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PARLIAMENT OF AUSTRALIA HOUSE OF REPRESENTATIVES capitalisation on free-floating shares is greater than China’s, double Hong Kong’s and around four times the market capitalisation of Singapore. Our $1.6 trillion superannuation system is the fourth largest in the world and is a major driver behind Australia’s globally significant funds management industry. This will grow to $7.6 trillion in funds, or 180 per cent of GDP, over the next two decades. We do not need to tamper with the pension. Australians provide for their own long-term requirements through their own efforts and their superannuation. We need to stimulate Australia. It is not a stimulus to reduce company tax by 1.5 per cent. Small businesses have no profitability so do not worry about paying tax. Without stimulating demand, there is no way that any tax incentive can work. The Australian government is the main practitioner of bankruptcy and company liquidations across Australia. As companies close, employees lose their jobs, the government loses group tax and people transfer from gainful employment to Centrelink. We need to protect the Australian people and their jobs. Let’s protect what the country stands for. We need to have a chapter 11 like they have in the US: when companies fail, businesses continue so that people and families are kept in their jobs. We need to support regional Australia by introducing a zonal taxation system to decentralise Australia and maximise the growth in regional areas. Japan has become the world’s third largest economy by processing Australian resources. The cost of energy in Japan is more expensive, and Japan suffers the tyranny of distance. Wages are higher. (Time expired) Clive Palmer at the National Campaign Launch in Coolum The Last Sentry at the Gate: Clive Palmer & the 44th Parliament of Australia 105


THe Last Sentry at the Gate 1
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