Now's not the time to drop taxes for the rich
Bringing forward personal income tax cuts in an attempt to kickstart spending is a shortsighted move of economic vandalism, Greens Leader Adam Bandt said today, warning that it will entrench economic injustice and hamper recovery efforts.
"Tax cuts will hamper the recovery, depriving the public of money needed to invest our way out of the corona crisis and the climate crisis," Greens Leader Adam Bandt MP said.
"Dropping taxes at a time of crisis will hamper the government's role in rebuilding our economy. If the Prime Minister wants to get people opening their wallets, we need investment, not tax cuts.
"Getting through the post-pandemic financial crisis will need massive investment in green infrastructure and public services, so raiding our nation's coffers right now is nothing short of economic vandalism.
"Australia's workers are already doing their bit, so these tax cuts will just further entrench the injustice that gives our country's richest people a free ride. Bringing forward these tax cuts just means Australia's workers will be doing even more of the heavy lifting. 60% of these tax cuts will go to just 1 in 5 taxpayers.
"Australia's got one of the lowest tax rates of all OECD member countries, and people on high incomes contribute more by design. Today's OECD report merely shows that our taxation system is working as intended.
“The Greens will block tax cuts to the wealthy. Liberal and Labor must rethink their obsession with tax cuts and instead join a plan to invest our way out of this slump while also tackling the climate and inequality crises."