TAX CUTS WON’T SIGNIFICANTLY BOOST JOBS OR WAGES: BUSINESS

A new business survey has torn to shreds the Liberals’ claim that their $65 billion tax handout will lead to higher wages or more jobs.

A NAB Special Report on Company Tax Cuts released today showed that of the business surveyed that wanted tax cuts, only eight per cent would use them to significantly boost wages and only 14 per cent for significant jobs growth.

 

All up, less than a quarter of businesses would prioritise putting on more staff or increasing wages if they received a tax cut.

 

The Liberals’ $65 billion tax cut for multinationals and the big banks won’t address the ongoing economic issues on their watch, like stagnant wages growth and underemployment.

 

About $9.5 billion is expected to go to the four big banks, while much of the rest of it will be sprayed around offshore in the form of executive bonuses, share buybacks and dividends.

 

Given the mess the Liberals have made of the Budget, an unfunded $65 billion tax cut is the last thing this country needs.

 

The deficit is currently forecast to be eight times bigger than the Liberals predicted in their first Budget, net debt has doubled and gross debt has crashed through half-a-trillion dollars for the first time ever and growing with no peak in sight.

 

Malcolm Turnbull needs to do the right thing in the Budget and ditch his $65 billion big business tax handout.