Taxing the rich to fund support for the poor: this is how one party will try to win over Australians in the federal election.
Rents, mortgage payments and food prices have continued to rise as Australian companies post billions of dollars in profits.
The Greens propose killing two birds with one stone by raising corporate taxes and using the money to fund cost-of-living relief.
Greens leader Adam Bandt will unveil his “Robin Hood reforms” at the National Press Club on Wednesday.
“Large corporations across the economy have squeezed hundreds of billions of dollars from the public since the end of the pandemic, much of it tax-free,” he said.
‘Enough is enough.’
The Greens took the same approach in the last election.
The Greens propose a 40 percent tax on the “super profits” of most mining projects (pictured: Greens leader Adam Bandt)
This time, the minority party has updated its cost calculations and identified new companies to tax.
Part of the package, which would raise $296 billion over a decade, involves imposing a 40 percent tax on excess corporate profits.
This would apply to profits made on turnover after the first $100 million for any Australian corporation or multinational operation in Australia.
Another pillar, applied to offshore oil and gas companies, would raise $111 billion by changing the tax on oil revenues and requiring them to pay royalties.
The final part of the tax package would impose a 40 percent tax on “super profits” from mining projects, other than those involved in lithium or nickel extraction.
The money raised from these taxes could be used to build housing, include dental coverage in Medicare or keep Australians out of poverty.
“This will provide huge amounts of much-needed funds to be redirected to ordinary people and reduce the cost of living,” Bandt said.
The Greens’ demands could have more influence after the federal election, as Labor is expected to form a minority government.
Federal elections must be held before May.
