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Corporations should be bracing for a Super Profits Tax

Media Release
Nick McKim 28 Jul 2022

Greens Treasury spokesperson, Senator Nick McKim, has responded to the Treasurer's Ministerial Statement on the Economy.

“The Treasurer has just told Australians to brace for higher unemployment and further real wage cuts because interest rates are going to go up.

“But the Treasurer said nothing about what big corporations should brace for.

“The share of national income going to corporate profits are at record highs, and the share of national income going to wages are at record lows.

“Corporate profiteering is fuelling inflation, not wages.

“Yet the Treasurer was silent about profits in his statement today.

“Instead of giving them a free pass, the Treasurer should be telling corporate Australia to brace for a super profits tax.

“The Greens took to the election a package of super profits taxes that would apply to companies with a turnover of greater than $100m, mining projects, and oil and gas projects, the latter being a ‘fixed-up’ PRRT.

“Together, these three super profits taxes would raise $460B in additional revenue over the next decade that could be used to provide cost-of-living relief by funding the provision of high quality free public services, such as free childcare, truly free public education, and putting dental into Medicare.”

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