Economy

Feb 15, 2018

There are far better things you could spend the $64 billion tax handout on

Even accepting the government's claims about its company tax cuts at face value, there's no evidence it's the best way to improve economic growth, or even business investment.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

Most of the debate about the benefit of company tax cuts has focused on how big business would spend their $64 billion windfall from taxpayers, with Australian business and the government insisting they would spend it all on new investment and trickling it down to workers' wages. This is despite US CEOs, who have just been gifted a massive tax cut by Donald Trump, showering it on shareholders and their own executives via share buybacks (buybacks have more than doubled compared to 2016 in the US since the start of the year, with companies announcing nearly $100 billion in buybacks).

Yesterday, Malcolm Turnbull lashed out at the ABC's Emma Alberici for an article in which she traversed much the same turf as a number of other commentators, such as Michael West, or ourselves here at Crikey, have covered over the last year. As incoming Labor senator Kristina Keneally noted, it's a bad look that Turnbull never said boo when male commentators demolished his tax cut claims, but jacked up when a female journalist did it.

Free Trial

You've hit members-only content.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions

8 comments

Join the conversation

The Crikey comment section is members-only content. Please login or sign up for a FREE trial to engage in the commentary.

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details

Sending...