$24 Billion For What SLOMO?

07 April 2017

Another day passes and Scott Morrison is asked directly, twice, on what the economic benefits are for the $24 billion in company tax cuts that passed the Senate last week.

Its another frustrating day for the Australian people who are paying for the tax cut and still have no answer on the economic benefits: how much additional growth, how many more jobs, and what is the boost to wages?

BYNER: Now, theres going to be an enormous campaign by Labor and GetUp! against the up to $50 million turnover tax cuts but interestingly, a report by the Grattan Institute says the decision to lower the tax rate to 25 per cent for business with a turnover for up to $50 million will only grow the economy by 0.2 of a per cent. Do you agree with that?
MORRISON: Well, thats the Grattan number. All I know...
BYNER: Whats your number?
MORRISON: Our number is it lifts it by one per cent when you implement our full Enterprise Tax...
BYNER: Your opposite says this measure up to $50 million turnover is going to have a very moderate, slight effect on Australias wellbeing in terms of increasing jobs or prosperity. Do you concur with that?
MORRISON: No, I dont...

Instead of providing answers to Australian taxpayers who are footing the bill for this $24 billion in company tax cuts, the Treasurer is hell bent on ensuring Australia's lowest paid get a cut in penalty rates at a time when wages growth is at record lows.