Australian Treasurer praises report urging company tax reform

A draft report titled "Creating a More Dynamic and Resilient Economy," published in July, proposed lowering the tax rate from 25% to 20% for companies earning less than A$50 million ($32.44 million), and from 30% to 20% for those earning between A$50 million and A$1 billion.

The government's economic, social and environmental advisory body has announced that the changes will encourage more foreign companies to invest in Australia, according to a report. "It's good that this proposal is out there," Treasurer Jim Chalmers said when asked about the PC report by the Australian Broadcasting Corporation on Sunday.

"The PC chairman and his colleagues have tried to encourage investment in a way we can afford," Trump told ABC television. "I'm open to tax changes that encourage investment, if we can afford it." He said the plan was part of discussions at an economic reform roundtable in Canberra this week.

The meeting was attended by business leaders, the trade union movement and civil society groups. “There was a lot of discussion about the draft proposals at the roundtable,” Chalmers said. “I think that’s a really good thing.” Chalmers’ comments came after the center-left Labour government said in June it would consider tax reforms to boost productivity and strengthen economic resilience amid heightened global volatility. The country’s central bank this month downgraded its economic growth forecasts while also lowering its productivity outlook. This translates to lower living standards and incomes for the country’s 27 million people.