Adam Bandt’s ‘Robin Hood’ tax reforms blasted as ‘economic sabotage’ from the Greens

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Adam Bandt’s ‘Robin Hood’ tax reforms blasted as ‘economic sabotage’ from the Greens

Business leaders and the Federal Government have attacked Adam Bandt’s “Robin Hood” plan to tax big businesses $514bn over the decade, branding the pre-election pitch as “unrealistic” and “economic sabotage”.

In an address to the National Press Club on Wednesday, the Greens leader unveiled the party would support Labor in the event of a hung parliament if the government agrees to hit miners, coal and gas companies, retailers, banks and telcos with the proposed Big Corporations Tax package.

The party, which believes it’s in with a chance to pick up seats from Labor and the Coalition at the next election – due by May 2025 – want to tax big businesses 40 per cent on turnover after the first $100m.

The proposal also includes a new gas and oil tax, which the party say would be implemented via changes to the petroleum resource rent tax; and a 40 per cent tax would be slapped on coal and other mining – but excluding lithium and nickel.

The party says the proposal would create a $514b windfall over a decade, which could cover a raft of cost-of-living measures, like dental in Medicare.

Finance Minister Katy Gallagher lashed the plan as a “thought bubble” that undermined serious fiscal policy without the prospect of implementing it.

“The Greens have this luxurious position of where …. they can come out with an idea, but they never have to implement it. They never have to look at the tax system as a whole, they never need to worry about how the economy performs,” Senator Gallagher said.

Tania Constable, the chief executive of the Minerals Council of Australia, labelled the proposal as “economic sabotage”.

“These destructive ideas, reheated year after year, would deliver a brutal ***** to Australia’s competitive position, undermining investment, jobs, and growth across our critical industries. The last thing we need is to destabilise the sector that drives our economy and sustains our future prosperity,” she said.

*********** Industry Group said the Greens tax pitch was not only “naive populism”, but an “******* on the prosperity of everyday Australians who benefit from our companies doing well”.

“The proposal reflects a complete lack of understanding of how our economy functions and how long-term prosperity is generated,” chief executive Innes Willox said.

“Unsurprisingly, their plan is based on clear misunderstandings of the current tax system; basic principles of taxation; and the workings of an economy that draws extensive benefits from its vibrant private sector.

“Once again the Greens have proposed policy changes that would leave Australia and Australians poorer and with lower living standards.”

Chamber of Minerals and Energy of WA chief executive Rebecca Tomkinson said the policy was a “****** tale”.

“CME will always seek to engage on structured and considered policy proposals that have the potential to make a real and lasting impact on the environment, community, industry and the economy. ****** tale policies don’t fall into that category,” she said.

Mr Bandt said the proposal would ensure Australians got some much-needed cost-of-living relief.

“Enough is enough. It’s time to make the big corporations and billionaires pay their fair share of tax,” Mr Bandt said in his NPC address.

“The aim is simple. To make the big corporations and billionaires pay their fair share of tax to make life better for everyone.”

Mr Bandt will use the PRRT overhaul and mining tax as bargaining chips in the event of a hung parliament.

Ms Constable said the Government needed to “categorically rule out these reckless proposals”.

The Government needs to be clear about where they stand – Australia cannot afford to gamble with its prosperity,” she said.

Acting Prime Minister Richard Marles on Wednesday morning labelled the policy as “unrealistic”, and sought to rule out doing any deals with the Greens.

“The Labor Party is not about doing deals with the Greens. We are focused on winning a majority at the next election in our own right, and doing so, so that we can manage the economy for all Australians, and we are seeking to win that majority based on what we’ve done ,” he said.

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