Tax reform highest priority for private capital-backed businesses
SYDNEY: Australia’s $33 billion private capital industry ranks tax reform
as the number one priority to reignite Australia’s economy in the months
and years ahead, according to a new report released today by the Australian
Investment Council.
The Council conducted a comprehensive member survey in May 2020 to acquire
insights into the impact of the COVID-19 pandemic on private capital
investments across the economy, and to identify the key policy priorities
considered essential to Australia’s economic recovery and the outlook for
growth.
The outcomes of the member insights survey form the basis for the Council’s
policy statement –
Roadmap to Recovery: Creating a Stronger and More Dynamic Economy.
The report identifies seven key reform policy priorities spanning taxation,
industrial relations, market deregulation, international competitiveness
and innovation, technology and skills, and superannuation.
“Australia’s taxation system has been the subject of numerous reviews over
the past decade with many of the most significant recommendations set out
in the reviews remaining relevant today,” said Yasser El-Ansary, Chief
Executive of the Australian Investment Council.
“A more competitive taxation system that rebalances the mix between direct
and indirect taxes, and which is less reliant on corporate and personal tax
revenue is essential for our nation’s future prosperity,” he said.
International competitiveness was also high on the list of priority reforms
for the Council’s members.
Mr El-Ansary also said: “Australia has an opportunity to emerge from the
COVID-19 pandemic as a more competitive nation in the global marketplace.
“One of the key drivers of our success will be to focus on industries where
we already are, or could be, world leaders and going narrow and deep in
developing them further. These industries should be underpinned by enabling
technology to help propel the productivity gains and lift in
competitiveness we need to see.”
“As part of the ‘first-mover’ group of nations emerging from the crisis,
there is a unique opportunity to reshape Australia’s economy for the future
by implementing a visionary plan which serves as the foundation for the
next phase of prosperity and growth for our nation.
“Private capital can play a central role as an important investment and
efficiency driver for Australian industries and businesses and in lifting
business productivity, competitiveness and growth as part of the national
effort to re-start activity across our economy,” Mr El-Ansary said.
Link to the report: Roadmap to Recovery: Creating a Stronger and More Dynamic Economy
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For an interview with Yasser El-Ansary please contact:
Robyn Tolhurst
Public Affairs Manager
[email protected]
M: 0436 388 919
About the Australian Investment Council
The Australian Investment Council is the voice of private capital in
Australia. Private capital investment has played a central role in the
growth and expansion of thousands of businesses, which when combined
represents a multi-billion-dollar contribution to the Australian economy.
Our members are the standard-bearers of professional investment and
include: private equity, venture capital and private credit funds,
alongside institutional investors such as superannuation and sovereign
wealth funds, as well as leading financial, legal and operational advisers.
www.aic.co