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FSC statement on the Prime Minister’s retreat with state and federal leaders

23 Jul 2015
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“The Financial Services Council supports The Prime Minister’s retreat with state and federal leaders yesterday and commends the spirit being adopted for an open and constructive debate on tax reform.

Australia’s current tax mix, with its high reliance on income and corporate taxes and inefficient state stamp duties, is not sustainable.  The most inefficient taxes are state stamp duties, particularly on life insurance, which not only add costs to life insurance products for consumers, but are also a drag on productivity.

[Yesterday’s] retreat is a unique opportunity to shift the status quo so careful and sensible decisions can be made to secure Australia’s future prosperity. We are encouraged by some of the recent options that have been put forward by State Premiers representing both sides of politics in advance of the meeting.

We hope that the retreat results in a co-operative and constructive plan for tax reform which will genuinely benefit the national interest and progress discussions on reform that will lead to a sustainable tax system to support the future of Australia.”

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