Of course, Labor needs to raise revenue after the covid years but the greens act all holier than thou and never take practicalities into account.

greens are wreckers and neoliberals and opportunists. I despise them.

The greens are right, time to bring in a robin hood type tax.   

Adam Bandt to announce Robin Hood tax plan to take on big corporations at National Press Club   
2024-08-27
greens.org.au
The Greens will take a series of ‘Robin Hood reforms’ to the next election, Greens Leader Adam Bandt will tell the National Press Club tomorrow, where he will announce the first major measure: a 40% tax on the excessive profits of big corporations to fund significant cost of living support.

The share of income going to big corporations has never been higher. The price gouging behind these surging profits is a key driver of inflation and the cost of living crisis. With many Australians at breaking point due to rising rents, mortgages, and prices at the checkout, Mr Bandt will say that Labor’s cosying up to big corporations is fuelling the crisis.

The money raised will be given back to everyday people in the form of crucial measures that will address the cost of living and inequality crisis, which the Greens will begin rolling out in the lead-up to the next election. These ‘Robin Hood reforms’ will help form the basis of the Greens’ demands in a likely minority Parliament.

Independently costed by the PBO, the Greens’ Big Corporations Tax package will raise $514b over the next decade. It ensures that big corporations who make excessive profits pay a higher share of tax on these excessive profits.

Key details on the proposals

The reforms in the Big Corporations Tax package apply to excessive profits across the economy, but the mechanism differs in each of three different sectors: the Big Corporations Tax (Gas and Oil) reforms the existing PRRT to close the loopholes that Labor has left; the Big Corporations Tax (Coal and Mining) is a 40% tax based on previous proposals for a mining super-profits tax, including the Henry Tax Review; and the Big Corporations Tax (Excessive Profits) is a 40% tax on excessive profits that applies to all other sectors. The Greens’ tax changes are structured to ensure that investment is still incentivised (in areas other than fossil fuels), and are designed to be consistent with existing taxation arrangements to simplify compliance and auditing.

Big Corporations Tax (Excessive Profits)

Revenue: Will raise $296 billion

A 40% tax will be imposed on excessive profits. It will apply to profits earned on turnover after the first $100m. The corporate superprofits tax allows a reasonable rate of return (effectively defined as 5% + long term bond rate) on shareholder equity, allows for companies to carry forward credits for years that saw substantial revenue drops, and avoids financial cliffs that some critics say discourage smaller enterprises from expanding.

The policy has been designed to ensure that while it taxes excessive profits, it retains and extends the existing structure of the tax system that ensures the corporate super profits tax will not take a cent from the pockets of Australians who rely upon returns from their investments, like pensioners or the 17 million Australians1 with superannuation balances.

Big Corporations Tax (Gas and Oil)

Revenue: Will raise $111 billion

The revamped tax on offshore oil and gas will close the loopholes in the PRRT that Labor has left open through its failure to take on the big gas corporations. With 56% of gas currently given to big gas corporations for free 2, it will also mandate the payment of royalties.

Big Corporations Tax (Coal and Mining)

Revenue: Will raise $107 billion

A 40% tax is imposed on the super profits of mining projects. The revamped tax on mining profits excludes new and vital sectors, like lithium or nickel mining. It draws on the work of the Henry Tax Review that successive governments have refused to enact, so that everyone benefits from the resources that mining companies are extracting.

Greens’ estimates of tax payable by some big corporations. For example, drawing on financial statements, these figures estimate a list of ASX companies that have extracted excessive profits over the past decade, and the tax that would be paid on those excessive profits.

The greens have the balance of power in the senate.  Time the two mains stopped trying to bulldoze their ideas through the senate.         

Yet people still vote for them.  We don't want a government either labor, or the coalition with an automatic rubber stamp.  Start negotiating.