Greens plan for fewer cuts, more revenue
The Australian Greens are calling on Labor to reverse its cuts to single parents and universities and introduce new revenue raising measures when Chris Bowen delivers his economic statement this afternoon.
"Rather than slashing programs that care for people and protect the environment, Minister Bowen should be fixing the mining tax and putting a levy on the big banks," Greens Leader Senator Christine Milne said.
"While Labor and Tony Abbott go down the path of cutting funding for universities and taking money from the pockets of single parents, the Greens recognise that revenue must be raised and it should come from those who can afford it.
"We can raise an extra $42.7 billion by fixing the mining tax, introducing a public support levy on the four big banks, increasing the marginal tax rate on incomes over $1 million and abolishing tax breaks for the fossil fuel industry.
"On top of this, a further $17 billion could be raised through improvements to the tax system, reforms that have been advocated by respected economic experts including the Henry Tax Review panel."
These measures have been costed by the Parliamentary Budget Office and include shaving the capital gains tax concession by 10 per cent ($3.4 billion), taxing trusts as companies while protecting farming trusts ($3.1 billion), and redirecting the Private Health Insurance rebate into public health over three year ($10.5 billion).
"Over the years, there have been numerous reports, reviews and calls from experts to reform the tax system to make it fairer and more efficient," Senator Milne said.
"But instead of listening to expert advice, the old parties are focused on slashing spending in ways that will hurt people and the environment and slow down the economy.
"These modest reforms to the taxation of capital gains and trusts and reinvesting subsidies to private health insurance companies into the public health system will lead to a more caring, healthy and productive Australia.
"Only the Greens can be trusted to put forward sensible revenue raising measures that will raise enough money to fund vital services and support all Australians."