In response to statements from the Treasurer tat the Budget will see wages go backwards for another two years and paid parental leave measures will also be delayed, the Greens say the government was delaying cost of living relief while making room in the Budget for Stage 3 tax cuts for the wealthy.

“Labor is spending over a quarter of a trillion dollars on Stage 3 tax cuts for politicians and billionaires while delaying cost of living relief for everyday people,” Greens Economic Justice Spokesperson Senator Nick McKim said.

Treasurer Jim Chalmers’ revelations that the cost of the Stage 3 tax cuts for CEOs, politicians and billionaires has surged over a quarter of a trillion dollars is further confirmation they should be scrapped, the Greens say.

“$254 billion is a staggering amount of money that would be far better spent putting mental and dental health into Medicare, wiping student debt and making childcare free,” Greens Economic Justice spokesperson Senator Nick McKim said.

The Greens understand that the Senate will today support our motion requiring Reserve Bank governor Dr Philip Lowe to appear at Senate Estimates.

“Independence does not mean a lack of accountability,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“There are serious questions for Dr Lowe.” 

“Dr Lowe induced people into taking on massive amounts of debt by saying interest rates wouldn’t go up until wages had increased substantially and this was unlikely to be until 2024.”

Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe’s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.

“Yesterday’s National Accounts showed that profit’s share of national income hit a new record high and that wages’ share of national income hit a new record low.”

“In the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.”

We've heard a lot of rhetoric from some people in the chamber around the stage 3 tax cuts. But we need to remind ourselves that what we are talking about is people's lives.

Australians are facing a cost-of-living crisis. People are being smashed on all fronts: rising rents and mortgage repayments, rising food prices, rising education costs, rising health costs. Neither the Labor Party nor the Liberals and Nationals are interested in turning the tide around. In fact, they're actively committed to making it worse by refusing to invest in vital services, by refusing to lift income support payments and by backing in $243 billion of tax cuts for the super wealthy.

Philip Lowe should resign as Governor of the Reserve Bank for misleading Australians about interest rate rises, the Greens say.

“Dr Lowe induced hundreds of thousands of Australians into taking out massive mortgages by effectively saying that interest rates would not rise until 2024,” Greens Treasury and Economic Justice spokesperson Senator Nick McKim said.

“Having failed to keep that commitment, he should now resign.” 

“The preconditions that Philip Lowe set for increasing rates have not been met.”

Greens Treasury spokesperson, Senator Nick McKim, has responded to the announcement by BHP that it will pay a record dividend by calling for a Mining Super Profits Tax (MSPT).

“Australia needs a Mining Super Profits Tax."

“BHP shareholders are rolling in cash but the Australian public who own the resources are being shortchanged."

“Mining giants are posting obscene profits on the back of commodity booms, but the benefits are going to corporate executives and shareholders rather than to Australians who are struggling with the spiralling cost of living."

Greens Treasury spokesperson, Senator Nick McKim, has responded to the ACTU’s paper to the Government Jobs Summit saying the pressure is growing on Labor to walk away from the Stage 3 tax cuts.

“The Greens welcome the ACTU’s paper and congratulate them on making the case for serious economic reform.

“Scott Morrison’s Stage 3 tax cuts will overwhelmingly flow to the wealthiest people in the country, with a $9000 tax break for people earning $200,000 but nothing for those on the minimum wage.

Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of the latest taxation statistics by the ATO.

“The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts.”

“Labor should be making high income earners pay their fair share rather than giving them another tax cut.”

“Proceeding with Scott Morrison’s tax cuts for millionaires while so many high income earners are already paying no tax is irresponsible and unfair.”