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\n CPA Australia CEO Chris Freeland urged the government to complete its national AI capability plan. Credit: ArDanMe\/Shutterstock.com <\/p>\n
\n CPA Australia CEO Chris Freeland urged the government to complete its national AI capability plan. Credit: ArDanMe\/Shutterstock.com <\/p>\n
CPA Australia has expressed support for the economic reform directions discussed by Treasurer Jim Chalmers at a recent roundtable.<\/p>\n
The accounting body urged stakeholders to foster a spirit of collaboration as the implementation phase of these reforms begins.<\/p>\n
CPA Australia CEO Chris Freeland stated that while more details on the proposed short-term actions are necessary, the overall trajectory appears promising.<\/p>\n
Freeland said: \u201cThere 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.<\/p>\n
\u201cWhat matters now is turning intent into action, swiftly and thoughtfully, without unintended consequences.<\/p>\n
\u201cHowever, 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.\u201d<\/p>\n
He urged the government to focus on reforms that would provide immediate productivity benefits for businesses, particularly through the reduction of excessive regulations.<\/p>\n
\u201cWe are especially pleased that our recommendation for \u2018tell us once\u2019 reform to cut unnecessary compliance burdens has been recognised as a quick-win measure,\u201d he said.\u00a0<\/p>\n
\u201cRequiring 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.\u201d<\/p>\n
Freeland also appreciated Dr. Chalmers\u2019 dedication to implementing measures aimed at reducing unnecessary regulations, including those highlighted by the Productivity Commission.<\/p>\n
Furthermore, Freeland urged the government to complete its national AI capability plan and to assist small businesses in embracing emerging technologies without delay.<\/p>\n
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.<\/p>\n
He said: \u201cAs 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.\u201d<\/p>\n
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.<\/p>\n
\u201cTax reform should be a crucial component of the productivity reform agenda to help encourage investment and drive economic growth,\u201d he said.\u00a0<\/p>\n
\u201cAustralia needs a comprehensive plan to reduce over-reliance on personal and business taxes, including meaningful GST reform.<\/p>\n
\u201cWe\u2019re encouraged by the roundtable\u2019s outcomes and look forward to working with the government to turn good ideas into lasting change.\u201d<\/p>\n
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