Over the last two years, just 47 Australian billionaires doubled their wealth to $255 billion. 

Australia is an incredibly wealthy country. But over the last 10 years we’ve seen hundreds of billions of dollars of wealth created in Australia, shipped overseas into the pockets of multinational corporations and investors. 

With skyrocketing cost of living, chronically underfunded hospitals and schools, and a housing crisis – now is the time to ensure that wealth is used for all of us – not for overseas investors and private yachts.  

Here’s how the Greens will raise $567 billion to fund our plans

The Greens policies are fully costed, and we will fund our plan by a mix of new revenue raising measures focussing on redistributing just some of the enormous wealth from billionaires and big corporations.

FAQs

Won’t billionaires just hide their money overseas? 

They can try, but we will still tax them. The billionaire tax will apply to any wealth held overseas, as long as the billionaire is an Australian citizen or resident. We will also invest an extra $225 million in the ATO to establish a department to enforce the tax and find hidden wealth.

Won’t taxing big corporations hurt investment and jobs? 

By only taxing big companies and mining, and only taxing their super profits – profits above a normal rate of return – this tax will help smaller and more innovative companies get a foothold. Also, by using the taxation revenue to invest in education and infrastructure, we are more likely to attract high value jobs and investment.

How can you close corporate tax loopholes? 

The Greens plan involves closing several major loopholes. One of the most common involves multinational corporations paying parent companies overseas, in places like the Cayman Islands, artificially inflated fees called “royalties” – thus reducing their taxable income in Australia. The Greens would ban this practice.