Australia Risks Capital Flight as US Prepares for 15 Percent Corporate Tax Cut

The move is part of a broader package to revive U.S. competitiveness and has political leaders around the world watching closely.

Flags of Australia and U.S. adorn the Eisenhower Executive Office Building of the White House in Washington, on Oct. 21, 2023. Daniel Slim/AFP via Getty Images

Industry leaders say the U.S. Trump administration’s push to reduce its corporate tax rate to 15 percent, and impose tariffs on foreign imports, means Australia will need to work harder to compete globally.

President-elect Donald Trump has committed to slashing the U.S. corporate tax rate to 15 percent, following cuts in 2017 of the corporate rate from 35 to 21 percent.