Australian Treasurer Scott Morrison has said that the Labor Party would introduce uncompetitive tax rates that would increase the annual tax burden on the economy by AUD31bn (USD24.5bn).
In an address to a Bloomberg event in Sydney, Morrison said: "You don't grow the economy by taxing Australia out of business. You don't support Australian households by taxing Australians out of [a] job."
"You grow the economy by pursuing the economics of opportunity, not the politics of envy. By making it easier for businesses to invest, grow, and create jobs."
According to Morrison, had Labor won the last election and implemented the tax policies in its manifesto, taxes as a share of GDP would have risen to 25.7 percent. The Coalition has set a tax-to-GDP cap of 23.9 percent over the medium term.
Morrison argued that Labor's proposals would result in the introduction of six new taxes.
Morrison said that the abolition of negative gearing would equate to a housing tax, while an increase in capital gains tax would represent an investment tax. Reversing the Coalition's tax cuts and concessions for businesses with annual turnover of up to AUD50m would amount to an SME tax, and increasing the tax on distributions on family trusts would be a "family business tax."
Finally, Morrison described Labor's plan to increase to the tax on superannuation contributions as a "savings tax," and its proposed increase to the top marginal income tax rate as a "higher wage tax."
Morrison estimated that these measures would cost more than AUD150bn over ten years and would mean "gluing the Australian economy to some of the most uncompetitive taxes in the OECD."
Treaty Update: Spain - Finland
According to preliminary media reports, Spain's Cabinet on October 6, 2017, approved the signing of a DTA and accompanying Protocol with Finland.
Treaty Update: Russia - Japan
Russia and Japan signed a DTA on September 7, 2017.
Treaty Update: Isle of Man - Turkey
A new TIEA between the Isle of Man and Turkey entered into force on October 7, 2017.
Treaty Update: United Kingdom - Belarus
The United Kingdom and Belarus signed a DTA on September 26, 2017.
Treaty Update: Morocco - Togo
According to preliminary reports, Morocco intends to launch DTA negotiations with Togo.
Treaty Update: Morocco - Bahrain
Morocco on September 21, 2017, published a notice in its Official Gazette to ratify and bring into effect the DTA Protocol signed with Bahrain in April 2016.
Treaty Update: Luxembourg - Sri Lanka
At a meeting on September 27, 2017, Luxembourg and Sri Lanka committed to expediting the negotiation of a Protocol to their double tax agreement.
Treaty Update: Burkina Faso - Turkey
Burkina Faso and Turkey initialed a DTA at the conclusion of three-day negotiations on September 22, 2017.
Treaty Update: Kuwait - Turkey
Kuwait and Turkey signed a DTA Protocol on September 15, 2017.
Treaty Update: South Africa - Cameroon
An order to bring into force South Africa's DTA with Cameroon was published in the nation's Official Gazette on September 1, 2017.
Treaty Update: Paraguay - Uruguay
Paraguay and Uruguay signed a DTA on September 8, 2017.
Treaty Update: Spain - Paraguay
According to preliminary media reports, Spain and Paraguay are to relaunch DTA negotiations.
Treaty Update: Liechtenstein - Monaco
Liechtenstein's Government has approved a double taxation agreement with Monaco, according to an August 23 announcement.
Treaty Update: South Africa - Cameroon
South Africa on September 1 confirmed that a new DTA with Cameroon entered into force on July 13, 2017.
Treaty Update: Thailand - Cambodia
Thailand and Cambodia signed a DTA on September 7, 2017.
Treaty Update: Brazil - Paraguay
Brazil and Paraguay agreed on the need to negotiate a DTA at a high-level meeting on August 21, 2017.
Treaty Update: Estonia - Japan
According to preliminary media reports, Estonia on August 24, 2017, approved the signing of a DTA with Japan.
Treaty Update: Switzerland - Zambia
Switzerland and Zambia signed a DTA on August 29, 2017.
Treaty Update: Hong Kong - Saudi Arabia
Hong Kong and Saudi Arabia signed a DTA on August 24, 2017.
Treaty Update: New Zealand - China
New Zealand and China held a second round of DTA negotiations on August 14.
Treaty Update: New Zealand - India
New Zealand is taking the necessary steps to bring its new DTA Protocol with India into effect, the Government said.
Treaty Update: Croatia - United Arab Emirates
Croatia and the United Arab Emirates signed a DTA on July 13, 2017.
Treaty Update: Canada - Grenada
Canada and Grenada signed a TIEA on July 14, 2017.
Treaty Update: United Arab Emirates - Cameroon
The United Arab Emirates and Cameroon signed a DTA on July 16, 2017.
Treaty Update: Grenada - Canada
Grenada announced the signing of a TIEA with Canada on July 17, 2017.