Progressive advocacy group GetUp has labelled the Business Council of Australia's so-called “Commitment to the Senate” on the corporate tax cut total bullshit.
GetUp Campaigns Director Django Merope Synge said the big corporations were asking the Senate and Australian people to take them on faith, when years of wage theft and exploitation had proved they can't be trusted.
"It's clear as day that this is just a $65 billion cash grab by big corporations,” he said.
"Corporate profits increased by 21% last year, while wages didn't move an inch.
"Corporate profits are now at record highs. So remind me, why are we giving big corporations a tax handout?
"And the government's claim to the Senate crossbench that not giving $65 billion in public money away to big corporations would be somehow 'economically damaging' just adds insult to injury.
"It's really troubling to see the government team up with the corporate lobby to try to strongarm the Senate crossbench.
"Everyone can see right through the Turnbull and the BCA's misleading jobs claims. For all our sakes I hope the Senate crossbench can too. “
New research commissioned by GetUp shows:
At least $1.96 billion dollars of the $5.271 billion annual value of the corporate tax cut will flow directly offshore each year.
Banks and finance corporations will receive 45% of the total value of the corporate tax
Seven of the top 20 corporations are mining and energy corporations. They will receive a $1.56 billion annual windfall, of which 63% will flow directly offshore.
Two of the top 20 beneficiaries are Big Tobacco companies (British American Tobacco and Philip Morris). These companies will receive $88.5 million extra each year, of which 100% would flow offshore.
The research findings are available here: Corporate Tax Cut: Up In Smoke.