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Billionaires' Tax

Australia’s billionaires saw their wealth increase by over $90 billion during the course of the pandemic. Australian corporations announced record profits. Yet millions of ordinary Australians are struggling to cover everyday expenses like rent and childcare, and basic services like healthcare and education are in crisis.

1 in 3 big corporations already pay zero dollars in tax. And Labor and the Liberals have committed to a further round of tax cuts for the rich, costing us $95 billion over the next ten years. We could spend this money on schools and hospitals, instead of handing it over to the wealthiest Australians.

There’s an easy fix. The Greens will introduce a 6% tax on the wealth of billionaires, as well as a tax on the excessive profits of big corporations, and repeal Labor and the Liberals’ stage 3 tax cuts for the ultra-rich. We’ll use the money to fund dental into Medicare, build a million public homes and pay for Australia’s transition to renewable energy.

By making the rich pay their fair share, we can build a future that works for everyone.

The Greens will:

  • Introduce a 40% tax on the excess profits of big corporations, raising $338 billion over a decade.
  • Introduce an annual 6% wealth tax on the net work of Australia’s billionaires, raising $40 billion over a decade.
  • Repeal Labor & the Liberals’ tax cuts to the ultra-rich, raising $184 billion
  • Make corporations pay back JobKeeper.
  • End Multinational Tax Avoidance by clamping down on tax exploits and improving the transparency of company and ATO reporting.

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