The Greens have unveiled a detailed proposal to implement a 10% annual tax on the net wealth of the nation’s approximately 150 billionaires. This initiative aims to generate nearly $25 billion each year, with the revenue earmarked for essential public services, including Medicare-subsidised dental care, free general practitioner appointments, and reduced public transport fares.
The proposal includes measures to prevent capital flight, notably a 10% limit on the amount of wealth that can be moved offshore annually. Greens leader Adam Bandt emphasised the necessity of the tax, stating, “It’s time we turned the tables and made billionaires pay their fair share to fund the services people need.”
Critics, however, express concerns that such a tax could discourage investment and hinder economic growth. Economists have described the proposal as “bonkers,” warning of potential legal challenges and adverse economic impacts.
The debate highlights the broader discussion on wealth inequality in Australia and the role of taxation in addressing it. As the proposal advances, it is expected to undergo rigorous scrutiny and spark extensive dialogue among policymakers, economists, and the public.
