New research from the Australia Institute shows the majority (59%) of Australians want company tax for big business to remain the same or be increased. Only a minority (19%) of respondents thought tax rates should be decreased.
The Australia Institute surveyed a nationally representative sample of 1,020 Australians about whether the company tax rate for big business should be changed on 23 April 2020.
- A majority (59%) of Australians want company tax for big business to remain the same or increase, only 19% want tax rates decreased.
- More voters across every voting intention say they want the company tax rate to be either increased or stay the same, than those who say it should be decreased.
- Three in five Coalition (58%), Labor (62%) and One Nation voters (58%) say the company tax rate should stay the same or be increased.
- Meanwhile, almost two-thirds of Greens voters (64%) and one in two Independent/Other voters (48%) say the rate should stay the same or be increased.
“Historical and international data shows no correlation between company tax cuts and economic growth and employment,” said Ben Oquist, Executive Director of the Australia Institute.
“At a time when the economy will need aggregate demand support, company tax cuts for big business will deliver little more than windfall gains for already profitable enterprises.
“In fact, Australia’s dividend imputation regime means Australia’s effective company tax rate is already much lower than 30%.”