Greens leader Adam Bandt has announced plans for a supersized tax to target big business and argued the government could take more than $500 billion from the private sector to fund a rent freeze.
What has been right in front of them all along was $514 billion of private sector money over the next 10 years, according to Mr Bandt. The core element of the extraordinary reforms includes a 40 per cent tax on profits over $100 million – specifically targeting banks, supermarkets, Telstra, Ampol and JB Hi-Fi.
In his video statement, Mr Bandt pointed to the “obscene” $1.1 billion profit posted by Coles and said, “That’s up two per cent from the year before”. Mr Bandt reportedly also has plans to introduce the gas and oil company tax as well as a coal and mining tax. Finance Minister Katy Gallagher said on Wednesday: “The Greens have this luxurious position where they can come out with an idea but they never have to implement it.”