2022-11-11
Reports in today’s media suggest the government is considering a windfall tax on the coal and gas giants, which is a key part of the Greens’ plan to freeze electricity prices and support households and businesses to get off expensive and dirty gas.
Greens Leader Adam Bandt MP has welcomed the reports, saying the Greens campaign to push for tax on the record profits of coal and gas corporations is working and that the plan has overwhelming support amongst the public.
The Greens’ costed plan would freeze power bills for 2 years at pre-Ukraine crisis levels, funded by a temporary tax on the windfall profits of coal and gas corporations. A median household would save as much as $776.
Mr Bandt wrote to the Prime Minister this week urging him to adopt the Greens’ plan, which has been costed by the Parliamentary Budget office and would raise an additional $25b in revenue, which could be used to help households and businesses get off gas.
Quotes attributable to Greens Leader Adam Bandt MP:
“These greedy coal and gas giants are the vampires of the 21st century, sucking the life out of our economy while killing the planet and its people. They are making record profits while paying barely any tax. Government needs to intervene and rein in these greedy energy corporations.
“We welcome what seems to be a shift by the government and Treasury towards the Greens plan to freeze power bills and support households and businesses to get off gas, funded by fairer taxes on the coal and gas giants.
“Coal and gas corporations are driving up power bills and profiteering from people’s pain.
“We’re in a cost-of-living crisis and instead of asking everyday people to pay more, Labor should freeze power bills and put a windfall tax on greedy coal and gas corporations.
“Other countries have had the guts to stand up to these greedy coal and gas corporations. Even the conservatives in the UK introduced a windfall profits tax, and we should too.”
Background
The Australia Institute released polling this week showing an overwhelming majority of Australians (86%) support a government intervention in the gas industry, either through export controls, a windfall profits tax, or both