New costing shows billions lost from mining super profits tax reversal

The Australian Greens MPs

If the Resource Super Profits Tax had not been watered down and then repealed, it would have raised $34.6 billion dollars, enough to give free dental care to every Australian by including dental in Medicare.

A new costing by the Parliamentary Budget Office, provided to the Greens, shows that the decision to give in to the big mining corporations and billionaires by axing the original “mining tax” has cost the Australian budget $34.6 billion, and bringing a super profits tax back would raise $12.7 billion in the first year.

The cost of providing free dental care to the country by including dental in Medicare has been costed by the PBO at $29 billion over nine years.

The richest three mining billionaires Gina Rinehart, Twiggy Forrest and Clive Palmer saw their wealth grow by 141% or $35 billion between them during the pandemic.

The mining industry invested $20 million in a campaign to overturn the tax, and provide millions of dollars in donations to Liberal, Labor and Nationals. The return on their investment was 1,727% and growing every year that we leave their super profits tax free.

As stated by Greens Leader, Adam Bandt MP:

“Billionaires and big mining corporations are not paying their fair share of tax.”

“If we had the original mining tax, we could have free dental care for everyone.

“Politicians in the establishment parties give billionaires and big corporations too much special treatment. They rely on their donations, and as a result, don’t make them pay their fair share of tax.

“The next election will be closer than most people think.

“If less than a thousand people changed their vote at the last election, the Greens would be in the balance of power.

“At the next election, a minority parliament is likely, and if voters put the Greens in the balance of power, we will make the billionaires and big corporations pay their fair share of tax.

“While everyday people are struggling to afford to go to the dentist, Gina Reinhart, Twiggy Forrest and Clive Palmer increased their wealth by $35 billion during the pandemic.

“By making the billionaires and big corporations pay their fair share of tax, we can make life better for everyone.”

/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.