Taxes too high: CSL
AUSTRALIA needs a more competitive corporate tax rate if it is to secure more investment in advanced manufacturing, says biotech CSL. Chief financial officer, Gordon Naylor, says Australia has a well educated workforce and strong research institutions, but the corporate tax rate is too high. “One of the most significant impediments to Australia’s competitiveness, at least as a location for advanced manufacturing for export markets, is its high corporate tax rate, fully three times that of some other jurisdictions,” he said. CSL suggests that Australia should adopt a tax rate of 10 per cent for advanced manufacturing.