Australian Greens Propose $500 Billion Tax on Big Business

Greens leader Adam Bandt has proposed a significant tax increase on corporations to address Australia's rising cost of living. The plan, which will be unveiled at the National Press Club on August 28, aims to generate over $500 billion by taxing excess profits at a rate of 40% for companies exceeding $100 million in surplus. This initiative targets major corporations, including Coles, Woolworths, and NAB, which have been accused of profiting excessively during the pandemic without adequate tax contributions. The proposal also includes a 40% super profits tax on mining projects, excluding lithium and nickel, and seeks to raise $111 billion from offshore gas and oil companies through increased royalties. Bandt argues that these measures are necessary to redistribute wealth and provide essential funding for everyday Australians, especially as many businesses, including Woolworths and JB Hi-Fi, have reported significant profit declines amid a sluggish economy. The backdrop of this proposal is a challenging economic environment where consumer demand for affordable products has led to reduced inventory and impacted suppliers. The National Retail Association has called for policies that support retail owners and foster investment, highlighting the need for a balanced approach to taxation and economic growth. If implemented, the Greens' plan would rely on negotiations with a minority Labor government, contingent on Prime Minister Anthony Albanese's re-election next year. Bandt's strategy aims to alleviate financial pressures on the public while ensuring that large corporations contribute fairly to the economy.