SYDNEY (Reuters) -Australia’s treasurer on Sunday praised a report by the nation’s Productivity Commission (PC) that urges lower corporate tax rates in a bid to spur foreign investment.

The draft report, “Creating a More Dynamic and Resilient Economy”, released in July, recommended reducing the tax rate from 25% to 20% for companies earning less than A$50 million ($32.44 million) and from 30% to 20% for those earning A$50 million to A$1 billion.

The changes would help attract more overseas firms to invest in Australia, the report by the government’s advisory body on economic, social and environmental issues said.

When asked by the Australian Broadcasting Corporation about the PC report on Sunday, Treasurer Jim Chalmers said, “It’s good that this proposal is out there”.

“The PC chair an

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