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In a speech delivered on 15 October 2013 (New York time) and 16 October 2013 (Australian time) to the American Australian Association, in New York, the Treasurer, Joe Hockey, had this to say about taxation reform:

"I have a clear message for you today; Australia is open for business, open for investment and is going for growth.

So what is the plan?

We have a program of short, medium and long term actions.

To start the process we will abolish the Carbon Tax and the Minerals Resource Rent Tax.

Both of these taxes have made the cost of doing business in Australia more expensive. They have been poorly designed and badly implemented - adding unnecessary regulation to enterprise.

Both taxes have weighed down our economy and both taxes have failed.

So from 1 July next year both taxes will be abolished and they will not be replaced.

Secondly, my Assistant Treasurer Senator Arthur Sinodinos and I have been methodically going through every previously announced taxation policy that has not been legislated. There is a backlog dating back to 2001. We are cleaning up that backlog and ensuring that stability and certainty in tax policy become enduring themes for the new Coalition Government.

Thirdly the Coalition is going to initiate a new era of reform prior to the next election in 2016.

We will consult widely with key stakeholders and deliver a taxation reform program that keeps to our core principles of fairness and simplicity. We will then seek endorsement from the Australian people for our plan at the next election.

For a copy of the transcript of the speech, go here

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