Over 40 per cent of the Coalition's promised $48 billion company tax cut will go to the offshore investors of multinational companies and foreign tax authorities.
According to a University of Technology Sydney report, commissioned by GetUp, reducing the company tax in Australia from 30 per cent to 25 per cent would see a total tax benefit for Australia's largest companies of $5.53 billion a year.
The report also found that two-thirds of economists have sided with Labor and believe that a better way to grow the economy would be to funnel this money into education.
The report, according to the Sydney Morning Herald, reviewed the 250 largest payers of corporate tax in 2013-14 based on publicly available Australian Taxation Office data for more than 1800 large public and private Australian firms.
It said that the top 20 companies with the highest tax benefit include BHP Billiton, Rio Tinto, the big four banks, Telstra, Wesfarmers, Woolworths, British American Tobacco and Hancock Prospecting.
These top 20 companies account for $4.1 billion of the tax benefit, which is close to 75 per cent of the total $5.53 billion, it said.
The report also says that at least $2.18 billion (about 40 per cent) would flow offshore in dividends to overseas-based investors.
GetUp national director Paul Oosting said the government's "economic plan" benefits multinational companies and their offshore investors, at the expense of local hospitals and schools.
"Prime Minister Turnbull insists that his $48 billion tax cut will trickle down to supercharge the economy, but you don't create jobs or boost growth by lining the pockets of foreign investors," he said.
In announcing a $48 billion corporate tax cut as the centrepiece of their Budget and, therefore, policy agenda, the Coalition have miscalculated the growing disdain ordinary Australianshave fora system that allows large corporations to pay no, or minimal, tax every year while they struggle to pay the bills.
This bubbling anger has been missed, or ignored, by Coalition scrutineers.
ACTU secretary Dave Oliver said the Turnbull government is again trying to push their age-weary line of trickle-down economics.
“I hoped to see a high road plan for Australian businesses that would create growth, not just corporate profits but also decent jobs, better living standards and social cohesion,” he said.
“But it is the same old ‘give corporations tax cuts, reduce worker wages, get rid of protections from exploitation and the invisible hand will take care of jobs’. This low road approach is deeply disturbing.”
Accountability of our political leaders is becoming a grassroots issue for many Australians and watching one party shift even further away, ideologically-speaking,from their own core values and sense of a fair-go for all may be too much for many swinging voters.
It remains to be seen whether this will hurt the Coalition on 2 July, but it should also be noted that they have outlined no plans to close loopholes allowing big Australian and foreign companies to pay no tax.This “trust us” combination of a tax cut for big business and not reigning in fat-cat tax dodgers is asking far too much of the average voter.
Brian Owler is a neurosurgeon and a former Australian Medical Association president.
In an editorial published in The Age, he pleads with voters to consider the real-life short- and long-term consequences of the Coalition's health budgets cuts.
"Whatever the verdict this weekend, we cannot afford a government that mistakes fiscal shortcuts for health policy. There are real-life consequences for patients and their health. It can cost lives," he writes.
"...as patients now or in the future, we should all fear for our health system, Medicare and the future health of the nation."
All members are encouraged to consider his strong words and forward them on to fellow voters.
http://www.theage.com.au/comment/i-fear-for-our-health-system-and-the-reallife-consequences-facing-patients-20160629-gpulks.html
With an election supposedly predicated on industrial relations issues of the Australian Building and Construction Commission and the Registered Organisations Bill, the Turnbull Government has been suspiciously silent on exactly what they are planning for Australia’s 12 million plus workers.
What we have seen is the Abbott and Turnbull Governments fail to support penalty rates, jobs security and workers’ rights. Despite Employment Minister Michaelia Cash repeatedly promising a detailed IR response to the Productivity Commission’s recommendations prior to the election, no such policy has been presented - potentially leaving the door open for the return of WorkChoices-era polices despite lacking an electoral mandate.
ACTU secretary Dave Oliver said that, despite subjecting Australia to a record-length election campaign, Malcolm Turnbull has not offered any long term vision for job creation or industrial relations and has instead left the door open to further attacks on worker’s rights.”
“This is a critical failure of policy and leadership and leaves a re-elected Liberal Government with absolutely no mandate to implement the kind of anti-worker reforms that so many of their big business backers have been demanding, such as weakening unfair dismissal laws or the introduction of individual contracts,” he said.
“Malcolm Turnbull’s silence can only be interpreted as a sign he is not planning any significant changes to industrial relations should he win on Saturday – anything else would represent a massive breach of trust with the Australian people.”
The TWU Jetstar flight attendants EBA committee has presented your endorsed log of claims with company representatives.
During meetings with the company, the committee strongly pressed member demands for greater wages and allowances. Other issues raised included the company’s ability to direct
employees to work Trans-Tasman/international flights.
The company has indicated that they will consider the claims and cost the demands.
Members will be advised in regards to any developments.
The TWU would like to thank all members for supporting their delegates and the Union in remaining strong and united.
Pass on the message to non-Union members that now is the time to join the TWU to present a united force in negotiations.
The TWU Eastern Australia Airlines EBA Committee have also presented an endorsed log of claims to company representatives.
The committee, who reinforced with management the uniqueness of the occupation, presented member demands for greater wages and allowances.
Also raised by the committee was the need for all three delegates to attend EBA meetings, a TWU delegate to review rosters prior to
publication and for TWU representation at ground school.
The next meeting between the committee and company representatives is scheduled for late June.
For further information, please contact TWU delegates and TWU aviation organiser Dissio Markos.
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