The Greens today have announced a Parliamentary Budget Office-costed plan to tax Australia’s billionaires, as a new revenue measure in the party’s Robin Hood reforms.
A core message of the Greens’ plan for minority government is taxing big corporations and billionaires to pay for essential services, including getting dental into Medicare, making it free to see the GP and 50c public transport fares.
In a minority government in 2010, the Greens got dental into Medicare for kids. Key cost of living measures, as well as responsible revenue measures to pay for them, will be a priority for the Greens in any minority government in 2025.
Under the plan, Australia’s 150 billionaires would pay an annual 10% tax on their net wealth with a 10% limit on capital flight in any year. The plan is expected to raise $23 billion over the forward estimates and $50 billion over the decade.
Between 2018 and 2024, during prolonged economic crises, the total wealth of Australia’s billionaires more than doubled to an eye-watering $584.5 billion. A recent Oxfam Australia report revealed Australian billionaires on average made $67,000 per hour last year, over 1,300 times the hourly wage of the average Australian.
After Donald Trump’s election with the support of billionaire backers, people across Australia are disenfranchised with the major parties, their trust in the political establishment is at an all-time low and concern about billionaires’ influence on politics is rising.
As stated by Adam Bandt, Leader of the Australian Greens:
“In a wealthy country like ours, everyone should be able to afford the basics: a home, food, and world class health and education. Instead, billionaires are making out like bandits while everyone else is being squeezed.
“It’s time we turned the tables and made billionaires pay their fair share to fund the services people need.
“This election, we have a once in a generation chance. There will be a minority government and the Greens are within reach of winning seats right across the country.
“With a minority Government, the Greens can keep Peter Dutton out and tax billionaires to fund dental into Medicare, seeing the GP for free and real action on the housing and climate crisis.
“The Greens will keep Peter Dutton out and get Labor to act.”
As stated by Nick McKim, Australian Greens Economic Justice Spokesperson:
“Gina Rinehart should not have $40.6 billion while people in this country are sleeping in tents and cars. That’s the economic system that Labor and the Liberals are defending.
“The Greens’ plan will force billionaires to start giving back.
“The major parties will not take on the billionaires or big corporations while they’re on the payroll. Only the Greens can hold Labor and Liberals accountable and put people ahead of profit in minority government.
“The cost of living crisis is a political choice.
“There has been an obscene accumulation of wealth in this country in recent years. A billionaires’ tax will start to turn that around and help everyday Australians.”
