May 27, 2018 Last Updated 2:14 PM, May 25, 2018

New Entry From the Editor :

Wesfarmers offloads failed UK venture for just £1

Wesfarmers offloads failed UK …

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Australian construction sector endures slow start to 2018

Australian construction sector…

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Australian lithium miner secures three-year supply deal with Tesla

Australian lithium miner secur…

AusBN - Tesla has entered a three-year lithium supply deal with Australian ...

IMF gives Australia mixed review in annual economic report

Weighing the earth on a wooden balanceAusBNAusBN - The International Monetary Fund (IMF) has concluded that while Australia has enjoyed ‘modest’ economic growth in the last year, this has been weighed down by weak wage growth.

In its annual report on the Australian economy, the global financial organisation recommended that the country should slash corporate and individual tax rates and impose higher taxes on land and consumption.

It referenced proposed income tax reductions in ‘other large advanced economies’ as a factor which will have capital flow implications in Australia.

Republican politicians in the US are currently trying to pass various tax cuts into law, which could make it a more attractive investment destination than Australia.

The IMF also criticised the various states' stamp duty tax regimes for being ‘inefficient’ and called for it to “be replaced with a systematic land tax regime applying to all residential and commercial properties."

However, the report did highlight Australia’s continued successful transition from the early 2000s mining boom, along with strengthening domestic demand growth, and a rise in employment growth since the start of the year.

@AusBNOnline

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