Tax excess profits, don’t leave it to the good will of large corporations

The Green Party is once again calling on the Government to introduce an excess profits tax and use the money to support people, rather than relying on the good will of corporations. 

“When massive corporations like banks can cash in on a change in economic circumstances that they themselves did not bring about, then those benefits should be shared with everyone,” says the Green Party’s finance spokesperson, Julie Anne Genter. 

Rather than taking action to rebalance the economy towards those who need help the most, the Minister of Finance told Morning Report that banks and energy companies should “bear in mind” customers who might be struggling to pay the bills. 

“Expecting banks, for example, to put people ahead of profit would be a bit like putting the fox in charge of the hen house. 

“Right now, as people struggle to pay the mortgage or rent, Australian-owned banks are raking in eye-watering profits of over $6 billion.

“If we leave the banks to sort it, money that could be used to help people make ends meet is more likely to end up in the pockets of bank executives and shareholders.

“An excess profits tax is the simplest and most effective way to ensure large corporations pay their fair share to help people who are struggling to make ends meet. 

“Revenue from an excess profit tax could be used to support those on low incomes with the rising cost of essentials like food and rent,” says Julie Anne Genter. 

Latest Finance Announcements

Story

Trickle-down tax cuts while the planet and social contract burns

The Government’s bloody-minded commitment to delivering trickle-down tax cuts at all costs comes at the expense of investment in people and planet. 
Read More

Story

Minister of Finance reheats austerity politics

This morning’s pre-Budget speech from the Minister of Finance offered no “meaningful” news on the Government’s trickle-down economics based plans.
Read More

Story

Central Bank makes clear Government is pouring fuel on housing crisis fire

Today’s Financial Stability Report has once again highlighted that poverty and deep inequality are political choices - and this Government is choos...
Read More

Story

Cold climate cuts for Christmas

Once again, the National Party has shown a breathtaking willingness to say one thing during an election campaign and then do the exact opposite whe...
Read More

Story

State of books makes clear case for wealth tax

The case for a wealth tax has never been stronger.
Read More

Story

Crumbs from the property speculator’s table

High-income property speculators will be the biggest winners from a National Party tax plan that will send house prices and rents through the roof,...
Read More