Greens Treasury spokesperson, Senator Nick McKim, has responded to the announcement by BHP that it will pay a record dividend by calling for a Mining Super Profits Tax (MSPT).

“Australia needs a Mining Super Profits Tax."

“BHP shareholders are rolling in cash but the Australian public who own the resources are being shortchanged."

“Mining giants are posting obscene profits on the back of commodity booms, but the benefits are going to corporate executives and shareholders rather than to Australians who are struggling with the spiralling cost of living."

Greens Treasury spokesperson, Senator Nick McKim, has responded to the ACTU’s paper to the Government Jobs Summit saying the pressure is growing on Labor to walk away from the Stage 3 tax cuts.

“The Greens welcome the ACTU’s paper and congratulate them on making the case for serious economic reform.

“Scott Morrison’s Stage 3 tax cuts will overwhelmingly flow to the wealthiest people in the country, with a $9000 tax break for people earning $200,000 but nothing for those on the minimum wage.

Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of the latest taxation statistics by the ATO.

“The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts.”

“Labor should be making high income earners pay their fair share rather than giving them another tax cut.”

“Proceeding with Scott Morrison’s tax cuts for millionaires while so many high income earners are already paying no tax is irresponsible and unfair.”

Greens Treasury spokesperson, Senator Nick McKim, has responded to the Treasurer's Ministerial Statement on the Economy.

“The Treasurer has just told Australians to brace for higher unemployment and further real wage cuts because interest rates are going to go up.

“But the Treasurer said nothing about what big corporations should brace for.

“The share of national income going to corporate profits are at record highs, and the share of national income going to wages are at record lows.

“Corporate profiteering is fuelling inflation, not wages.

Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of today’s inflation figures.

“The government should introduce a corporate super profits tax to help ease cost of living pressures, including by fixing up the Petroleum Resource Rent Tax (PRRT).

“And they should use the additional revenue to provide cost of living support, such as by putting dental into Medicare and making childcare free.”

“COVID disruption and energy price hikes are driving inflation globally.

“But inflation is also being driven by corporate profiteering.

The Greens Leader Adam Bandt says a windfall tax on gas corporations profiteering from the current crisis could be imposed simply by closing loopholes in the Petroleum Resource Rent Tax (PRRT) in the government’s first budget in October.

The PRRT was designed to tax super-profits, but gas corporations figured out how to avoid paying it by building up a backlog of tax credits to the tune of a jaw-dropping $282 billion. This means that gas companies have to burn through $282 billion in profits until they start paying tax.

Greens Leader, Adam Bandt MP, says Labor’s appeasement to right-wing flat tax reforms and keeping tax breaks for trusts and property investors is a death knell for Australian egalitarianism. 

Quotes attributable to Greens Leader, Adam Bandt MP:

“Liberal and Labor are now in lockstep on tax cuts for the rich, sounding the death knell for social democracy. Liberal and Labor are marching Australia towards US-style inequality. 

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 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.