The GST should be progressively repealed within a framework of broader tax reform and concurrent reform of Commonwealth-State and local government financial relationships. Interim reforms are needed where the defects are most apparent and easily introduced. Large companies pay the bulk of company tax and are favoured by opportunities for deductions from taxable income. See Land Transport Funding Platform. A small tax on international financial transactions proposed by the economist Tobin to curb speculation.
Most speculative investment is short term - less than a week.
The conference agreed to set up a facilitation centre to co-ordinate their international action on issues. Working together to introduce Tobin taxes was among the policies in the Charter. A Stocktake of Taxation in Australia. Commonwealth Government July 1999. A Tax System Redesigned, Review of Business Taxation - the Ralph Report.