We have been reporting for some time the US experience of company tax cuts, which regular readers can now recite by rote -- share buybacks, etc, etc. But what if we had some contemporary Australian experience?

Fortunately, the government has handed one industry a big tax windfall in recent years, so we can check out the extra investment and wages growth that has flowed from it. Since 2010, both Labor and the Coalition have handed the commercial television networks what will total millions of dollars via cuts to licence fees. Labor halved the licence fees, and they've since been cut back and then abolished altogether by the Coalition (the fees were cut a further quarter in the 2016-17 budget; now they're gone altogether, replaced by the spectrum fee). The total net cost since 2010 has been several hundred million dollars; even the abolition of the heavily reduced fee last year cost the budget $400 million.