

The Chamber of Minerals and Energy of Western Australia (CME) welcomes the passage of the Federal Government’s $158 billion, three-stage tax cuts.

CME CEO Paul Everingham said history has shown that countries with lower tax rates appeal to overseas investors and people.

“It’s all about Australia having a competitive economy. When we have a tax rate that means we can compete on a more equal footing with other countries, we’re more likely to attract investment and appeal to people who might consider living here,” said Mr Everingham.

“A good example of this is Ireland where they have a standard tax rate of 20 per cent and a higher rate of 40 per cent. Even closer to home, Singapore’s top tax rate is 22 per cent and both country’s economies have benefitted substantially as a result of this.”