Western Australia's industry leaders have signed an open letter backing the State Government's push to keep its share of the GST. The state keeps at least 75 cents for every dollar of GST revenue it makes, an arrangement expected to cost the Federal Government 60 billion dollars over 11 years.
00:00The Premier preaching to the converted. A roundtable of WA's big wigs.
00:07Unwinding the GST reforms would take $6 billion per year from WA and put the brakes on the national economy.
00:14Key to the WA government's argument the state should keep its share of the GST is the need for continued investment to boost productivity.
00:23Supporting the Western Australian economy means that you're supporting the national economy.
00:27One problem cited by the Bureau of Statistics, the mining sector, responsible for many of the GST billions, is actually dragging down the Australian economy.
00:37In WA, it's the only sector the past year with shrinking productivity.
00:42The mining sector, despite those challenges, still remains the most productive sector in this country.
00:49Industry leaders have penned an open letter to back in what they're calling a fair share of the GST.
00:55For every dollar of goods and services tax WA brought in, it used to get back as little as 30 cents.
01:022018 reform set a minimum of 75 cents, which in the past financial year adds up to about $7.4 billion in WA's coffers.
01:12Prominent businessmen Michael Chaney and Nigel Satterley pushed for that change.
01:17The old GST system pre-2018 counted against productivity improvement, counted against development.
01:24But the reforms have been described by opponents as the worst public policy decision of the 21st century.
01:31Time will tell if the Australian Productivity Commission will recommend another shake-up.
01:36but it will have been granted to its founders to check-up here.
01:37It should be the first date of the year until the 90's of the year and after the year of the year and after the year but at the age of 30,
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