The Minerals Council of Australia recognises the importance of the Federal Government’s personal income tax cuts in addressing bracket creep, improving work incentives and stimulating economic growth.
As mining is a highly paid, highly skilled industry, the government’s plan to reduce the marginal rate of income tax for the vast majority of taxpayers would put money back in the pockets of Australia’s minerals workforce and their families.
Lower taxes are good for local businesses in the regions because they give workers and families greater capacity to support the retail and services sector and other firms in Australia’s towns and regional cities.
In turn, this spending boosts the regional economies in which our world-leading minerals companies operate.
The MCA also encourages the government to continue the process of business tax reform.
To stimulate new investment in mining – and therefore future income flows and tax revenue – Australian mining companies need a competitive tax system.
This can be done by reducing the rate of company tax and pursuing other measures that reduce the tax burden on new investment, such as accelerated depreciation.