Mercury (Hobart)

‘Tycoon tax’ push by Greens


BIG businesses would be whacked with a 40 per cent super-profits tax under a Greens “tycoon tax” plan to raise $338bn over the next decade.

Greens leader Adam Bandt (pictured) said polling suggested a “power-sharing parliament was the most likely outcome” after the next federal election. If that was the case, he said the minor party would push Labor to “make billionair­e corporatio­ns pay their fair share of tax”. Under the proposal, to be unveiled Monday, businesses with an annual turnover above $100m would pay the superprofi­t tax rate, with allowances made to ensure they could still deliver a “fair return” to shareholde­rs.

A forecast by the Parliament­ary Budget Office – which it cautioned had a “very high degree of uncertaint­y” – predicted this would raise $214bn over 10 years. A separate tax on mining giants would raise $124bn over the decade.

“There’s huge wealth in this country, but it’s being hoarded by a greedy few,” Mr Bandt said.

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