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Banks can’t be rewarded with tax cut:Hinch

Derryn Hinch says he’s willing to support company tax cuts for businesses with a turnover of up to $500 million but reductions for larger firms, such as the banks, should be taken to the next federal election.

Senator Hinch and fellow crossbencher Tim Storer proved the stumbling blocks for the Turnbull government trying to get the remainder of its 10-year business tax plan through the Senate before Easter, joining Labor, the Greens and Nick Xenophon’s team in opposing the reduction.

So far only a corporate tax rate cut to 25 per cent has been legislated for businesses with a turnover of up to $50 million.

Senator Hinch can’t see why tax reductions for firms with up to $500 million can’t be passed now and the government take the cut for big business to the next election, if it has “got the guts”.

“You can’t have the big banks being investigated by a royal commission into their tawdry, disgusting behaviour towards working men and women and then reward them with a five per cent tax cut,” Senator Hinch told Sky News on Monday.


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