Australia offering tax incentives for asset sales
To revive Australian economy, government offering states tax breaks to sell assets like ports
Associated Press
2014-02-19 10:01 AM

CANBERRA, Australia (AP) -- To rekindle Australia's slowing economy, the government is offering tax incentives to state governments to encourage them to sell as much as 130 billion Australian dollars ($117 billion) in assets such as airports or electricity grids to private companies.

Treasurer Joe Hockey wants to use the money to reinvest in new national infrastructure projects that he hopes will fill the investment void left by the slowing mining industry.

Hockey said Wednesday he is negotiating tax arrangements with states to offset the loss of revenue streams.

Details of the tax incentives agreed with the states will likely me made public before Hockey reveals his conservative government's first annual budget to Parliament on May 13.

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