Well, the first thing to remember is that Australia’s rare system of “dividend imputation” (franking credits) makes our story very different to most other countries. Because the Australian shareholders in an Australian company get a tax credit for their share of the company tax their company paid, they don’t have to care what the rate of company tax is. So it’s really only the foreign shareholders in Australian companies who end up paying company tax. Thus, if we were to cut our company tax rate from 30 per cent to 20 per cent, it’s really only foreign shareholders who’d benefit.