{"id":2606,"date":"2018-02-02T09:48:21","date_gmt":"2018-02-01T22:48:21","guid":{"rendered":"http:\/\/yinghuiinternational.com\/?p=2606"},"modified":"2018-02-02T09:48:21","modified_gmt":"2018-02-01T22:48:21","slug":"malcolm-turnbull-says-2018-will-be-a-year-of-rewards-including-tax-cuts","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2018\/02\/02\/malcolm-turnbull-says-2018-will-be-a-year-of-rewards-including-tax-cuts\/","title":{"rendered":"Malcolm Turnbull says 2018 will be a year of \u201crewards\u201d \u2014 including tax cuts"},"content":{"rendered":"

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\"Malcolm<\/a><\/div>\n
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By\u00a0Michelle Grattan<\/a>,\u00a0University of Canberra<\/a><\/em><\/p>\n

Prime Minister Malcolm Turnbull will hold out the prospect of 2018 as a year of \u201crewards\u201d after 2016 and 2017 were \u201cthe years of reform\u201d, in a scene-setting speech delivered in the regional Queensland city of Toowoomba on Thursday.<\/p>\n

Two days after Opposition Leader Bill Shorten focused on cost-of-living pressures, flat wages and rising health insurance costs, Turnbull\u2019s pitch will be that dividends will start to flow from government policy.<\/p>\n

\u201cIn 2018 lower tax rates<\/span> kick in for businesses with a turnover up to $50 million; genuine needs-based funding begins for our schools; child care will be more affordable for low-income families from July; and we will continue to put downward pressure on energy prices,\u201d he will say.<\/p>\n

Without spelling out the timing, Turnbull will say the government\u2019s \u201cnext tax priority is further tax relief for middle-income earners\u201d \u2013 while not compromising a return to budget surplus in 2020-21.<\/p>\n

\u201cThe stronger the budget becomes, the more we will be able to give back to hard-working Australians.\u201d<\/p>\n

On wages, which Shorten committed to lifting, Turnbull will say: \u201cLet\u2019s be very clear about this \u2013 the laws of supply and demand have not been suspended, wages growth will come because a stronger economy results in more investment, more jobs and more intense competition for workers.\u201d<\/p>\n

On Wednesday Labor\u2019s workplace relations spokesman Brendan O\u2019Connor said on Sky that one option Labor was looking at was making the minimum wage a certain percentage of the medium wage. But later Labor sources played down his comment, discounting the prospect of the ALP adopting that course.<\/p>\n

The government is stressing the Turnbull speech is a restatement of its economic plan, not an attempt at a reset. It comes as the economic indicators have recently been encouraging.<\/p>\n

Turnbull will say: \u201c2016 and 2017 were the years of reform; this is the year we really start to see the rewards of that hard work.<\/p>\n

\u201cWe are starting to see what happens when government policies are all pulling in the same direction \u2013 to build a strong and resilient economy that gives every Australian the opportunity to pursue their dreams.<\/p>\n

\u201cBusiness and consumer confidence are both up, and there has been more investment and record jobs growth.<\/span><\/p>\n

\u201cWe are seeing growth, investment and employment right across our country \u2013 not just in the big cities.\u201d<\/p>\n

Turnbull will link a stronger economy to a greater ability to pay for the services people expect.<\/p>\n

\u201cThe right mix of policies, combined with our commitment to budget repair that will return the budget to balance in 2020-21, means our economy is much stronger. And that means we can pay for the services that Australians expect.<\/p>\n

\u201cPut simply, a strong economy means better schools, better hospitals and better essential services that Australians use each and every day.<\/p>\n

\u201cWe know that our plan is delivering for Australians. The challenge now is to stay the course and follow through in 2018 and beyond.\u201d<\/p>\n

Turnbull will reaffirm that when parliament returns next week the government will press its legislation to reduce the company tax rate to 25% for businesses with turnovers above $50 million. So far the Senate has only been willing to pass cuts for small- and medium-sized businesses.<\/p>\n

\"The\u201cWith the US cutting company tax to 21%<\/span> the need to remain competitive is more intense than ever. We know that if you reduce business tax you get more investment and if you get more investment, you get more and better paid jobs. Don\u2019t take my word for it \u2013 the IMF just lifted global growth forecasts off the back of the Trump tax cuts,\u201d he will say.<\/p>\n

Michelle Grattan<\/a>, Professorial Fellow,\u00a0University of Canberra<\/a><\/em><\/p>\n

This article was originally published on\u00a0The Conversation<\/a>. Read the\u00a0original article<\/a>.<\/p>\n

\n

Never miss a story: sign up to\u00a0<\/em>SmartCompany\u2019s\u00a0free daily newsletter<\/a>\u00a0and find our best stories on\u00a0Twitter<\/a>,\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>\u00a0and\u00a0Instagram<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Michelle Grattan,\u00a0University of Canberra Prime Minister Malcolm Turnbull will hold out the prospect of 2018 as a year of \u201crewards\u201d after 2016 and 2017 were \u201cthe years of reform\u201d, in a scene-setting speech delivered in the regional Queensland city of Toowoomba on Thursday. Two days after Opposition Leader Bill Shorten focused on cost-of-living pressures, flat … Continue reading “Malcolm Turnbull says 2018 will be a year of \u201crewards\u201d \u2014 including tax cuts”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[154],"tags":[],"class_list":["post-2606","post","type-post","status-publish","format-standard","hentry","category-154"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-G2","jetpack-related-posts":[{"id":2996,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/05\/09\/federal-budget-2018-24b-for-new-infrastructure-projects\/","url_meta":{"origin":2606,"position":0},"title":"Federal budget 2018: $24B for new infrastructure projects","author":"yinghui","date":"May 9, 2018","format":false,"excerpt":"The federal government handed down its 2018-19 budget this week and $24 billion has been earmarked for infrastructure projects. 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