Federal Opposition Leader Bill Shorten has backed down on his plan to repeal company tax cuts for medium-sized businesses after a meeting with his shadow cabinet.
At a news conference on June 29, the Labor leader said the party had decided to “amend” its position to reverse the legislated 27.5 percent tax cuts for businesses with turnovers between $10 million and $50 million. However, he said his party will not back down on plans to repeal the further corporate tax cuts by the government, including the government’s promise to progressively lower rates to 25 percent for small and medium-sized businesses by 2026-27.
