One of Australia's most powerful unions wants the government to impose a 'super profits' tax on big businesses to pay for social and affordable housing.
CFMEU is calling for a 40 per cent tax on “excess profits” earned by mining and non-mining companies.The plan is unlikely to become policy.
“If we do not build the homes to keep up with our growing population, then the social license for immigration will collapse, and it will collapse fast,” Smith told the National Press Club on Wednesday. The union will launch a national advertising push and pitch the policy to the government at the Labor Party’s national conference next month.“Millions of Australians are worried about their capacity to afford the most basic of human needs.What is the real cause behind Australia's rental crisis?Chris Martin is a senior research fellow at the University of New South Wales' City Futures Research Centre, whose interests lie in the areas of rental housing and housing affordability.
By proposing a tax, “the CFMEU has identified a useful way of dealing with the potential inflationary consequences of government spending,” he said.But Martin added that history indicates the policy is likely to be strongly opposed by the resources sector, among others. "The government has no plans that I'm aware of to have any sort of super tax, so I think the government's got a strategy, and I think we should stay the course and back in what we know."Labor has said its Housing Australia Future Fund would only build 30,000 homes over five years.
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