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Amid record corporate super-profits, Greens announce new Tycoon Tax to raise $338 billion for public good

The Greens have today announced they will push for a new 40% corporate super-profits tax on the excess profits made by big corporations, including mining corporations, in the balance of power after the next election.

The Greens’ push for a ‘tycoon tax’ follows the announcement this week of record super-profits across retail and mining sectors, and National Account figures showing the profit share of national income at the highest (30.3%) since records began, eclipsing last year’s new record1.

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One Nation’s JobKeeper transparency stitch up

One Nation has let the Government off the hook on JobKeeper rorts, just as public pressure is mounting to unsustainable levels, the Greens say.

“Reporting which publicly listed companies received JobKeeper isn’t nearly enough as most of this information was already available,” Greens Economic Justice spokesperson Senator Nick McKim said.

“This stitch up covers less than 5% of the $90 billion in JobKeeper payments made  - private companies, private schools and foreign entities will be exempt, and we may never know how much they received.”

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Workers lose as corporations gain

Companies claiming a bigger share of profits at the direct expense of workers shows the need to properly tax big corporations and the super wealthy, the Greens say.

National accounts figures released today show that the wage share of total income has fallen to just 50.6 per cent, the second lowest on record and lowest in 61 years.

The figures also show that profits share of income has hit 30.3 per cent, the highest on record.

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Harvey Norman makes record profits as inequality soars

Harvey Norman’s record profits show the need to make big corporations and billionaires pay their fair share of tax, the Greens say.

“Harvey Norman is making super profits while millions of workers are trying to make ends meet in lockdown,” Greens Economic Justice spokesperson Senator Nick McKim said.

“Paying back some of the JobKeeper they took is a drop in the bucket compared to the massive dividends Gerry Harvey has paid himself and other shareholders."

"Harvey Norman only paid back part of JobKeeper, and only after being publicly named and shamed."

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Greens announce billionaires tax to fund schools, dental, and jobs for all

The Greens will today announce key election policies, including a ‘billionaires tax’ to help fund genuinely free public schools, dental into Medicare and a job for everyone who wants one. 

With the party considering an election in November of this year still a possibility and a minority parliament the most likely outcome, Mr Bandt will push for a tax on billionaires & corporate super profits as part of dealings with a future shared power government.

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Government abandons Banking Royal Commission recommendations

The government’s delay or abandonment of most of the recommendations from the Banking Royal Commission is a commitment to the hands off approach that caused the problems in the first place, the Greens say.

“The Liberals had to be dragged kicking and screaming into this Royal Commission, and they have never accepted that there is serious criminality and bad behaviour within the sector,” Greens Economic Justice spokesperson Senator Nick McKim said.

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MYEFO

MYEFO shows yet again that the Liberals are locking in inequality and damage from climate change, the Greens say.

“The economy continues to be underpinned by Government spending, with state governments’ investment in social housing and public transport responsible for a lot of the improved outlook," Greens Economic Justice Spokesperson Senator Nick McKim said.

"But wages growth has been revised down following the Government’s announcement that they will reduce public sector wage increases.”

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Future Fund must divest from Adani

The Future Fund must divest the $3 million it has put into a railway for the climate-destroying Adani coal mine, the Greens say.

Greens Economic Justice Spokesperson Senator Nick McKim said.

"This is public money and should be invested for the public good."

"Having already ruled out investing in tobacco products, the Future Fund must urgently get out of fossil fuels."

"This is a bad investment financially, morally and environmentally. To use public funds to cook the planet is an extraordinary error of judgement."

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Anti-money laundering laws

The Government and Labor have again wasted an opportunity to include real estate agents, accountants and lawyers subject to mandatory reporting of money laundering.

"We have been waiting 14 years for this badly needed reform," Greens Economic Justice spokesperson Senator Nick McKim said.

"Dirty money is flooding Australia's property market, helping to push house prices even higher, and making owning a home even more difficult for too many Australians."

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National accounts show government spending must continue

Today’s national accounts figures show that government support for people who need it most must continue, Greens economic justice spokesperson Senator Nick McKim says.

 

 

“These figures show it was government spending that propped up the rest of the economy,” Senator McKim said.

“And even then, we are still way behind where we were before the pandemic hit. Millions of Australians are unemployed or underemployed.”

“As the OECD has made clear, now is not the time for the government to cut spending.”

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