Business leader won't back Jim Chalmers as poll pain deepens for Labor
The Australian Chamber of Commerce boss would not back Treasurer Jim Chalmers. He cited business suffering and called for big spending cuts.
Andrew McKellar heads Australia's largest business group. He would not say if Treasurer Jim Chalmers should keep his job.
This comes as Labor's vote has dropped below 30 per cent. Speaking on The Issue podcast, McKellar said business owners face serious stress from the weak economy.
McKellar called for the government to cut spending. Current spending is 26.9 per cent of GDP, but he wants it at 25 per cent or lower.
This would be a real cut of nearly $140 billion over four years. McKellar backed Independent MP Allegra Spender's Capital Gains Tax plan.
It would give a 40 per cent discount to active business assets like shares and staff stock options. He said business will not hold back on policy disagreements with the Albanese government.
- Below 30 per cent
- Labor primary vote
- 26.9 per cent of GDP
- Current spending
- 25 per cent of GDP
- Proposed spending
- Nearly 140 billion dollars
- Four-year saving sought
Why it mattersBusiness leaders are pushing the government for lower spending and tax changes. They want action as the cost of living rises.
AustraliaThe push for spending cuts may affect Australian households as the government looks for savings in the mid-year budget update in December, including potential cuts to home battery and electric vehicle subsidies.
✓ Claims checked against the source and corrected before publish. checked 5 h ago
