Commenting on today’s announcement that the Coalition will not take tax cuts for big business to the next Federal Election, Oxfam Australia Chief Executive Dr Helen Szoke said:
“Dumping the plan to hand big businesses a tax cut is a major win in the bid to tackle the widening inequality gap in Australia, and puts an end to Australia’s bid in the global race to the bottom on tax.
“The policy would have provided an indefensible reward to some big businesses that are already failing to pay a fair share of tax in Australia.
“Australian Tax Office data has revealed that over the past three years of reporting, one in three large Australian companies paid not a single dollar of tax in Australia.
“There is also clear evidence that wealthy multinationals are hiding profits in tax havens and ripping billions of dollars from the public purse every year, both in Australia and in developing countries around the world.
“The world’s poorest countries are estimated to be missing out on more than USD $100 billion annually because of corporate tax avoidance – money that should be used for vital public services that lift people out of poverty.
“In Australia, Oxfam estimates that tax avoidance is depriving our public coffers of up to AUD $6 billion every year – money that could also be used for essential services here such as schools, hospitals and roads.
“Common sense has prevailed today. This decision should put this troubled plan to rest for good.”
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