Tax | Superannuation

Economic growth will come by extending corporate tax relief to all businesses: McCormack

The Government sees that fresh rounds of economic growth will come by extending corporate tax relief to all businesses, Deputy Prime Minister and Federal Minister for Infrastructure and Transport, the Hon. Michael McCormack has told a CEDA audience.

Speaking at State of the Nation 2018 conference, Mr MrCormack said delivering tax relief was at the centre of the Government’s vision. 
“That's how you build a better and a stronger economy,” he said.
“That's how you make it fairer for all, it's how you encourage more business investment and how we will help create even more jobs.
“It's not government that creates jobs, it's business; it's small family enterprises, medium businesses and big business…they're the job creators.
“The Liberal and National parties were elected to Government in 2013 with an agenda, with a commitment to work in partnership with business to deliver a million jobs, and we did that five months early but we need to do more. 
“An efficient growing economy is also delivered by making sure that we've got the productivity gains through better infrastructure; connecting regional communities, connecting regional cities and towns and villages to ports…to markets and making sure that we ease the congestion in our capital cities.
“In my own portfolio there's an intense focus on delivering new transport efficiencies and quality infrastructure.
“As we move into the 2020s, efficient movement of people and especially efficient movement of freight is an absolute key.
“We know that the national freight tasks will double over the next 20 years. 
“The Government sees the challenges… we are tackling these challenges but seeing them also as opportunities. 
“Change we must have, if Australia is to seize the opportunities that have been made available through globalisation, international competition and fast-paced technological change.
“Failure to recognise this will lead to a loss of market opportunities and increase the cost of goods and none of us want to see that.
“Governments and businesses must embrace new thinking.
“It's no accident that in my portfolio the Government's laid down a firm clear pipeline of investment.
“It includes $24.5 billion of new money, new projects in this 2018 budget.
“We're putting the money on the table. We're saying to business come on the journey with us.
“We are thinking carefully about the most efficient funding and financing mechanism on a project-by-project basis.

“We will be actively engaging with state and territory governments and the private sector to determine the optimal timing, delivery models and funding structures to achieve value for money. 
“Where appropriate this Government’s delivering a larger proportion of our infrastructure funding through innovative financing.
“We need a different approach to infrastructure financing and management of risks. The most important innovations for infrastructure relate to policy –  by this I mean changes for the better.”
Mr McCormack said that a key part of planning is building the right infrastructure for the right place at the right time. 

If ever there was a right project for the right time and the right place it's the Western Sydney Airport, he said.
“With demand for aviation services in Sydney forecast to increase to 87 million passenger trips by 2035 and then double that again in 2060, Sydney Airport…cannot meet this demand alone,” he said.

“Opening in 2026 Western Sydney Airport will help meet this growing demand, as well as providing a major catalyst for job creation (and) investment in the region.”