The full tax on excess profits by the coal mining industry, as recommended by Treasury, should be imposed with half set aside for future natural catastrophes in Australia, Greens Leader Bob Brown said in Hobart today.
"It is unfair that the cost is put on all taxpayers, not the culprits," Senator Brown said.
"Burning coal is a major cause of global warming. This industry, which is 75% owned outside Australia, should help pay the cost of the predicted more severe and more frequent floods, droughts and bushfires in coming decades. As well, 700,000 seaside properties in Australia face rising sea levels."
"A Goldman Sachs study found that the reduction in the mining super tax agreed by the current Labor government (the coalition opposes the mining tax) would cost Australians $35 billion in forgone revenue to 2019-20."
"Scientists agree that current floods come from record-high temperatures of Australian oceans this season."
"We also ask insurers to show some compassion to Queensland's flood victims, and to others who face loss as wild weather besets the country. Many people believe they have flood cover and, if not, the fine print should have been disclosed to them."