The Greens leader Adam Bandt has singled out JB Hi Fi and Big W owner Woolworths as Companies that are making too much in profits, as he fights to have a major say in a potential hung parliament, with demands that could lead to massive job cuts and prices rises for goods.
Brandt along with his fellow Greens are demanding, that if Labor want their support, in a potential hung parliament that they hit business organisations, such as retailer’s telecommunication carriers and banks with an additional $154M tax hit.
The socialist left wing party claims that their “Robin Hood” demand as his party calls it, is aimed squarely at Companies that he claims are making excessive profits.
Recently JB Hi Fi reported half-year net profits of $264.3 million that was 20% down compared with the same time last year, total sales came to $5.2 billion, down from $5.3 billion.
Earlier today Big W reported a 90% fall in profits.
The Australian claims that the party is set to take a Big Corporations Tax package to the next election involving a 40 per cent tax on companies’ “excessive profits” to fund new cost-of-living measures.
Current polling indicates that the Greens and independents are likely to hold the balance of power in the next parliament with the Coalition pitching voters to not put Australia in a position where Government is dependent on a “left wing” party who are not interested in jobs but handouts.
Brandt whose claim to fame is going after “the rich” while indulging in the spoils of being a politician and private jet travel.
It was recently revealed Bandt has been slugging taxpayers just short of a million dollars in expenses in a single year, including spending $204,000 on printing costs.
He also spent $23,000 on two private jet flights and another $12,000 on a government-provided vehicle and petrol allowance.
His annual expense bill for 2022 was a staggering $963,166, not including his $314,000 salary and the wages of his personal staff, according to the Department of Finance.
The Greens tax slug is set to be based on the party linking inflation and the cost-of-living crisis to “price gouging” by Australian and multinational corporations that have banked “surging profits”.
The Greens took a similar tax hit on billionaires and big corporations to the 2022 election, claiming the revenue would fund free education for all, wipe student debt and cover mental healthcare under Medicare.
Opposition finance spokeswoman Jane Hume told The Australian, the Labor government is “beginning to panic” about a potential hung parliament.
“You can tell that they’re panicking because they’re attacking Peter Dutton – playing the man and not the ball – they’re starting scare campaigns, and essentially they’ve taken their eye off the ball of what’s really important, which is bringing down the cost of living.
“If the Greens were put behind the Treasury benches you could only imagine what would occur. And they’ll be ably assisted by the teals. The most important thing we can do at the next election is make sure we don’t fall into a minority government and instead, elect a party that actually has a sensible, fiscally responsible economic plan to tackle inflation, to bring down taxes , to raise the standard of living and bring down the cost of living.
“Australians do not want, do not need, cannot afford to have a minority government, but quite frankly Labor haven’t exactly been an exemplar of good economic management.”
Adam Brandt Left
None of this has eventuated.
On the other hand, Labor and the Coalition have pledged to avoid expensive election policies amid a fight over who is more economically responsible.
Mr Dutton on Tuesday accused Labor governments of putting “upward pressure on taxes” and said the Coalition’s economic election policy was focused on identifying budget spending waste to ease inflationary pressures.
“The government keeps pumping money into the economy and if they are wasting money, we’re not going to support those programs,” the Opposition Leader said.
Parliamentary Budget Office modelling commissioned by the Greens, based on the underlying cash balance, shows an excessive profits tax could raise about $65bn over the forward estimates, with $22.7bn raised from a coal and mining tax, and $33bn from an oil and gas tax.
The PBO said “there is a high degree of uncertainty” associated with its costings and caution should be taken when interpreting results.
“Enough is enough. It’s time to make the big corporations and billionaires pay their fair share of tax. This election, the Greens will propose a package of Robin Hood reforms,” he claims.
“The aim is simple. To make the big corporations and billionaires pay their fair share of tax to make life better for everyone.
JB Hi Fi and Woolworths have not commented on the move by the Greens.
