Adam Bandt to spruik ‘economy-wrecking’ Robin Hood tax plan during week-long Perth visit

The risk the Greens pose to WA will be on full display this week as Adam Bandt tours Perth’s suburbs spruiking a $500 billion tax grab that critics warn would destroy Australia’s economy. On Monday, the Greens leader will jet into Perth for a week-long roadshow in a bid to elect the party’s first WA federal MP, but which will see his plans - decried as a “hollow pyramid scheme” by a senior Labor minister - come under increased scrutiny. Despite growing up in Perth, Mr Bandt has been cast as an economic vandal and enemy of WA after unveiling plans to tax the super profits of miners, gas companies, supermarkets and banks to fund cost-of-living relief measures, such as free dental care. The $514 billion tax package would be part of the Greens’ list of demands if Labor needs its support to form a second-term Government. The prospect of a hung parliament continue to grow as support for the Albanese Government erodes. The State’s peak business groups have blasted Mr Bandt’s ‘Robin Hood” tax grab, with Chamber of Commerce and Industry chief economist Aaron Morey warning that taxing the “mining industry into oblivion would destroy Australia’s economy”. In a wide-ranging interview with The West before touching down on Monday, Mr Bandt brushed off the criticism, saying big corporations always “squealed” at the threat of higher taxes. Under the Robin Hood-reforms – which Labor has already rejected – a 40 per cent tax would be applied to the excess profits of iron ore, gold, alumina and copper ore mines. Lithium and nickel would be excluded. The PRRT would be increased while large non-resource sector companies – like supermarkets and banks – would be hit with a 40 per cent tax on profits of turnover beyond the first $100 million after a “reasonable” return to shareholders. “Everyday people in Western Australia are hurting at the moment, like rents, food and power costs and mortgages have all soared, the costs of everything is going up, and everyday people are struggling to make ends meet. Meanwhile, the big corporations are making out like bandits,” Mr Bandt told The West. “The big corporations are still going to be able to make profits – they’re just going to have to contribute a little bit of cream off the top.” Speaking ahead of Mr Bandt’s arrival in Perth, WA Health Minister Amber Jade-Sanderson said the Greens were “singularly focused” on stealing Labor votes. “They are selling a hollow pyramid scheme to voters where they cannot actually deliver a single thing that they promise,” she said. Mr Bandt confirmed the Greens would not argue for changes to WA GST’s deal, declared gas has no future and expressed “hope” Labor would shift on negative gearing after last week leaving the door ajar. The party is targeting Labor’s electorate of Perth as one of five seats of focus at the next Federal Election. More than 40 per cent of the electorate are renters, underpinning Greens confidence their push for rents caps, winding back of negative gearing and creation of a publicly owned property developer will cut through with voters. The Greens are optimistic candidate Sophie Greer can secure an estimated 8.4 per cent swing to beat Labor’s Patrick Gorman, after overcoming larger deficits to win the seats of Griffith, Brisbane and Melbourne for the first time.