Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Lessons From The Australian Budget

The Australian Budget released yesterday holds several lessons for New Zealand, says Business NZ.

Business NZ Chief Executive Simon Carlaw says Australia's decision to reduce the company tax rate to 30% makes New Zealand businesses less competitive than Australian ones.

"The importance of this differential between New Zealand and Australia cannot be overestimated," Mr Carlaw said.

"Australia is suddenly a more desirable place to do business, and New Zealand is suddenly less desirable, in terms of attracting and retaining enterprise.

"Another difference between our countries that has been highlighted in the Australian Budget is in two key indicators - the ratio of government expenditure to GDP, and the ratio of government debt to GDP.

"While Australia's government expenditure equates to 22% of GDP, ours is 34%. And while Australia's government debt equates to 7% of GDP, ours is 20%.

"These trends, if continued, will make Australia even more competitive, and New Zealand even less competitive."

Ends




© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>

ALSO:

Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>

ALSO:

Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>

ALSO:

In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>

ALSO:

Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>

ALSO:

Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>

ALSO: