Libertarian MP David Limbrick says a special economic zone would turbocharge Docklands. It would mean scrapping payroll and land taxes.
Libertarian Party MP David Limbrick wants a special economic zone to be established in Docklands, giving businesses tax breaks, to transform it into an economic powerhouse.
Limbrick is calling for Docklands to be converted into a special economic zone, where taxes and trade laws would differ from the rest of the country, mirroring exclusive business precincts worldwide. Limbrick has sent his proposal to the Victorian Department of Treasury in the hope it will consider it in the next state budget.Seventeenth century French finance minister Jean-Baptiste Colbert once famously declared the art of taxation was all about plucking the goose to obtain the most feathers with the least amount of hissing.
“Once you’ve got our business headquarters there, you’ve got all the associated economic activity, and it creates this huge snowball effect,” he said. “I don’t like the idea.... Why does the Docklands deserve a lower standard of regulatory protection compared to anywhere else?” he said. Such precincts already exist across the world, including in the United Kingdom, where customs rules such as taxes do not apply until goods leave the specified zone.There are also special economic zones in European and African countries, and cities throughout Asia, including in China, Thailand, Cambodia, India and Bangladesh.
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