Malcolm Turnbull
Federal Communications Minister Malcolm Turnbull, a millionaire lawyer and former investment banker, walks out of a government party room meeting in Canberra's Parliament House February 9, 2015. Australian Prime Minister Tony Abbott survived a challenge to his leadership after his ruling Liberal Party on Monday voted down an attempt to unseat him after weeks of infighting. A secret party room ballot to declare the positions of party leader and deputy leader vacant was voted down 61 votes to 39, chief party whip Philip Ruddock told reporters. Reuters/Sean Davey

Prime Minister Malcolm Turnbull’s decision to meet business and community leaders has been praised by Council on the Ageing Chief Executive Ian Yates.

The snap summit will be held on Thursday in Canberra, with an aim of seeking mutual agreement on economic reforms, including tax concessions on superannuation. The National Reform Summit held in Sydney in August has inspired Mr Turnbull, then-communications minister, to call eight key representatives on Monday and invite them for the two-hour closed session.

Australian Industry Group’s head Innes Willox also appreciated the PM’s attempt to take forward the strategies planned at the August summit, including tax reforms, education, skill training and infrastructure development. He requested the Australian leader on ABC Radio on Tuesday to use some of his political assets to look into and deal with issues like workplace relations and working conditions.

Recently, ACTU Secretary Dave Oliver, Australian Council for Social Services Chief Executive Cassandra Goldie and Business Council of Australia CEO Jennifer Westacott co-signed a letter and sent it to Mr Turnbull, requesting him for a get-together to discuss the economy and provide third-party backing to the business groups.

The letter did not ask for an increase in GST, which is opposed by the ACTU and ACOSS, but it acknowledged prospects of compensation for any such enhancement, thereby requesting the prime minister that in case any economic reform is planned, it should meet the needs of majority of households, especially low-income groups.

In the letter, the co-signatories favoured lower company tax and replacement of unproductive state taxes like stamp duties with land taxes. They also urged for reforms in superannuation for better retirement income system.

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.

RELATED STORIES