The Prime Minister on Sun 28.10.2012, released the Australia in the Asian Century White Paper, which sets out a number of national targets to achieve by 2025 to ensure the country “will be a more prosperous and resilient nation, fully part of the region and open to the world”. Areas targeted for a more productive and resilient economy include: skills and education, innovation, infrastructure, tax reform, regulatory reform, environmental sustainability, and macroeconomic and financial frameworks.
The Paper specifies a national objective for a “strong, fair and sustainable tax and transfer system”. The Paper covers a number of proposals, which the Government has implemented or are currently in consultation. Among other things, the Paper states that the Government will “continue to examine, in consultation with the Australian community, ways to reform the company income tax system – paid for by savings from within the business tax system – in order to boost real wages through improved productivity”.
Source: PM’s media release, 28 October 2012
[LTN 209, 29/10]