Treasury

At a time when the gap between rich and poor is growing, the Australian Greens want to ensure we all get a fair share of Australia's prosperity. We have demonstrated our economic responsibility by supporting the Government in managing the global financial crisis, savings thousands of jobs and small businesses. We negotiated to improve the stimulus package including providing a $500m community jobs fund.

We strongly support a tax on the mining industry's super profits which if properly applied would generate revenue for the benefit of all Australians into the future. Along with many respected economists we support a sovereign wealth fund being established from the proceeds of the mining boom to help address the two speed economy affecting many business and jobs in non-mining industries such as tourism and manufacturing. 

The Australia Greens were instrumental in the most important economic reform in recent times, the Clean Energy Future package, which is a key step in transforming Australia's economy into a clean, zero carbon 21st century economy and seizing the opportunities of creating jobs and investment.

media-releases

Australia’s big banks don’t need to play Scrooge

06 Dec 2011

Australian Greens Leader Bob Brown today urged the big banks to pass through the full Reserve Bank rate cut to customers.
"Australia's banking sector, the strongest in the world, has been generously supported by the government and does not need more assistance - granted by the banks to the banks at the expense of customers, or tax cuts at the expense of public services," Senator Brown said in Launceston.
"The big four banks - after reporting a combined annual net profit of more than $25 billion this year - should do more to support small business, whether it is access to capital or fairer borrowing costs, or paying their fair share."
"The big four banks alone would get a windfall of more than $4 billion over the next decade from the proposed corporate tax cut that the government will try to pass through the Parliament next year. The Greens will seek to amend that."
 

Australian Greens Leader Bob Brown today urged the big banks to pass through the full Reserve Bank rate cut to customers.


"Australia's banking sector, the strongest in the world, has been generously supported by the government and does not need more assistance - granted by the banks to the banks at the expense of customers, or tax cuts at the expense of public services," Senator Brown said in Launceston.


"The big four banks - after reporting a combined annual net profit of more than $25 billion this year - should do more to support small business, whether it is access to capital or fairer borrowing costs, or paying their fair share."


"The big four banks alone would get a windfall of more than $4 billion over the next decade from the proposed corporate tax cut that the government will try to pass through the Parliament next year. The Greens will seek to amend that."


 

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Bob Brown outlines the Greens' economically responsible budget options - press conference 29-11-11

29 Nov 2011

Australian Greens Leader Bob Brown responds to the Gillard Government's budget update and outlines the Greens' more responsible approach. Speaking to reporters in Canberra, Senator Brown also answered questions about the Gold Pass, the Murray Darling Basin plan and immigration.

media-releases

Greens' more responsible option

29 Nov 2011

"The Gillard Government's plan to balance the books by imposing a higher ‘efficiency dividend', a tired euphemism for public sector cuts, is short-sighted and driven by political constraints," Australian Greens Leader Bob Brown said today. "The push by both major parties to cling to a wafer-thin political surplus while advocating public sector job losses and cuts to services is contrary to reasonable, forward-thinking economic advice," Senator Brown said in Canberra, responding to the Government's budget update."The budget can be balanced over the cycle without cutting jobs or worthwhile programmes." "Assisted by costings provided by the Treasury, the Greens have identified $9 billion in fossil fuel subsidies that could be redirected towards jobs and services - a far better option than cutting $1 billion from education. Savings in education would be better redirected to areas of need including science and Asian languages." "Almost doubling university HECS fees for maths and science students is a mistake. Science and innovation is the key to our nation's economic prosperity and we should be doing all we can to increase participation in science learning. The $400 million saving is a false economy if it means the best and the brightest of our kids don't make the move into maths and science at university." "If the global economy deteriorates further there could be a need for a stimulus package. The major parties need to take responsibility for the impact that fiscal policy, including their pursuit of a political surplus, has on the economy." "We support an end to the tax breaks for corporate executives - an unnecessary charge on the public purse. We also support the deferral of the reduction in interest withholding tax paid by financial institutions - achieved by the Greens as part of the mining tax negotiations." "The Greens have worked hard to protect the cultural institutions. They are exempt from the latest ‘efficiency dividend', but they still need relief from the previous round. The Government can do better."  

media-releases

Think longer term: Look at revenue

29 Nov 2011

The Australian Greens today released official Treasury costings obtained under formal arrangements as part of the agreement to form government. The costings show that abolishing a range of fossil fuel subsidies would help to re-balance the budget.
"Billions of dollars could be made available for the public over the next four years if the Gillard government adopted measures proposed by the Greens to raise revenue fairly and reduce distortions in the tax system," Australian Greens Leader Bob Brown said in Canberra.
"If the Government is determined to achieve a budget surplus arbitrarily in one particular year for political purposes there are better ways of doing so than cutting community and environmental programs," Senator Brown said. "There should not be job losses or cutbacks in delivering services."
"The Greens propose measures which, according to official Treasury costings, could provide $9 billion more for the public purse over the forward estimates, largely from the mostly foreign-owned resources sector which is reaping windfall gains not shared across the country - and not adequately taxed under current measures."
Abolishing the following fossil fuel subsidies would help to re-balance the budget. The Greens' recommendations to Treasurer Wayne Swan include:
• Removing the fuel tax credit for the mining industry, so they pay the same fuel tax as ordinary customers. Abolishing the 38c per litre discount would mean a further $1.8 billion in 2012-13, and $5.4 billion over the forward estimates;
• Ensuring condensate (a light oil extracted from gas) is taxed fairly would increase revenue $550 million in 2012-13, and $1.9 billion over the forward estimates; and
• Removing the immediate deduction for exploration and prospecting expenditure associated with mining and quarrying, saving $90 million in 2012-13 and around $500 million over the forward estimates.
"These measures would mean there should be no need for public service job losses or cutbacks in delivering services," Senator Brown said.
"Another measure that would favour those who need a leg-up in an increasingly two speed economy, rather than the already wealthy resources sector, is the Greens' plan to scrap the tax cuts for big business and replace it with a 5% tax cut for small businesses - the nation's biggest employer."
 

The Australian Greens today released official Treasury costings obtained under formal arrangements as part of the agreement to form government. The costings show that abolishing a range of fossil fuel subsidies would help to re-balance the budget.


"Billions of dollars could be made available for the public over the next four years if the Gillard government adopted measures proposed by the Greens to raise revenue fairly and reduce distortions in the tax system," Australian Greens Leader Bob Brown said in Canberra.


"If the Government is determined to achieve a budget surplus arbitrarily in one particular year for political purposes there are better ways of doing so than cutting community and environmental programs," Senator Brown said. "There should not be job losses or cutbacks in delivering services."


"The Greens propose measures which, according to official Treasury costings, could provide $9 billion more for the public purse over the forward estimates, largely from the mostly foreign-owned resources sector which is reaping windfall gains not shared across the country - and not adequately taxed under current measures."


Abolishing the following fossil fuel subsidies would help to re-balance the budget. The Greens' recommendations to Treasurer Wayne Swan include:


• Removing the fuel tax credit for the mining industry, so they pay the same fuel tax as ordinary customers. Abolishing the 38c per litre discount would mean a further $1.8 billion in 2012-13, and $5.4 billion over the forward estimates;


• Ensuring condensate (a light oil extracted from gas) is taxed fairly would increase revenue $550 million in 2012-13, and $1.9 billion over the forward estimates; and


• Removing the immediate deduction for exploration and prospecting expenditure associated with mining and quarrying, saving $90 million in 2012-13 and around $500 million over the forward estimates.


"These measures would mean there should be no need for public service job losses or cutbacks in delivering services," Senator Brown said.


"Another measure that would favour those who need a leg-up in an increasingly two speed economy, rather than the already wealthy resources sector, is the Greens' plan to scrap the tax cuts for big business and replace it with a 5% tax cut for small businesses - the nation's biggest employer."


 

media-releases

Towards a fairer mining tax

23 Nov 2011

The Australian Greens' efforts to secure a fairer mining tax have so far resulted in another $140 million for the public purse, to offset the $100 million that MP Andrew Wilkie arranged with the Gillard government to hand back to mining companies, Greens Leader Bob Brown said today.
"The Greens want a fairer mining tax and our focus, all the way down the line, has been on improving the mining tax. There is further work to be done when the bill reaches the Senate and, remember, government legislation covering the separate tax break for big companies is yet to be introduced to Parliament," Senator Brown said.
"We'll be taking a look at the ‘magic pudding' effect of the government's open-cheque-book approach to rebating mining royalties paid to state governments as well as ensuring the taxation arrangements for increasing superannuation from 9 to 12% don't penalise lower and middle-income earners."
"We'll also be working hard to ensure that tax breaks go to small businesses - which make a lot less than the $75 million a year profit threshold set for ‘small' miners."
"Small business should be supported by amending the Government's mining tax package so that instead of big businesses having their corporate tax rate cut from 30 to 29%, small businesses would get a tax cut to 25%. This would be a revenue saver as well as providing a much bigger break for smaller companies."
"We welcome the one-year deferral of the reduction of interest withholding tax, largely paid by foreign financial institutions - thereby putting $70 million back into the public purse in 2013-14 and another $70 million in 2014-15, according to government figures," Senator Brown said.
 

The Australian Greens' efforts to secure a fairer mining tax have so far resulted in another $140 million for the public purse, to offset the $100 million that MP Andrew Wilkie arranged with the Gillard government to hand back to mining companies, Greens Leader Bob Brown said today.


"The Greens want a fairer mining tax and our focus, all the way down the line, has been on improving the mining tax. There is further work to be done when the bill reaches the Senate and, remember, government legislation covering the separate tax break for big companies is yet to be introduced to Parliament," Senator Brown said.


"We'll be taking a look at the ‘magic pudding' effect of the government's open-cheque-book approach to rebating mining royalties paid to state governments as well as ensuring the taxation arrangements for increasing superannuation from 9 to 12% don't penalise lower and middle-income earners."


"We'll also be working hard to ensure that tax breaks go to small businesses - which make a lot less than the $75 million a year profit threshold set for ‘small' miners."


"Small business should be supported by amending the Government's mining tax package so that instead of big businesses having their corporate tax rate cut from 30 to 29%, small businesses would get a tax cut to 25%. This would be a revenue saver as well as providing a much bigger break for smaller companies."


"We welcome the one-year deferral of the reduction of interest withholding tax, largely paid by foreign financial institutions - thereby putting $70 million back into the public purse in 2013-14 and another $70 million in 2014-15, according to government figures," Senator Brown said.


 

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Bob Brown and Adam Bandt speak to reporters after the PM's MRRT announcement 23-11-11

23 Nov 2011

Australian Greens Leader Bob Brown and the Member for Melbourne Adam Bandt talk to reporters in Canberra about the mining tax, after the Prime Minister's MRRT announcement.
Senator Brown said superannuation taxation arrangements can be made much more socially equitable and the Gillard Government's open cheque book approach to refunding mining companies for royalties paid to states should be reviewed by the Senate.
Adam Bandt also commented on his move in the House of Representatives to amend the McCarthyite Building & Construction Commission bill.
 

Australian Greens Leader Bob Brown and the Member for Melbourne Adam Bandt talk to reporters in Canberra about the mining tax, after the Prime Minister's MRRT announcement.


Senator Brown said superannuation taxation arrangements can be made much more socially equitable and the Gillard Government's open cheque book approach to refunding mining companies for royalties paid to states should be reviewed by the Senate.


Adam Bandt also commented on his move in the House of Representatives to amend the McCarthyite Building & Construction Commission bill.


 

audio

Bob Brown speaks to Jon Faine about the MRRT, former Senator O'Chee, Vic's Ryan Smith and the ex-Gunns chairman

23 Nov 2011

Australian Greens Leader Bob Brown speaks to 774ABC's Jon Faine about the mining tax and the $100 million extra flowing to public services after the Greens clawed back the windfall for mining companies that resulted from MP Andrew Wilkie's MRRT deal with the Gillard government.
Other topics included today's Fairfax story about allegations about News Ltd and former Nationals senator Bill O'Chee and news that former Gunns chairman John Gay has been charged with insider trading.

Australian Greens Leader Bob Brown speaks to 774ABC's Jon Faine about the mining tax and the $100 million extra flowing to public services after the Greens clawed back the windfall for mining companies that resulted from MP Andrew Wilkie's MRRT deal with the Gillard government.


Other topics included today's Fairfax story about allegations about News Ltd and former Nationals senator Bill O'Chee and news that former Gunns chairman John Gay has been charged with insider trading.

audio

Bob Brown comments at Senate doors about the MRRT 23-11-11

23 Nov 2011

Australian Greens Leader Bob Brown spoke to reporters at Senate doors this morning after the Greens' $100 million win last night for the public interest that offsets the $100 million handed to mining companies after the government's MRRT deal with MP Andrew Wilkie.

Australian Greens Leader Bob Brown spoke to reporters at Senate doors this morning after the Greens' $100 million win last night for the public interest that offsets the $100 million handed to mining companies after the government's MRRT deal with MP Andrew Wilkie.

media-releases

Greens agree to pass mining tax through the lower house after $100m win for the public

22 Nov 2011

The Australian Greens have agreed to pass the Government's mining tax package through the House of Representatives while ensuring there will be no spending cuts to services such as education and health.
"This is $100 million win for the public interest just days after the government negotiated a similar win for mining companies. We have balanced the ledger for the wider Australian public," Australian Greens Leader Bob Brown said.

The Australian Greens have agreed to pass the Government's mining tax package through the House of Representatives while ensuring there will be no spending cuts to services such as education and health.


"This is $100 million win for the public interest just days after the government negotiated a similar win for mining companies. We have balanced the ledger for the wider Australian public," Australian Greens Leader Bob Brown said.


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