The Australian Greens have revived their initiative to impose a significant tax on the nation’s billionaires, aiming to generate funds for essential public services like Medicare and transport. Their “Robin Hood” plan proposes that Australia’s 150 billionaires pay a 10% annual tax on their net wealth. This tax is part of the Greens’ broader commitment to enhance services, including improved dental care through Medicare, reinstating GP bulk billing, and particularly reduced transport fares.
Greens leader Adam Bandt highlighted that this represents a “once in a generation chance” to reclaim a portion of the $584.5 billion amassed by the wealthiest Australians over the past six years. The proposed tax could yield $23 billion in the near term and $50 billion over a decade, facilitating broader access to housing, food, education, and healthcare.
Targeting mining magnate Gina Rinehart, who has amassed a net worth of $40.6 billion, the Greens argue that such wealth accumulation is inappropriate while many Australians struggle with basic needs. The plan is set to take effect on 1 July and reflects ongoing discussions around achieving a potential minority government in the upcoming federal election. Critics have raised concerns about potential loopholes allowing the wealthy to evade the tax.