In order to assist funding the Greens’ Plan for a Better Australia, the Australian Greens claim they will raise $42.7bn of revenue by “fixing the mining tax, ending tax breaks for the big mining companies, taxing millionaires fairly and introducing a modest levy on the big banks”.
The Greens’ Plan proposes:
- an effective tax rate of 50% on income over id=”mce_marker”m;
- a 0.2% levy on the bank assets of the Big Four banks in excess of id=”mce_marker”00bn which is expected to raise $8.4bn over 3 years;
- to expand the instant asset write-off for SMEs to id=”mce_marker”0,000;
- to abolish key tax breaks to the fossil fuel industry;
- to insist that all Free Trade Agreements become Fair Trade Agreements by including costs of environmental and labour standards compliance;
- to legislate a National Interest Test for the Foreign Investment Review Board and reduce the threshold for assessment to $5m for private sector investment;
- to work for a paid parental leave scheme that provides a right to at least 26 weeks paid leave, including superannuation;
- to increase the film location tax offset to 30%;
- to provide a $50 per week increase to Newstart and Youth Allowance;
- to index all allowances in line with Pension payments;
- to increase payments to single parents by $90 per week;
- a National Anti-Corruption Commission and greater transparency for corporate lobbyists;
- 3-year fixed terms for Federal Parliament.
[LTN 134, 15/7/13]