- Revitalise business, deliver tax reform, repair the Budget, says CPA Australia
- Culture shift needed to promote business growth through reduced regulation
Australia’s largest accounting body CPA Australia today congratulated the Albanese Government on its re-election and urged it to seize the opportunity of its renewed mandate to revitalise, reform and repair the Australian economy.
CPA Australia CEO Chris Freeland says he looks forward to the government delivering a clear and optimistic vision for how it plans to improve business productivity, inspire innovation and deliver a culture-shift that promotes growth through reduced regulatory pressure.
“Amid so much global uncertainty, the government should implement a long-term strategic plan to improve Australia’s economic prospects, not just for this term but for future generations,” Mr Freeland said.
“The Albanese Government should revitalise business through improved policy development and consultation, removing regulatory burdens and barriers to growth, while inspiring more Australians to have a go themselves.
“We are reassured by Treasurer Jim Chalmers’ statement on the ABC last night that making the economy more productive is part of the government’s agenda.
“The government also has an opportunity to use the next parliament to reform tax policy, with a plan to reduce bracket creep and Australia’s dependence on personal income tax.
“The accounting profession has long called for a public discussion on substantive tax reform, free from the short-term political pressures that usually curtail any chances of genuine reform. We strongly advocate for a substantive and transparent review of all taxes at Commonwealth, state and local level.
“Further, the regulatory environment of recent years has made Australia a less attractive place to do business. A major contributor to this has been the increasing volume and complexity of regulation, and the uncertain it creates. Individual regulations are often well-intended, but the cumulative burden can overwhelm businesses, especially SMEs, and contributes to our productivity problem.
“A prolonged period of instability and uncertainty means the government should also now focus its efforts on repairing the national Budget and bringing the deficit under greater control.”
Mr Freeland says the accounting profession is set to play a crucial and collaborative role in this term of government – as accountants are critical to Australia’s economic success, supporting the integrity of capital markets while promoting productivity and financial literacy.
“The accounting profession has a unique insight into the practical challenges created by our government policy, including our tax regime and a culture of red tape,” he said. “We look forward to working with the government to create a more business-friendly environment that delivers economic prosperity and benefits to Australia.
“We encourage the Albanese Government to commit to long-term plans that look beyond the next three years and deliver improvements to the lives of Australians – not just today but long into the future.”
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