<table
The Government is set to announce its members for the Tax Design Review Panel in the next week or so, at a cost significantly over $1 million, according to assistant treasurer Nick Sherry.
Speaking at the Investment and Financial Services Association (IFSA) conference on the Gold Coast yesterday, Sherry reiterated the Government’s previous in-principal support for all panel recommendations.
He said there will be consultation on draft legislation and policy development, but that he accepts “some measures” in the panel’s report are likely to be excluded from consultation.
Sherry further turned his attention to the Henry Taxation Review, saying there were “some significant tax-related issues facing the financial services sector”.
While he cited the review as a “pathway to reform”, he said major strategic shifts in the taxation system would take time if they were to be undertaken responsibly, with implementation of the review likely to occur over a five to 10-year period.
In his speech to delegates, Sherry reaffirmed the Government’s commitment to consultation and commended the strength of Australia’s economy in comparison to the rest of the world.
“[The Government’s] stimulus is working to cushion Australia’s economy,” Sherry said, adding that business investment and consumer spending is getting stronger.
Meanwhile, despite reaching a six-year high in June this year, he argued that the current rate of unemployment is much better than the previously anticipated 10 per cent-plus figure, and the double-digit unemployment rate the US is expected to reach.
