Budget 2010 will be remembered for its boldness, and for stealing a march on Australia.
The Australians plan to reduce their company tax rate to 28% on 1 July 2014. We’ll be there on 1 April next year. Not enough to cause companies to cross the Tasman, perhaps, but a sign that the Government is serious about trying to close the growth gap between the two economies.
The budget represents the biggest overhaul of the tax system since 1987 and has the capacity to – finally – wean New Zealanders