2023-08-24
The government would have nearly another trillion dollars to tackle intergenerational inequality if Labor implemented popular and progressive tax reforms, the Greens say, urging Anthony Albanese to abandon his status quo centre-right agenda.
The release of the Intergenerational Report showcases the degree to which future generations are getting handed an increasingly fraught future - with a worsening outlook on inequality and climate.
With a significantly worsening outlook for future generations, the ABC has reported that government sources have ruled out any significant changes to tax in this term. Meanwhile, Labor continues to back more coal and gas. The Greens say this represents an abandonment of future generations.
The government would have hundreds of billions of dollars to repair generational equality if the government was to enact the following reforms:
- Tycoon Tax (corporate super profits): $286.7b from 2022-23 to 2032-331
- Mining Super-Profits Tax: $109.9b from 2022-23 to 2032-331
- Ending fossil fuel subsidies: $117.1b from 2022-23 to 2032-331
- PRRT Changes: $94.5b from 2022-23 to 2032-332
- Stopping Stage 3 Tax Cuts: $313.1b from 2023-24 to 2033-343
- Winding back CGT/NG Discounts: $74.1b from 2022-23 to 2032-334
- Total: $995bn, over a decade5
Lines from Adam Bandt MP, Leader of the Australian Greens:
“Stopping new coal and gas mines and taxing the billionaires and big corporations is the key to fighting intergenerational inequality,” Mr Bandt said.
“By giving tax cuts to billionaires and opening new coal and gas mines, Labor is handing people a future where the rich get richer and everyone else struggles with a broken housing system and collapsing social safety net, all set on a planet dying from climate collapse.
“Labor can’t complain about future ‘pressures on the budget’ while giving tax cuts to politicians and billionaires.
“Labor can’t pretend to care about the climate crisis while approving new coal and gas projects.
“By trying to walk both sides of the fence on climate and inequality, Labor is setting up future generations for disaster.
“Instead of refusing to fund services, Labor should axe the Stage 3 tax cuts for politicians and billionaires and make the big corporations pay their fair share of tax.
“If Labor had the courage to enact these sensible reforms, the government would have almost a trillion dollars over the next decade to put dental and mental health into Medicare, build public homes, and rapidly accelerate the transition out of coal and gas into clean energy.”
Lines attributable to Senator Nick McKim, Australian Greens Economic Justice Spokesperson:
“Anthony Albanese’s legacy shouldn’t be leaving young people with a housing market that’s completely cooked, a planet on fire, and skyrocketing wealth inequality,” Senator McKim said.
“If Labor was serious about improving the lives of future generations they’ve got almost a trillion dollars to make it happen. Labor just needs to find the courage to take on rich people and big corporations.
“Young people know that the Labor party isn’t representing them - and are seeing their future prospects sold off to curry favour with billionaires and coal and gas donors. They deserve better than that.
“A tax and spend regime has been a critical part of progressive reforms across the world. By turning down this opportunity, Labor is abandoning future generations in hopes of becoming the default centre-right party.”
1Source: PBO, Australian Greens 2022 Election Platform
2 Source: PBO, April 2023 Costing
3 Source: PBO, May 2023 Costing:
4 Source: PBO, as delivered in Adam Bandt’s NPC Address
5 Note: These all represent a decade’s worth of revenue measures. As the Stage 3 Tax Cuts come into effect in the 23/24 financial year, this component has a different start date to the other measures.