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Malcolm Turnbull defends tax-cut plan for big business saying Australian jobs would be lost

MALCOLM Turnbull has reportedly said Australian jobs will be lost unless a plan to slash taxes on big business goes ahead.

Malcolm Turnbull says Australian jobs would be lost if tax rates failed to compete with those of the US and Britain. Picture: AAP/Dan Himbrechts
Malcolm Turnbull says Australian jobs would be lost if tax rates failed to compete with those of the US and Britain. Picture: AAP/Dan Himbrechts

MALCOLM Turnbull has defended his enterprise tax plan, asserting companies and Australian jobs would leave our shores if tax rates didn’t compete with those of the US and Britain, as Australia’s largest companies backed the changes.

The Turnbull government said it was “absolutely committed” to its 10-year plan of slashing business taxes.

The Turnbull government is said to be “absolutely committed” to its 10-year plan of slashing taxes for big business. Picture: AAP/Dan Himbrechts
The Turnbull government is said to be “absolutely committed” to its 10-year plan of slashing taxes for big business. Picture: AAP/Dan Himbrechts

The Prime Minister told The Weekend Australian that the nation’s current tax rate was “internationally uncompetitive”, pointing out moves by US President Donald Trump to cut his country’s company tax.

“Bill Shorten can run his tired old anti-business politics of envy as much as he likes — but what’s his answer when business stops investing in Australia, when companies leave Australia because the tax rate is too high and Australian jobs go with them?” Mr Turnbull said.

“That’s why we are asking the Senate to support our enterprise tax plan — it is vitally important to keep investment and jobs in Australia and it will become more so with time — the global trend to lower company tax is not going into reverse. We must ensure Australian companies are ­competitive.”

BHP's CFO, Peter Beaven, says that the company is willing to invest more in “nation-building jobs” if parliament approves the full tax cut. Picture: David Geraghty/The Australian.
BHP's CFO, Peter Beaven, says that the company is willing to invest more in “nation-building jobs” if parliament approves the full tax cut. Picture: David Geraghty/The Australian.

It comes as 10 of Australia’s biggest employers have called on the Senate to legislate the reform to boost their 500,000 staff, saying the tax package would create job prospects for families.

The Weekend Australian reports that business leaders from Lendlease, Qantas, Wesfarmers, Woolworths and others are coaxing Senate crossbenchers to vote for higher economic growth.

It comes as BHP Billiton says it is willing to invest more in “nation-building jobs” if parliament approves the full tax cut.

Malcolm Turnbull wants to follow Donald Trump’s lead by cutting taxes for big business. Picture: AP/Evan Vucci
Malcolm Turnbull wants to follow Donald Trump’s lead by cutting taxes for big business. Picture: AP/Evan Vucci

BHP chief financial officer Peter Beaven told The Weekend Australian: “The national dividend from modest tax reform would be felt almost immediately across the economy and for decades to come.”

With a Senate vote ­expected in the coming days, Mr Turnbull and his ministers are determined to keep the $48.7 billion tax cut in the May budget in a bid to “live to fight another day”, even if the Senate moulds reform to favour small businesses and block the cuts for big companies.

This story was originally published in The Weekend Australian

Originally published as Malcolm Turnbull defends tax-cut plan for big business saying Australian jobs would be lost

Original URL: https://www.adelaidenow.com.au/news/national/malcolm-turnbull-defends-taxcut-plan-for-big-business-saying-australian-jobs-would-be-lost/news-story/ea26fcf10117b53cbe5d21555b9b2780