'Obscene': Greens push to heavily tax 150 people

The minor party’s self-proclaimed Robin Hood proposal, which has long been a key Greens tax reform push, would see Australia’s 150 billionaires pay 10 per cent annual tax on their net wealth.

It forms part of the Greens’ campaign promise of investment in essential services such as dental in Medicare, bringing back GP bulk billing and nationwide 50c transport fares.

Greens leader Adam Bandt said it is a “once in a generation chance” to claw back some of the combined $584.5 billion earned by the country’s wealthiest magnates over the last six years.

The Greens are eyeing increased influence on a possible minority government after the upcoming federal election.

If implemented, the billionaire tax would generate $23 billion over the budget forward estimates and $50 billion over 10 years.

“In a wealthy country like ours, everyone should be able to afford the basics: a home, food, and world class health and education,” Bandt said.

“Instead, billionaires are making out like bandits while everyone else is being squeezed.

“It’s time we turned the tables and made billionaires pay their fair share to fund the services people need.

“This election, we have a once-in-a-generation chance.

“There will be a minority government and the Greens are within reach of winning seats right across the country.”

Australian Greens economic justice spokesperson Nick McKim targeted mining magnate Gina Rinehart’s bank account and described her wealth as “obscene” while much of the country battles a cost-of-living crisis.

“There has been an obscene accumulation of wealth in this country in recent years. A billionaires’ tax will start to turn that around and help everyday Australians,” McKim said.

“Gina Rinehart should not have $40.6 billion while people in this country are sleeping in tents and cars.

“That’s the economic system that Labor and the Liberals are defending.

“The Greens’ plan will force billionaires to start giving back.”

The proposed tax would come into effect on July 1.

During the 2022 federal election, the Greens announced a similar policy of taxing billionaires by an extra six per cent to tackle housing affordability in Australia.

Under Julia Gillard’s Labor minority government in 2010, the Greens added dental into children’s Medicare.

The policy has been previously criticised over fears billionaires could dodge the tax by under-reporting earnings or giving to charity.

The Australian Financial Review Freshwater Poll in December saw voters swing towards Coalition jumping from 57 seats to 67, while Labor would be reduced to 71 from 78.

29 per cent of voters tipped a Coalition-led minority in last year’s poll.