GST increase off the table, tax breaks face scrutiny

PRIME Minister Malcolm Turnbull has officially confirmed the Coalition will not raise the GST, in a move that could open the door to changes to tax breaks including negative gearing.

Mr Turnbull seemed to indicate last week he was not in favour of raising the GST. Yesterday he said it was definitely out as the economic growth it would create was "somewhere between nil and very small".

The government is considering changes to negative gearing and capital gains tax concessions and lowering income taxes as business lobbies for a cut to company tax.

The widening tax debate comes as The Australia Institute released a report yesterday showing Australians younger than 30 received just 6.4% of the $37 billion of tax concessions through negative gearing, superannuation and CGT.

Treasurer Scott Morrison is expected to outline more reform proposals to the National Press Club today.

The speech comes as Mr Morrison receives submissions from business and community groups ahead of his first budget that will shape voter expectations into the election.

While both Mr Turnbull and Mr Morrison have repeatedly left "everything on the table" for potential tax reforms, the government has all but abandoned its tax white paper process.

Mr Morrison has previously rejected continuing that in favour of a more open debate, despite releasing no proposals since Mr Turnbull became leader.

Opposition Leader Bill Shorten campaigned against the GST rise and proposed reforms to negative gearing and CGT concessions.

Mr Morrison is understood to be considering changes to negative gearing.

Topics:  gst malcolm turnbull tax

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Future of telecommunication

Kristy Sparrow from Better Internet for Rural, Regional and Remote Australia (BIRRR).

Survey allows rural Australians to voice their concerns.

Taking a national stand

NO WAY: Students from Year 8 created 'No Way' bullying posters to show bullying has no place at Emerald State High school.

Local high school raises awareness against bullying.

Inland Port announced

ECONOMIC BOOST: Federal Member for Flynn Ken O'Dowd makes the funding announcement at the Central Highlands Development Corporation's Economic Futures Forum on Monday.

Ken O'Dowd announced federal funding for two major projects.

Local Partners