"Importantly, this extended timeframe would allow a more comprehensive approach to tax reform to be introduced in parallel with the company tax rate proposal and by the middle of the next decade, Australia could have in place a more robust, sustainable and competitive tax system.
"Australia's tax system has a number of serious flaws: there is an over-reliance on income taxation; an approach to property taxation that is one of the worst in the OECD; we have a reliance on fuel excise which is facing a major erosion threat; we have a serious mismatch between the revenue raising powers of the states and territories and their spending responsibilities; and our company tax rate is uncompetitively high and made all the more so with the recent changes in the US," Mr Willox said.
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