After it last week suggested it may pass the Turnbull Government’s company tax cut package, the dregs of the Xenoponzi Party – rebranded the Centre Alliance (CA) – appears to be having second thoughts, with CA senator Rex Patrick stating the Turnbull Government needs to outline in the May Budget how it plans to offset the loss of revenue if it wants CA to support its company tax cuts package. From The AFR:
Rex Patrick… said he remained unconvinced by the merits of the tax cut despite two days of a Senate inquiry hearing evidence from business leaders…
“We’re just not satisfied that gross national income estimates are correct,” he said.
“Our fundamental test is to make sure there are no cuts to services. It is difficult to justify tax cuts to corporations at the expense of regular people.
“The government may be able to come back to us with something, but having looked at it now, we’re still not satisfied. The budget might reveal something which causes us to change our mind but it may not.”
Meanwhile, independent senators Tim Storer and Derryn Hinch remain opposed:
“In the face of the budget deficit and overall government debt, I do not think that it’s prudent to undertake it in isolation from other tax reform,” [Storer] told the ABC.
“There’s no indication from the government to me that they wish to undertake a different bill other than what was put at the end of March. So that’s why I still remain to be convinced, in its current form, of my support”.
…in the wake of damaging claims of bad behaviour in the financial sector uncovered by the banking royal commission has made it highly unlikely Senator Hinch can support the legislation, given his criticism on the banks.
For the company tax cuts to pass the Senate, the Turnbull Government needs two of these four senate cross-benchers to support the package.
It looks like hopes are fading for the Government. Hopefully the package dies a quiet death.
