Barbara Pocock (SA, Australian Greens) Share this | Hansard source

Billionaires should pay their fair share of tax. That should be uncontroversial, but the reality is that neither major party actually believes that. The total wealth of Australia's 150 billionaires has more than doubled in the last six years alone. That's under both Liberal and Labor governments. So many Australians are struggling. They're struggling with skyrocketing prices that mean they can't afford to get to the dentist, pay for child care or get to the doctor, and two-thirds of retirees in private rentals are living in poverty. Meanwhile, billionaire Gina Rinehart's wealth has exploded to $40.6 billion, making her one of the richest people on the planet, with a $10 billion increase under Labor in the last couple of years.

The Greens will make billionaires pay their fair share of tax by imposing a 10 per cent tax each year on the net wealth of the 150 billionaires. We need to calm down about what that will cost because we've got strong and clear costings from the Parliamentary Budget Office. It's expected to raise $50 billion over the next decade, and this could fund dental and mental in Medicare and free education from early childhood through to university. We're a wealthy country. We can afford this. The Greens have a plan to pay for it, and it doesn't involve taxing everyday Australians. Our plan targets the one in three corporations who pay zero tax in this country and the 150 billionaires who doubled their wealth through a pandemic. If the major parties can't support the Greens' plan to tax billionaires, they shouldn't be surprised if, on election night, everyday Australians who want to see access to the services and essential things they need—housing, health care, education—vote for the party who is ready and willing to tax Clive and Gina to make it happen.