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Chalmers Calls for Bold Tax Reforms at August Productivity Roundtable

Chalmers warned that tax reform is essential to shore up Australia’s budget, boost productivity, strengthen resilience in a volatile global economy.

Treasurer Jim Chalmers has proposed overhauling Australia’s tax system. NewsWire / Martin Ollman
Australian Treasurer Jim Chalmers poses for a photograph as he arrives to attend a G20 finance ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. REUTERS/Amit Dave/File Photo
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Overview

  • In a June 17 speech Chalmers said Australia’s budget, productivity and resilience each need further strengthening to withstand heightened global volatility.
  • He pledged that all tax options will be considered at the three-day productivity roundtable starting August 19, urging participants to propose ideas freely without non-disclosure agreements.
  • The reform summit will focus on productivity, budget sustainability and economic resilience, with sessions covering deregulation, project approvals and tax policy.
  • Opposition finance spokesman James Paterson expressed support for efficiency-driven tax changes but warned against any net increase in tax burdens on Australians.
  • Economic experts, including CPA Australia’s Elinor Kasapidis, have urged broadening the GST base and potentially raising its rate to diversify revenue and spur growth.