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“While it is not a surprise, the rejection by the Senate of the remainder of the Government’s Enterprise Tax Plan and its subsequent withdrawal by the Government is a major setback for Australian competitiveness and, ultimately, also a setback for future living standards, Mr Willox, Chief Executive Innes Willox said.

“The decision of the Shadow Cabinet to recognise the deep concerns of the business community and to now support company tax reductions for businesses with turnovers of less than $50 million a year, is welcome,” Ai Group Chief Executive, Innes Willox, said.

“While disappointed that the plan to phase in a reduction in the company tax rate to 25% over the coming decade has not attracted sufficient support to be put to the Senate in this current session, we are heartened by the Government’s commitment to stick to its guns and renew its efforts in the months […]