The Group of 100 (G100) is an organization of chief financial officers from Australia’s largest business enterprises with the purpose of advancing Australia’s financial competitiveness. We welcome the debate on tax reform and the future of the tax system and are pleased to provide comment on the “Re:think” Tax discussion paper.
The G100 strongly believes that tax reform needs to be viewed in a ten-year time horizon which is removed from short-term political expediency and opportunism. As such, it is imperative that tax reform has bipartisan support and acknowledgment of the disruptive and global economic forces driving the need for tax reform and their communication to the Australian public in a language they understand. Accordingly, there must be bipartisan acceptance of the principles upon which robust and sustainable reform is based including agreement on the goals of effective tax reform and the “price” of effective reform. Without such bipartisan agreement in the political process there is a severe risk that genuine reform will be sacrificed for short-term political advantage.
It is essential that all parts of society need to find their voice in the tax reform debate because the underlying objective is the future health of the Australian economy. In engaging in this debate it is important that nothing is “off the table” and to recognise that there is no one panacea. Additionally, we must acknowledge that we may all need to give something up for the greater good of society while ensuring that the less fortunate are protected. If we are to achieve genuine and lasting reform supported by all sections of society partisan politics must be left at the door.