Greens to go after big corporations with new ‘tycoon tax’

The Greens said this week that the proposed plan would raise $338 billion over the decade and would wind back handouts and subsidies to coal, gas and oil corporations.

The tax would be served in two parts: for non-mining corporations with over a $100 million turnover, the tax would apply to their super-profits; and for mining projects, tax on corporations will be assessed on a project-by-project basis.

The move comes after the announcement this week that record super-profits were made in the retail and mining sectors, including Harvey Norman which lifted profits by 75 per cent to a record $841 million.

Meanwhile, the country’s three biggest miners recorded $65.5 billion profit.

“Big corporations making big profits should pay more tax,” Greens leader Adam Bandt said.

“While everyone else has suffered through the pandemic, billionaire corporations have made out like bandits and profits are at record highs.

“A ‘tycoon tax’ is essential because there’s huge wealth in this country, but it’s being hoarded by a greedy few.

“People want Clive Palmer to send fewer texts and pay more tax.

“By making mining billionaires and big corporations pay their fair share, we can build a better life for all of us.”

Greens Treasury spokesperson senator Nick McKim said the fact that many Australian billionaires have doubled their wealth during the pandemic shows that change is needed.

“Outrageous profits for corporations shows the way that big players have furthered their monopolies through COVID lockdowns,” Mr McKim said.

“Excessive profits are a red flag for an economy. Super-profits are a sign that there is a lack of competitiveness, that staff are not sharing in the spoils of increased revenue and that customers are getting ripped off.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.