'High Court armageddon': Economists slam Greens' 'bonkers' net wealth tax
The Greens have unveiled a 10% net wealth tax for billionaires. As the prospect of a hung parliament grows, should we take them seriously but not literally?
Greens leader Adam Bandt has billionaires firmly in his sights, with another sweeping policy designed to draw a stark line between the haves and have-nots.
In a hung parliament, the Greens would push for a 10% annual tax on billionaires’ net wealth, alongside a 10% limit on capital flight.
How the plan would be enforced remains unclear, but the proposal sends a strong message to the public about the party’s policy priorities.
Economists are, naturally, horrified by the idea.
UNSW professor Richard Holden describes the idea as “bonkers” and even more extreme than the wealth tax proposed by US senator Elizabeth Warren.
