Poll shows RSPT bad for 80% of business

Friday 28 May, 2010 | Tags: Economic Policy

More than 80 per cent of Queensland businesses oppose the Federal Government's planned resource super profits tax (RSPT) according to a Chamber of Commerce & Industry Queensland snap poll survey released today.

81 per cent of businesses who were surveyed believe that the RSPT will have a direct negative impact on their business and the broader economy.

The greatest concern was around increased resource and energy costs. Almost 70 per cent of businesses who thought they would be impacted by the RSPT believed resource and energy costs would negatively impact their business.

58 per cent of businesses who were concerned about the RSPT believed it would cause reduced business opportunities and reduced employment. 47 per cent believed they would see an impact to their bottom line through reduced profitability.

Chamber of Commerce & Industry Queensland President David Goodwin said the latest poll support CCIQ's earlier claims that the significant indirect benefit that accurse to the entire Queensland business community from our resource sector is now under threat.

"Queensland businesses recognise that the economic fortunes of the resources sector and the Queensland business community are intertwined.

"What harms the resource sector will ultimately harms all of us within Queensland. Taxes like this flow through the entire economy and will be a wrecking ball for Queensland jobs.

"This is bad policy and there is a growing storm cloud looming over the Queensland economy.

"We already have a two speed economy and if you take away the component actually generating investment and jobs we will be left with very little," he said.