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Australia reduces taxes, opposition scratch heads

Martin Poulsen
Candidate for Auckland Central

MEDIA RELEASE

21 September, 1999. 4pm.

Australia reduces Business taxes, Labour/Alliance left scratching heads.

"New Zealand must continue to reduce its business tax rate", said Martin Poulsen, the National Party candidate for Auckland Central.

Today's announcement by the Australian Government of its plans to reduce corporate tax to 30% (from 36%) sends New Zealand two messages".

"Firstly, it is imperative New Zealand continues to front foot the debate on reducing its own taxation levels. Today's move by Australia to cut Corporate tax, reduce Capital gains tax and streamline tax deductibility for depreciation will increase Australia's international competitiveness", said Poulsen. "The Australians also intend to encourage investment particularly by Global Pension funds in the Australian venture capital market. This will quickly bring international standards, global trends and new technology to Australia".

"The second message is that the New Zealand Labour parties plans to increase the New Zealand top personal tax rate and increase the size of Government are out of step with the direction New Zealand should be heading. The Alliance's weird Property tax and its crazy Financial Transactions tax seem even more ridiculous". "The left wing of New Zealand politics do not have any proposals to generate income, only how to distribute it".

"High levels of taxation will damage our economic performance and New Zealands standard of living, particularly in a world with open borders and mobile capital. New Zealand must not pay an increasingly steep price because the Labour and Alliance party live on a different planet", said Poulsen.

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"Alliance and Labour want to run New Zealand on some kind of 1970's cold war corporate model. Where one or few people at the top hold the information and make the decisions. This model will be slow to respond to challenge. This is wrong. One of the challenges for New Zealand is to further reduce business costs by cutting business tax levels", finished Poulsen.

CONTACT: MARTIN POULSEN PH 09-307-5932, 021-936-328

E-mail martin.poulsen@national.org.nz



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