Australian Greens: We need a Mining Super Profits Tax, not record dividends

Greens Treasury spokesperson, Senator Nick McKim, has responded to the announcement by BHP that it will pay a record dividend by calling for a Mining Super Profits Tax (MSPT).

“Australia needs a Mining Super Profits Tax.”

“BHP shareholders are rolling in cash but the Australian public who own the resources are being shortchanged.”

“Mining giants are posting obscene profits on the back of commodity booms, but the benefits are going to corporate executives and shareholders rather than to Australians who are struggling with the spiralling cost of living.”

“This is depriving the government of revenue and helping fuel inequality.”

“PBO analysis for the Greens shows that if the Rudd Government’s original Resource Super Profits Tax had been in place over the last decade, the Federal Budget would have been better off to the tune of $50 billion.”

“PBO analysis also shows that a new Mining Super Profits Tax (MSPT) would bring in $108 billion over the next decade.”

“The new government should announce a MSPT alongside reform of the PRRT and a market-wide super profits tax on big companies in the October Budget.”

“But this is unlikely to happen because mining corporations have used political donations to buy outcomes from both major parties.

“Taxes on the excessive profits of big corporations would fund genuine cost-of-living relief such as dental into Medicare, full mental health care, and free childcare.”