Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The United Kingdom used to have a business tax rate of 30 per cent. Now it is down to 19 per cent and on its way to 17 per cent by 2020. Ireland had a tax rate of 12.5 per cent for some time and Canada 15 per cent. France is proposing to move from a business tax rate of 33.5 per cent to 25 per cent. The President of France is hardly a right-wing extremist or some sort of IPA free marketeer. The President of France used to serve in a socialist French administration, as recently as the last administration, as their minister for the economy. He is pushing for a reduction in the business tax rate from 33.5 per cent to 25 per cent. The US is down to 20 per cent. Singapore is 17 per cent. The OECD average, as I have mentioned, is 22.5 per cent. Our business tax rate is too high by international standards. To leave it where it is would hurt our economy, investment and jobs.