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Seeing the job creation his US counterpart Mr Donald Trump has achieved with their corporate tax cut, Australia's centre-right government of Mr Malcolm Turnbull wanted to propose to cut Australia's corporate tax rate to 25 per cent from 30 per cent, in essence cut company taxes by around A$65 billion ($65.39 billion) in order to boost an economy hit by falling overseas investment and falling real estate prices.
However, today he was forced to shelve for at least two months those plans after failing to get enough support from lawmakers in the Australian parliament.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">If Pauline Hanson backs Malcolm Turnbull's $80 billion dollar corporate tax cuts she might as well get platinum membership of the Liberal Party <a href="https://twitter.com/hashtag/auspol?src=hash&ref_src=twsrc%5Etfw">#auspol</a> <a href="https://t.co/6000U3sait">pic.twitter.com/6000U3sait</a></p>— Wayne Swan (@SwannyQLD) <a href="https://twitter.com/SwannyQLD/status/1011789640548806656?ref_src=twsrc%5Etfw">June 27, 2018</a></blockquote>
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Finance Minister Mr Mathias Cormann explained to reporters in Canberra that: "we need more time to make our argument to our (independent) colleagues on the Senate cross-bench and we, of course, will continue to make our argument in the Australian community. That is why we have decided to defer consideration of the legislation to implement our plan."
Related coverage: https://thegoldwater.com/news/29698-Australia-PM-Turnbull-Furious-They-Want-To-Attack-Me-For-Having-A-Quid-Video
“We will do everything we can to get this legislation through.”
“We believe it is critically important these cuts can be legislated because we wants to ensure businesses can be competitive.”
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">The world is burning, but the Turnbull gov just voted in favour of spending public money - that could be going to schools and hospitals - on a new coal-fired power station. <br><br>KICK. THIS. MOB. OUT.<a href="https://t.co/7GGbaDAAEL">https://t.co/7GGbaDAAEL</a></p>— Adam Bandt (@AdamBandt) <a href="https://twitter.com/AdamBandt/status/1012108540486606849?ref_src=twsrc%5Etfw">June 27, 2018</a></blockquote>
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The government said it would seek to put the proposed legislation up for discussion in Parliament again after the traditional winter recess.
Mr Turnbull desperately seeks economic growth as widening income and wealth inequality means that he’s trailing the opposition labor party in the polls for the past year and a half. Australia has to hold a general election by May 2019 at the latest.
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Turnbull is a conservative globalist having replaced the previous conservative nationalist in the same government. The choice is radical Green/Labour socialist open borders party or this pretend conservative government. Australians want tougher border protections but both parties advocate for more immigration! Everyone wants these left wingers gone but most of the country is on some sort of welfare so we are trapped in a vicious downward cycle. We can't even persue a revolution because all the criminals and goverment have the guns now!