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Tax reform benefits should not be underestimated

"The expected passage through the Senate today of the Government's personal income tax reform program is important in its own right and an encouraging start to the new term of the Parliament," Ai Group Chief Executive, Innes Willox, said today.

"The benefits of the tax changes should not be underestimated.

"They will provide much-needed stimulus to the economy over coming months. They will give an additional boost and lift incentives to work, invest and save over the next few years.

"As well, the program of reforms will retain the broad progressivity of Australia's personal income tax system by maintaining the contribution of the top 20 per cent of taxpayers at about 60 per cent of total personal income tax collections.

"The cooperation of crossbench Senators in the passage of the tax Bills bodes well for future reform measures," Mr Willox said.

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