Stronger, better and fairer: the economy under Labor - Media Release

ANDREW LEIGH MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR COMPETITION AND PRODUCTIVITY
SHADOW MINISTER CHARITIES AND NOT-FOR-PROFITS
SHADOW MINISTER FOR TRADE IN SERVICES
MEMBER FOR FENNER
 
JENNIFER YANG
LABOR 
CANDIDATE FOR CHISHOLM
 
STRONGER, BETTER AND FAIRER: THE ECONOMY UNDER LABOR

Today we met with Chisholm locals to discuss how a Shorten Labor Government will deliver a better, fairer economy for all Australians.

Labor will close the loopholes exploited by big multinationals to avoid paying their fair share of tax, boosting the budget by billions of dollars.

Under a Shorten Labor Government, if listed firms are doing business in a tax haven, they will have to inform their shareholders as a material tax risk. Companies applying for a government tender will have to disclose their country of tax domicile. We’ll work with superannuation firms to devise appropriate guidelines for tax haven investments. We’ll create a register that shows who really owns our firms, and publish country-by-country data on tax paid. And for investors who now claim a tax deduction for travelling to tax havens, the days of getting an automatic refund for checking on your tax lurks are over.

These funds will help us ensure that 10 million hard working Australians get a lower tax bill under a Shorten Labor Government.

Today’s forum was also a chance to fact check the scare campaign being pushed by the Liberals over Labor’s plans to close a tax loophole costing Australia’s economy billions of dollars a year.

Under Labor’s imputation reforms, no one will lose a cent from their pension. No one will pay more tax. No one will lose anything from their superannuation contributions. No one will lose a cent from their share dividends. We're simply saying that the Tax Office will stop giving money to people who have paid zero tax.

Under Labor, Australia will have more competition and higher wages. We will have more investment in schools and hospitals and less money flowing into bank accounts overseas. Our country can be stronger, better and fairer under a Shorten Labor Government.

We will always back small business and middle Australia over the top end of town.

ENDS

Authorised by Noah Carroll ALP Canberra.


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Cnr Gungahlin Pl and Efkarpidis Street, Gungahlin ACT 2912 | 02 6247 4396 | Andrew.Leigh.MP@aph.gov.au | Authorised by A. Leigh MP, Australian Labor Party (ACT Branch), Canberra.