Some good news this morning on the fight over company tax cuts, with Senator Derryn Hinch rejecting the Business Council of Australia’s (BCA) inane pledge to boost investment and wages in return for company tax cuts. From The AFR:
[The BCA’s pledge] has failed to shift Victorian Senator Derryn Hinch, one of the key crossbenchers needed if the government is to secure passage of its legislation.
But Pauline Hanson, who controls another three crucial votes, was more amenable, saying the pledge “does help, very much so”…
Arriving at work Thursday, Senator Hinch said the business pledge was a gesture “which didn’t go far enough”.
“I don’t totally trust big business,” he said.
“The business council letter was very Kumbayah, you know, we’ll do this and we’ll do that, but it didn’t guarantee anything.”
Finance Minister Mathias Cormann to put in writing overnight “something that breaks the mould on no wage increases and that perhaps helps pensioners” but says the response was not good enough…
The Turnbull Government needs to secure nine votes from the Senate cross-bench to pass its full company tax cut package, which would reduce the statutory rate for all companies from 30% to 25%.
So far, the Government has secured the votes of Cory Bernardi (Australian Conservatives), David Leyonhjelm (Liberal Democratic Party), Steve Martin (independent), and Fraser Anning (independent), taking its vote to four.
One Nation is on the fence and teetering, and controls another three votes (which would take the total to seven). Whereas the Nick Xenophon Team (three votes) and Derryn Hinch (one vote) are opposed but could still flip, and independent Tim Storer’s position is unknown.
It’s going to be a tight race.
