CPA Australia CEO Chris Freeland urged the government to complete its national AI capability plan. Credit: ArDanMe/Shutterstock.com
CPA Australia has expressed support for the economic reform directions discussed by Treasurer Jim Chalmers at a recent roundtable.
The accounting body urged stakeholders to foster a spirit of collaboration as the implementation phase of these reforms begins.
CPA Australia CEO Chris Freeland stated that while more details on the proposed short-term actions are necessary, the overall trajectory appears promising.
Freeland said: “There is cautious optimism in the air, but the road to reform is rarely straightforward. The need to boost productivity is clearly urgent, but we must be prepared for challenges along the way.
“What matters now is turning intent into action, swiftly and thoughtfully, without unintended consequences.
“However, tax reform cannot be delayed, nor should the scope be hamstrung by short-term considerations. All taxes need to be considered with a view to ensuring that our tax system helps to encourage investment, boosts productivity and drive economic growth.”
He urged the government to focus on reforms that would provide immediate productivity benefits for businesses, particularly through the reduction of excessive regulations.
“We are especially pleased that our recommendation for ‘tell us once’ reform to cut unnecessary compliance burdens has been recognised as a quick-win measure,” he said.
“Requiring individuals and businesses to repeatedly provide the same information to government is a clear example of the inefficiencies holding back productivity. Addressing this sends a strong signal that the government is listening and acting on business concerns.”
Freeland also appreciated Dr. Chalmers’ dedication to implementing measures aimed at reducing unnecessary regulations, including those highlighted by the Productivity Commission.
Furthermore, Freeland urged the government to complete its national AI capability plan and to assist small businesses in embracing emerging technologies without delay.
Although certain measures identified for immediate action can be implemented swiftly, Freeland underscored the importance of conducting a thorough impact assessment of the suggested road-user charge.
He said: “As fuel excise revenue declines with the rise of electric vehicles, a road user charge appears logical. But it must be applied with a clear understanding of its net impact on revenue and consumer behaviour.”
In relation to the long-term reform priorities highlighted during the roundtable, Freeland expressed that CPA Australia is especially keen on advancing tax reform initiatives.
“Tax reform should be a crucial component of the productivity reform agenda to help encourage investment and drive economic growth,” he said.
“Australia needs a comprehensive plan to reduce over-reliance on personal and business taxes, including meaningful GST reform.
“We’re encouraged by the roundtable’s outcomes and look forward to working with the government to turn good ideas into lasting change.”
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