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Senate Estimates

The Greens understand that the Senate will today support our motion requiring Reserve Bank governor Dr Philip Lowe to appear at Senate Estimates.

“Independence does not mean a lack of accountability,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“There are serious questions for Dr Lowe.” 

“Dr Lowe induced people into taking on massive amounts of debt by saying interest rates wouldn’t go up until wages had increased substantially and this was unlikely to be until 2024.”

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RBA again fails to acknowledge record high corporate profits

Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe’s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.

“Yesterday’s National Accounts showed that profit’s share of national income hit a new record high and that wages’ share of national income hit a new record low.”

“In the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.”

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It's time for Lowe to go

Philip Lowe should resign as Governor of the Reserve Bank for misleading Australians about interest rate rises, the Greens say.

“Dr Lowe induced hundreds of thousands of Australians into taking out massive mortgages by effectively saying that interest rates would not rise until 2024,” Greens Treasury and Economic Justice spokesperson Senator Nick McKim said.

“Having failed to keep that commitment, he should now resign.” 

“The preconditions that Philip Lowe set for increasing rates have not been met.”

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We need a Mining Super Profits Tax, not record dividends

Greens Treasury spokesperson, Senator Nick McKim, has responded to the announcement by BHP that it will pay a record dividend by calling for a Mining Super Profits Tax (MSPT).

“Australia needs a Mining Super Profits Tax."

“BHP shareholders are rolling in cash but the Australian public who own the resources are being shortchanged."

“Mining giants are posting obscene profits on the back of commodity booms, but the benefits are going to corporate executives and shareholders rather than to Australians who are struggling with the spiralling cost of living."

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Greens welcome ACTU’s call for Stage Three tax cuts to be repealed

Greens Treasury spokesperson, Senator Nick McKim, has responded to the ACTU’s paper to the Government Jobs Summit saying the pressure is growing on Labor to walk away from the Stage 3 tax cuts.

“The Greens welcome the ACTU’s paper and congratulate them on making the case for serious economic reform.

“Scott Morrison’s Stage 3 tax cuts will overwhelmingly flow to the wealthiest people in the country, with a $9000 tax break for people earning $200,000 but nothing for those on the minimum wage.

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Time to stop tax dodging millionaires and gas giants

Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of the latest taxation statistics by the ATO.

“The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts.”

“Labor should be making high income earners pay their fair share rather than giving them another tax cut.”

“Proceeding with Scott Morrison’s tax cuts for millionaires while so many high income earners are already paying no tax is irresponsible and unfair.”

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Significant win for tax transparency

Australia’s tax transparency laws have been significantly strengthened, with the Government supporting Greens amendments to lower the reporting threshold to a turnover of $100 million for Australian private companies.

“This is a massive step forward for tax transparency in Australia,” Greens Treasury and Economic Justice spokesperson Nick McKim said.

“We already know that big corporations are paying too little tax - today’s changes mean we can have a much clearer picture for many more companies.”

“The Australian public has a right to know this information.”

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RBA is prescribing the wrong medicine

Greens Treasury spokesperson, Senator Nick McKim, has responded to today’s decision by the RBA to increase interest rates.

“The RBA is smashing workers, renters and recent homebuyers to try to bring down inflation that is being driven by supply shocks and corporate profiteering.

“We are hearing plenty from the government and the RBA about supply pressures.

“What we aren’t hearing from the government or the RBA is about the role of corporate profiteering.

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RBA needs to hit pause on rate rises

Greens Treasury spokesperson, Senator Nick McKim, has responded to the news of steep falls in house prices ahead of tomorrow’s RBA meeting.

“The RBA needs to hit pause."

“Inflation is being driven by supply side shocks and corporate profiteering.

“Jacking up interest rates will not fix these problems.

“The RBA needs to be honest about this with the Australian public.

“Monetary policy cannot curb inflation without punishing workers, renters and new homeowners, none of whom are the cause of the problem.

“They should not increase rates tomorrow.

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Corporations should be bracing for a Super Profits Tax

Greens Treasury spokesperson, Senator Nick McKim, has responded to the Treasurer's Ministerial Statement on the Economy.

“The Treasurer has just told Australians to brace for higher unemployment and further real wage cuts because interest rates are going to go up.

“But the Treasurer said nothing about what big corporations should brace for.

“The share of national income going to corporate profits are at record highs, and the share of national income going to wages are at record lows.

“Corporate profiteering is fuelling inflation, not wages.

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