$70 billion injection will boost growth: Clive Palmer
Palmer United Party federal leader Clive Palmer today pledged to turbo-charge economic growth by allowing companies to pay their tax annually instead of quarterly, effectively injecting $70 billion into the economy.
Mr Palmer said the policy was a simple and low cost way to boost economic activity and would end up increasing the amount of tax raised over time and helping to restore the budget to balance.
“This will be done by changing the situation where companies pay their tax quarterly, based on an estimate, to companies being required to pay their tax annually based on their actual results,” Mr Palmer said.
“This result will mean that an extra $70 billion remains in the economy for a year, creating confidence, strong domestic demand and jobs.”
“At the end of the year the government gets the $70 billion anyway. The $70 billion only has to turn over once in individual’s hands to create $7 billion of GST alone, so it will also create more revenue and mean we can have more facilities, schools and hospitals.”
Mr Palmer said the $70 billion was better off left in the hand of enterprise because they could spend it with less waste than government.
“At the current interest rate for government of 2.5 per cent this change will cost an extra $700 million per year but generate billions each year for the nation,” Mr Palmer said.
“The policy will boost the money available for hospitals and schools and raise the living standards of ordinary Australians.”
The Palmer United Party is the only party to have nominated candidates in all 150 House of Representative seats at the September 7 election.