PM flags support for future income tax cuts but pours cold water on GST increase
Speaking in Sydney, at Australia's Economic Outlook event hosted by Sky News and The Australian, the Prime Minister was grilled on the reform options the government is considering.
Leaving the door open to further changes to superannuation taxes, Mr Albanese appeared to pour cold water on a shift in the 10 per cent GST rate as part of the Productivity Round Table to be held in Canberra in August.
Lifting the GST rate has long been proposed as one option to alleviate the pressure on income taxes to fund government services.
'I am a supporter of progressive taxation,'' Mr Albanese said.
'Consumption taxes by definition are regressive in their nature, so that's something that you know doesn't fit with the agenda.
'But people are entitled to put things up. Every government should be in the ideas business. And no government should imagine it has a monopoly on good ideas.
'Whether or not you are a formal participant at the roundtable, we want you involved in the conversation.'
Anthony Albanese said he had not given 'any consideration' to raising the GST and lowering income tax.
'It's not something that we have given any consideration to,' he said.
'But if people want to put forward ideas, we're not saying these are the conditions.'
'Tax reform will be an important part of this conversation, but not the whole of it.
'Because this is also an opportunity to build consensus around practical measures that can be implemented quickly.
'Dealing with urgent challenges, in a way that builds for the future. This is how we deliver and fulfil the agenda we took to the Australian people.
PM open to future income tax cuts
Asked if he would like to see a 'lower income tax in this country, including for the top rate' Mr Albanese said he was open to a discussion.
'I always want to see income taxes as low as possible and wages as high as possible,'' he said.
'We are the first government to reduce the top marginal tax rate … this century. The conservatives were there for ten years and they didn't do anything about it.'
Trump and tariffs
The Prime Minister was also asked about US President Donald Trump's next tariff Liberation Day on July 9,
He said he expects Australia to remain on its 10 per cent baseline tariff and won't secure any further relief for now.
'Of course we will have a range of meetings between now and the end of the year with President Trump,' he said.
'We're all members of various forums, of course, Australia and the United States so that will occur.
'But I'm confident as well that we will be constructive. But we know that no country has a better tariff – if you like level – than 10 per cent.'
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