Mini economic summit will discuss reforms, but no promises of big announcements: Turnbull

Prime Minister Malcolm Turnbull will meet industry leaders at a mini economic summit in Canberra on Thursday but he says no big announcements will be made without consulting his Cabinet.

“Everything is on the table,” he told ABC Radio, adding “I am running a traditional cabinet government and we are going to be listening to as many people as we can and Cabinet will make these decisions and we will present them next year in the course of the year and before the next elections.”

The summit will be attended by business leaders, including Business Council of Australia chief executive Jennifer Westacott, ACOSS chief executive Cassandra Goldie, Australian Youth Affairs Coalition national director Leo Fieldgrass, Australian Chamber of Commerce and Industry chief executive Kate Carnell, ACTU secretary Dave Oliver and Australian Industry Group chief executive Innes Willox.

“We think it’s been a very useful exercise and we look forward to a frank decision with the principal players tomorrow,” Turnbull said on Wednesday. Treasurer Scott Morrison earlier in the week had also claimed that anything that can help Australia to “work, save and invest” will be presented during the summit.

Business leaders are well-prepared to make the PM push and act on “do-able policies” with five key points of discussion during the mini economic summit. First among them is the prospect of increasing the GST from 10 to 15 percent. The inclusion of healthcare and education within GST reforms will also be a vital matter of discussion. However, the government has already stressed the need to seek major support for making such a move.

Secondly, the enhancement of opportunities for women and the youth in the Australian workforce will be put forward. Carnell advocated transforming business policies so that different sections of the society get the benefits.

Superannuation is third on the list, with a decrease in superannuation tax concession for richer pensioners expected to be advocated during the mini summit, while a diminished rate of business tax will also be discussed.

Lastly, fostering innovation through increased productivity will be discussed, along with an emphasis on climate change and the actions needed to control it.

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