19 February 2014

New era of economic reform would drive prosperity

In my first parliamentary contribution for 2014 I moved a motion proposing a way forward that would enable Western Australia to obtain a fairer share of GST revenue, whilst at the same time driving economic reforms which would usher in a new era of economic growth and prosperity across every Australian state and territory.

My speech highlighted the need to establish a set percentage of GST revenue to be distributed to all states on a population basis. The balance of these funds should be used as incentive payments to the states so they can implement crucial economic reforms, including taxation reform and reduction of regulatory burdens which today are inhibiting increased investment and job creation. 

In WA’s case I highlighted that over the next four financial years our state would miss out on $20 billion of GST revenue that we would have been entitled to on a per capita basis.

These funds could be invested in addressing the growing infrastructure needs of our vast state and rapidly growing economy, in addition to reducing debt and reforming our state taxation system.

In particular I highlighted the need to reduce and eventually eliminate the job-destroying payroll tax, which would free up small and medium sized businesses to grow and provide more job opportunities for the 80,000 people who move to our state each year.

I look forward to continuing the campaign to see Western Australia treated fairly in the Federation and to work with all states to create a more competitive nation where economic reform is encouraged, and government intervention is reduced so we can build a happier, healthier and more prosperous nation.