Australian business representatives welcome "economy boosting" tax reforms

SYDNEY, July 5 (Xinhua) -- The Business Council of Australia has welcomed tax reforms introduced by Prime Minister Scott Morrison's government on Thursday, which they say will put more money into workers' pockets and give the economy a much needed boost.

In a statement released on Friday, Business Council chief executive Jennifer Westacott congratulated the Morrison government on creating a "simpler and fairer" tax package.

"Tackling bracket creep means Australians will have more choices on how they spend or invest more of their own hard-earned money," she said.

"This is also a critical first step to ensure the Australian economy can grow faster -- we have to keep the focus on growing the economy."

The 158 billion Australian dollars (111 billion U.S. dollars) income tax cut package is the second measure introduced in Australia this week aimed at starting the country's wavering economy.

On Tuesday the Reserve Bank of Australia cut the official interest rate for a second consecutive month which now stands at a record low of 1 percent.

"Our economy is slowing and productivity, which is the key driver of wages growth, is going backwards," Westacott said.

"We need to pull out all stops to grow the economy that provides more opportunities for all Australians."

Westacott said that the successful introduction of the reforms was a "call to action" for the government to continue working to deliver a faster growing economy and long-term growth agenda.

[ Editor: WPY ]
 

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