Hockey warns New Zealand's lower tax rate attracting Aussies
Joe Hockey has raised alarm about the increasing numbers of Australian residents moving to New Zealand.
The Australian media's spate of "the grass is greener across the ditch" articles continues; only this time it's not an economist or taxi driver bemoaning Kiwis have it better, but Australian Treasurer Joe Hockey.
Mr Hockey has raised the alarm about the increasing numbers of Australian residents moving to New Zealand, saying the country’s lower income tax rate is “unquestionably” part of the reason, The Australian reports.
This morning, the Treasurer told ABC radio income tax relief was “absolutely fundamental to our future growth” as it will prevent Australian taxpayers being lured to low-tax countries in the Asia-Pacific.
“We need a healthy bottom line for the government’s budget but we’ve got to prepare for the future,” he says.
The obvious question here is: You're the treasurer, pal, so what are you going to do about it?
Mr Hockey's tenure has so far been marked for his enthusiasm for extending GST to offshore online purchases, restrictions on foreign investment and new taxes and penalties aimed at multinationals.
Tax cut options are being looked at for next year's budget, Mr Hockey says.
Here, Finance Minister Bill English has dangled the possibility of modest tax cuts in 2017 if the government hits surplus.
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Hockey warns New Zealand's lower tax rate attracting Aussies
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