The Greens will make the big banks, property developers and the gambling industry pay their fair share of tax so we can invest in climate action, affordable housing and public services for all.
Our plans will also be paid for by spending smarter and making our state borrowings work for the community.
How we'll pay for our plans:
Did you know
The big four banks made $14.4 billion in profit in just 6 months in 2022.
The Greens want to make the big banks pay a quarterly levy, which would raise $4.7 billion over the next decade.
This quarterly levy would be 0.015% of Victoria’s share of their bank liabilities.
The big banks continue to make billions in profit, while rising interest rates put financial pressure on Victorians.
The big four banks – Commonwealth Bank, NAB, Westpac and ANZ – had a combined cash profit after tax of $14.4 billion for their half yearly results in 2022.
TAXING PROPERTY DEVELOPERS
Earlier this year, the Victorian Labor Government proposed a levy on property developers to help pay for affordable housing. But Labor caved to pressure from the property developer industry and dropped the new tax only 5 days after announcing it.
The Greens want a housing system for people, not profit.
With more Greens in parliament, we will push to introduce a 2.5% levy on developers of more than three dwellings built in metropolitan Melbourne and key regional centres.
Developers who are providing affordable housing under the Greens’ affordable housing policy will be exempt.
We also want to increase the windfall rezoning tax to 75%. This is a tax on the unearned wealth accumulated when land is rezoned.
For example, land can become more valuable at the stroke of a pen when it is rezoned from industrial use to residential. Property developers make huge profits when industrial land they have purchased is rezoned to residential land.
ONLINE GAMBLING TAX
Multinational online gambling companies are running riot in Australia.
In Victoria there is a 10% tax on the revenue made from Victoria customers, with the majority of the funds being sent back to support more gambling via propping up the horse racing industry.
The Greens will double the rate to 20% and direct all revenue from the tax to public services.
The Greens have also found ways to save money by stopping unnecessary and harmful spending.
We can save by immediately:
- Ending state funding for native forest logging.
- Ending state government support for coal and gas.
- Stopping private schools from getting more than their share of public money, by capping their funding at 100% of the school resource standard.
- Halving expenditure on consultancies in the public sector.
We will also make sure any increases in debt are for important investments, such as building public and affordable housing and renewable energy infrastructure – rather than unnecessary and polluting toll roads.
There are also billions of dollars hidden in the budget that the government hasn’t told Victorians what they will spend it on yet. We will use these funds for tackling climate change, building affordable housing and providing public services.
Unless otherwise stated, our platform funding amounts are for the remainder of the budget and forward estimates period (to 2025-26).