We see no reason why the Committee, or the Senate itself, should take any of the ‘commitments’ made by the BCA or its members seriously. The evidence about the tax conduct of these companies, and many like them, is clear and the Senate should dismiss the BCA statement entirely. These companies already have poor records. Most do not pay their fair share of tax, are already massively profitable, pay their executives millions of dollars and have a record of questionable treatment of workers. Why should they be rewarded for this behaviour, on a nebulous promise to do the right thing next time?
Their actions have shown that profit and padding their own wallets are their only motivations – it’s unclear how a tax cut would change this fundamental element of their nature. This question, coupled with the significant evidence that a tax cut would have little economic benefit and be accompanied by real economic costs is why the ACTU urges to Committee to consider the ‘commitment’ made by the BCA and its members to be utterly valueless and for the Senate to continue to refuse to countenance the Government’s out-of-touch and ill-considered tax cut strategy.