Business Council of Australia makes company tax cut pay rise pledge

AUSTRALIA’S biggest businesses have promised workers will get pay rises if the Senate passes the Turnbull Government’s plan to cut company taxes.

AUSTRALIA’S biggest businesses have promised workers will get pay rises if the Senate passes the Turnbull Government’s plan to cut company taxes.

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As the government inches closer to a deal with the crossbench, the Business Council of Australia has delivered a commitment to the Senate if it agrees to cut the corporate tax rate from 30 per cent to 25 per cent.

“If the Senate passes this important legislation we, as some of the nation’s largest employers, commit to invest more in Australia which will lead to employing more Australians and therefore stronger wage growth as the tax cut takes effect,” the BCA said.

New independent senator Steve Martin backed the tax cuts to give Tasmanian businesses the chance to be competitive in global markets. Picture: AAP

The statement, signed by companies including BHP, Qantas, Woolworths and Energy Australia, comes as the government tries to win over the Senate despite opposition from Labor and the Greens.

New independent senator Steve Martin, who replaced Jacqui Lambie, backed the tax cuts on Wednesday to give Tasmanian businesses the chance to be competitive in global markets.

The government is still trying to woo Victorian senator Derryn Hinch — who wants companies to be obliged to pass on the tax cuts in higher wages to their workers — as well as Pauline Hanson’s One Nation.

Prime Minister Malcolm Turnbull said Australia had to have competitive taxes, particularly after Donald Trump cut America’s corporate tax rate to 21 per cent.