Bill Shorten has dismissed suggestions he’s anti-business and pledged Labor — without Caucus discussion — to an even more draconian anti-business tax regime.
It appears that the final decision announced this morning was not discussed in Caucus nor in the Shadow Cabinet and, apparently, the leadership group discussions on the tax policy had not reached a final conclusion.
This looks like a real captain’s call from the Opposition Leader on a highly contentious issue and a risky political strategy.
The Labor leader, under pressure from his old leadership rival Anthony Albanese to take a less strident anti-business position, has declared Labor will repeal existing legislated Coalition company tax cuts.
Before meeting his Labor caucus colleagues this morning Shorten announced Labor would repeal the business tax cuts for companies with turnovers between $10 million and $50 million and was “considering our position” on tax cuts for companies with turnovers between $2m and $10m.
The only tax cuts Labor will not repeal or oppose are for small businesses with turnovers under $2 million. Shorten said: “I just don’t agree with Mr Turnbull that the four big banks deserve $17 billion in tax cuts over the next 10 years. I would rather see $17 billion be put back into our schools”.
Business has immediately labelled the decision a “kick in the guts” and Scott Morrison is charging into the fray pleased to be able to talk about policy differences within Labor instead of within the Coalition over energy.
Shorten is reacting to pressure internally on his leadership and electorally at the Longman and Braddon by-elections.
This call is crucial in Shorten’s survival.
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