Adam Bandt to lay out party strategy for next election. Follow the day’s news liveGet our breaking news email, free app or daily news podcastThe Greens leader, Adam Bandt, has announced the party will take a “package of Robin Hood reforms” to the next election.The first plank of the policy is a 40% tax on “excessive profits” of big businesses, coal and mining companies, and closing loopholes in the petroleum resource rent tax (PRRT).Applying a 40% tax on profits earned on turnover after the first $100m, which would hit the big four banks, Coles and Woolworths, Wesfarmers, Telstra, JB Hi-Fi and Ampol. This is projected to raise $296bn over a decade.Changes to the PRRT to reduce expenditure eligible for deductions; adding a 10% royalty on offshore projects; and including four exempt projects into the PRRT. Projected to raise $111bn.A 40% tax on the super profits of mining projects, excluding some new industries such as lithium or nickel mining. ($107bn)The last time the country tried to seriously tax the excess profits of the mining industry, these companies poured millions of dollars into advertising, forcing Labor to sack their own democratically elected Prime Minister. That doesn’t mean it was the wrong thing to do, that is exactly why it needs to be done.We can’t have the mining industry determining who is and who isn’t running the country and who the country is run for. If Labor hadn’t capitulated so spectacularly, the country would have had an extra $35 billion in revenue between 2012 to 2020. This money could have built homes, fixed teeth or kept people out of poverty…We’re part of the Pacific family and over the next couple of days we’ll be talking about our common interests, how we work together to combat climate change [and] for economic development and for peace and security in our region. Continue reading…
Source link : https://www.theguardian.com/australia-news/live/2024/aug/28/australia-news-live-greens-adam-bandt-tax-reforms-election-anthony-albanese-tonga-cfmeu-protest-union-weather
Author : Martin Farrer
Publish date : 2024-08-27 20:56:33
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Australia news live: Greens to promise ‘Robin Hood reforms’ including profits tax; Albanese lands in Tonga
