Envy at Australian tax-cutting budget

Wednesday 10 May 2006

Media Release
Newmarket Business Association

Australian tax-cutting budget makes local business green with envy

"Across the board tax cuts in Australia will probably mean less Australian investment in New Zealand and more New Zealanders moving to Australia. It's a lose lose for leading commercial districts like ours, busy trying to recruit investment and human capital," said Cameron Brewer, head of the Newmarket Business Association.

"My 1,500 commercial members, who are up to their eyeballs in costs not to mention staring down the barrel of a congestion charge, will be green with envy upon hearing about the latest Australian budget.

"Sadly it's harder and harder to do business in New Zealand. One instant lift would be universal tax cuts as has been budgeted across the Tasman.

"Across the board tax relief would make a huge difference to the ongoing success of commercial centres like Newmarket. It would lift businesses' margins, fatten consumers' back-pockets, and lift confidence all round.

"And it's not as though our Government can't afford it. Just last week Treasury posted a $9.4 billion operating surplus for the first nine months of the current financial year.

"It's a tough and uncertain environment out there for both the consumer and business. Tax relief should also be the benchmark for Dr Cullen's forthcoming budget. The conditions are perfect - the Government has the cash and the business community needs the confidence boost ," said Mr Brewer.

ENDS

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