Tax excess profits, don’t leave it to good will of large corporations

Green Party of Aotearoa New Zealand

The Green Party is once again calling on the Government to introduce an excess profits tax and use the money to support people, rather than relying on the good will of corporations.

“When massive corporations like banks can cash in on a change in economic circumstances that they themselves did not bring about, then those benefits should be shared with everyone,” says the Green Party’s finance spokesperson, Julie Anne Genter.

Rather than taking action to rebalance the economy towards those who need help the most, the Minister of Finance told Morning Report that banks and energy companies should “bear in mind” customers who might be struggling to pay the bills.

“Expecting banks, for example, to put people ahead of profit would be a bit like putting the fox in charge of the hen house.

“Right now, as people struggle to pay the mortgage or rent, Australian-owned banks are raking in eye-watering profits of over $6 billion.

“If we leave the banks to sort it, money that could be used to help people make ends meet is more likely to end up in the pockets of bank executives and shareholders.

“An excess profits tax is the simplest and most effective way to ensure large corporations pay their fair share to help people who are struggling to make ends meet.

“Revenue from an excess profit tax could be used to support those on low incomes with the rising cost of essentials like food and rent,” says Julie Anne Genter.

/Public Release. View in full here.