The CFMEU has called for the Albanese Government to back its mega-profits tax to end the housing crisis after making sensible changes to income tax cuts.
According to Oxford Economics Australia modelling, a mega-profits tax could comfortably raise enough money to build 52,600 social and affordable homes a year.
CFMEU National Secretary Zach Smith said the government’s changes to stage three tax cuts would be complemented by making corporate giants pay their fair share.
“These are sensible changes that give greater relief to low- and middle-income workers while still ensuring everyone gets a tax cut,” he said.
“Making our tax system fairer and easing cost of living pressures for working and middle class Australians is exactly what Labor governments are elected to do.
“Every worker will tell you we’re living in vastly different times to six years ago when the Coalition announced this package.
“The government still needs money to fund the kind of Australia we all want, but they don’t need to come after ordinary people.
“A mega-profits tax on just 0.3 per cent of companies will raise the $511 billion we desperately need to build 750,000 homes by 2021.”
