Australian Treasurer Scott Morrison sounded alarm bells about the impact of the recently-passed American tax cuts on Australia’s economy.
If Australia doesn’t pass its own version of the Trump tax cuts, Morrison fears the country will take a hit to its GDP of up to 1 percent. Morrison initially proposed a $65 billion tax cut, saying it will add 1 percent to Australia’s GDP. After Trump’s cut, however, Morrison warned that the cuts are necessary for the country’s economy not to contract.
