Western Australian business leaders united at a roundtable yesterday (26 November) to discuss the importance of the state’s GST deal to the national economy.
The roundtable comes amid a national campaign from the Western Australian Government on the importance of the state’s current GST deal to the national economy.
The roundtable includes representatives from some of the nation’s leading industries including Fortescue (ASX:FMG), Hancock Iron Ore, Wesfarmers (ASX:WES), Satterley, CBH, Hesperia, and Perdaman. They were also joined by industry bodies including the Chamber of Commerce and Industry WA, Association of Mining and Exploration Companies, the Chamber of Minerals and Energy of WA, and the Australian Hotels Association.
Roundtable attendees discussed the importance of protecting the state’s $0.75 GST floor, securing the state government in 2018. Following the roundtable, business leaders signed an open letter affirming their support for the GST deal and urging the Productivity Commission to maintain the $0.75 GST floor.
The 2018 GST reforms have enabled Western Australia to invest in the critical economic infrastructure that drives the national economy forward including ports, roads, energy and water, alongside social infrastructure and services in the regional communities that support these industries.
Western Australia’s Government says if these reforms were unwound, it would take about $6 billion per year from the state’s economy.
The state’s major industries also provide a substantial source of income to Australia through company tax and other sources of revenue, with Western Australia’s four largest iron ore producers contributing more than $100 billion in company tax to the national economy in the first five years of the reforms.
Write to Aaliyah Rogan at Mining.com.au
Images: Western Australian Government
