The Greens say that Labor must not capitulate to the interests of greedy gas corporations and ultra-rich property investors by tinkering on what should be significant and generational reforms on gas tax and the capital gains tax discount.
With the war economic crisis looming, this budget is critically timed. Gas corporations are poised to make huge windfall gains off exports, while investors may be driven towards property as a 'safe' investment - further locking out renters and first homebuyers.
Momentum is growing for significant tax reform in the May budget, with dozens of groups coming out today calling for a tax on gas exports of at least 25% to be included in the May budget. This Greens-led Senate inquiry into gas taxation has its first hearing tomorrow.
With Labor leaks signalling attempts from within the party to water down or prevent reform, the Greens say that this budget is critical for action to help with people, not corporate profits.
Greens Leader Senator Larissa Waters said:
"The war is pushing up the cost of living for everyone - but corporations and billionaires are making massive profits off it.
"People are demanding big changes in this budget - and Labor can't fumble this historic opportunity to tax greedy gas corporations fairly and help first homebuyers get a roof over their heads.
"Labor keeps trying to weaken changes that would tax big gas corporations and wealthy property investors, capitulating to them at the expense of the rest of us.
"If Labor doesn't act in this budget, gas corporations will make massive export profits off people's cost of living pain and ultra-wealthy property investors will keep more Australians out of a home.
"A tax on gas exports could raise at least $17 billion - helping deliver cost of living support for everyone.
"Labor shouldn't be cutting support for disabled people to balance the budget - they should tax the gas corporations making windfall profits instead."
Greens Treasury spokesperson Senator Nick McKim said:
"Labor cannot keep handing out billions in tax breaks to wealthy property investors, then turn around and claim there is no money to help renters or relieve cost-of-living pressures.
"Winding back the CGT discount would help renters, first home buyers and the budget. The evidence given to the Greens-led Senate inquiry has made the case for change overwhelming.
"We want to make the tax system fairer for young people and for working people, and make people who have accumulated large amounts of wealth pay their fair share.
"This is a once in a generation opportunity for genuinely progressive tax reform and to fix the housing crisis.
"The Greens are demanding that Labor meet this moment with high ambition. Tinkering around the edges is not going to cut it."
Greens Resources spokesperson Steph Hodgins-May said:
"People are fed up with governments putting gas company profits ahead of them.
"The Greens have committed to backing a gas export tax of at least 25%. But if Labor tries to wave through a bill written by Woodside Energy, they shouldn't expect our support.
"The gas cartel has been writing the rules for too long. When nurses and teachers are paying more tax on their incomes than gas giants pay on exports, the system is broken.
"These companies are raking in record war-time profits while families are doing it tough.
"Labor has a choice to stand with the gas lobby, or stand with everyday Australians."
