Greens Leader, Adam Bandt, says revelations in the Oxfam report that Australian billionaires have doubled their already obscene fortunes gives strength to the Greens’ proposal for a 6% annual tax on billionaires’ wealth.

Over the course of the pandemic, while people endured lockdowns and hardship, billionaires doubled their wealth to $255 billion, equivalent to the wealth of 7.7 million Australians, held by just 47 people.

Greens leader, Adam Bandt MP said:

The ‘Pandora papers’ disclosed today reveal that Australia is a weak link in the fight against international tax avoidance, with accounting firms and real estate agents excluded from having to report to financial regulators over many suspicious transactions, giving these Australian firms a competitive advantage when orchestrating money laundering schemes for the super-rich.

Australia is one of only six countries in the world where accountants, lawyers and real estate agents are not required to report under anti-money laundering and counter-terrorism financing laws.

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.

The Australian Greens have used their Budget in Reply speech to announce a new tax on extreme profiteering by billionaires during the pandemic.  
The new tax, which only applies to the 122 richest Australians, will raise $29 billion. It will be taxed on the amount their wealth increased between March 2020 and March 2021.

Greens leader Adam Bandt will announce the next steps in the Greens campaign to make the billionaires and big corporations pay their fair share today, with a Budget push for the Morrison government to force the billionaires and big corporations who profited from JobKeeper to pay it back.

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.

Everyone is assuming 2021 will be an election year and the Greens are no different. Working closely with the party, our team is raring and ready to go. Your work on policy in previous conferences and again this weekend is making a great contribution to getting the party fit for a campaign.