This election Greens Party have announced many ambitious plans that pledge a high-taxing platform to pay for higher social spending. It includes protection of low-income earners shielded with middle and high-income employees bearing more of the load through bracket creep. Greens will accept the current proposed low-income tax offset if elected but repeal the $144 billion in income tax cuts from the 2018 budget. They will also oppose fluctuations in the 2019 budget to flatten tax rates. They also aim to introduce the ‘Buffett rule’, which is a tax base for high-income earners.
Under a Greens Government, we would see the deficit levy made permanent to raise $1.5billion. Negative gearing and CGT concessions would be completely removed for investors, saving the country $7 billion. The effects of this, however, would send the property market into a spin.
Company tax rates would be changed back to 30% for businesses larger than $10 million a year.
Fossil fuel subsidies would be removed to raise approximately $21 billion, and a carbon pricing proposal would also include a cut-off point for 2030 for thermal coal exports. This would also mean a shut own of coal-fired power stations in Australia by the same year.
The Greens also propose new vehicle emissions standards leading to a ban on new internal combustion vehicles by 2030. This will also include a luxury fossil fuel cars tax of 17% tax to cover the costs of scrapping import tariffs, registration fees, GST and stamp duty on electric vehicles, to reduce electric vehicle costs by 20%.
The Greens will create a new authority known as Renew Australia, which will head the changeover to low emissions, a government-owned energy retailer with the aim to deliver cheaper, cleaner power.
One promise that is quite attractive to the younger population (who are at the highest ever level of enrolees) is the pledge to legislate a minimum wage of 60% of the adult median wage.
The Greens have these aims according to their website:
- Renewable economy and climate change
- Clean up politics
- World-class public education, health, and social services
- Public ownership, not privatisation
- Protection of our environment
- A home for all
- Jobs and training for the future
- A fairer more equal community
- Paying for their plans