Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of today\u2019s inflation figures.<\/p>\n\n\n\n
\u201cThe government should introduce a corporate super profits tax to help ease cost of living pressures, including by fixing up the Petroleum Resource Rent Tax (PRRT).<\/p>\n\n\n\n
\u201cAnd they should use the additional revenue to provide cost of living support, such as by putting dental into Medicare and making childcare free.\u201d<\/p>\n\n\n\n
\u201cCOVID disruption and energy price hikes are driving inflation globally.<\/p>\n\n\n\n
\u201cBut inflation is also being driven by corporate profiteering.<\/p>\n\n\n\n
\u201cThe share of national income going to profits is at record highs.<\/p>\n\n\n\n
\u201cBut wages\u2019 share is at record lows and workers are being asked to brace for further real wage cuts.<\/p>\n\n\n\n
\u201cWorkers are not to blame for higher inflation but they are the ones feeling the pain.<\/p>\n\n\n\n
\u201cIn particular, new homeowners and renters will be hit hard by expected further increases in interest rates.<\/p>\n\n\n\n
\u201cThe Treasurer needs to be more than a reporter of bad economic news.<\/p>\n\n\n\n
\u201cFiscal policy needs to be deployed to mitigate monetary policy overreach. <\/p>\n\n\n\n
\u201cThe Treasurer needs to heed the advice of the likes of Joseph Stiglitz and Rod Sims and tax excess profits to help cushion the impact of inflation.<\/p>\n\n\n\n
\u201cIn particular, global gas giants are taking the Australian public to the cleaners while also fuelling the breakdown in the climate.<\/p>\n\n\n\n
\u201cOn paper, the PRRT is already a windfall profits tax.<\/p>\n\n\n\n
\u201cBut it is broken and being exploited, and the government should fix it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of today\u2019s inflation figures. \u201cThe government should introduce a corporate super profits tax to help ease cost of living pressures, including by fixing up the Petroleum Resource Rent Tax (PRRT). \u201cAnd they should use the additional revenue to provide cost of living support, such … Continue reading “Super profits tax needed to offset rising inflation”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-17536","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/17536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=17536"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/17536\/revisions"}],"predecessor-version":[{"id":17537,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/17536\/revisions\/17537"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=17536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=17536"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=17536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}