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

 

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