Australian tax debate raises equity questions

摘要

Australia has launched a debate on tax reforms that could have the unintended effect of slashing demand for domestic equities in favour of bonds. The government's Rethink discussion paper suggests Australia has the scope to increase its aggregate tax burden from 27% of GDP, one of the lowest in the developed world, and questions the dividend imputation system, established in 1987, that gives refunds almost A$30bn (US$22.8bn) a year to shareholders.