Greens offer Labor, Coalition fairer way to raise $6.5 billion
In response to Malcolm Turnbull’s call on Labor to back a ‘Budget repair’ bill containing $6.5 billion of harsh cuts, Greens Treasury spokesperson Adam Bandt MP proposed an alternative and fairer suite of measures to raise the same amount of money and urged Labor and the Coalition to back it.
The Greens’ plan includes some measures that Labor already claim to support, including scrapping the Emissions Reduction Fund and supporting Worldwide Gearing Ratio to help address multinational tax avoidance, as well as other measures. These include opposing income tax cuts for above average income earners, ending FEE-HELP to for-profit providers, abolishing data retention, as well as other measures.
“In the lead up to the election, Labor gave new life to many of the zombie measures from Tony Abbott’s unfair 2014 Budget,” Mr Bandt said.
“Instead of backflipping on their previous opposition to these unfair cuts, Labor should join the Greens and fight to raise the same amount of revenue through fairer measures, some of which Labor already claims to support.”
“The Greens are offering a fairer way to raise $6.5 billion and both Labor and the Coalition should back it.”
“The election result was a resounding rejection of the Liberals’ attacks on people and the environment. Instead of backing in the Coalition, Labor should get behind the Greens’ plan to raise revenue fairly.”
Media contact: Adam Pulford, 0429 109 054
Greens’ plan to raise $6.5 billion in revenue through fairer measures
Revenue Measures
Savings ($m)
Establish Worldwide Gearing Ratio (Multinational Tax Avoidance) – Labor’s announced policy
1750
Scrap Emissions Reduction Fund & Wind Farm Commissioner
317.3
Oppose ‘bracket creep’ income tax cuts for above average income earners
3950
End FEE-HELP to for-profit providers
310
End income management
60
Abolish Data Retention
54
TOTAL
6441.3