Greens to tax big business to fund reforms

Payments to single parents would be increased by taxing miners, under a plan by the Greens. Source: AAP

TAXES for mining companies, millionaires and banks would be increased to fund an extra $43 billion in social spending proposed by the Australian Greens.

Under the Robin Hood-style policy, the money would be used to boost payments to the unemployed and single parents, while nearly $6 billion more would be spent on education.

Launching the party's election platform on Sunday, Greens leader Christine Milne said the vision was not just about the next three years, but about the next 50 to 100 years.

As policy launches go, the Greens' was definitely a no-frills one.

A few dozen party faithful crammed into a small room in Melbourne's Docklands where Senator Milne and deputy leader Adam Bandt stood in front of a simple backdrop and announced a four-step plan to raise $42.7 billion.

The Greens plan to raise an extra $21.8 billion by increasing the mining tax and $12 billion by abolishing tax breaks for the fossil fuel industry.

A levy on banks would raise $8.4 billion, while increasing the marginal tax rate on incomes over $1 million to 50 per cent would raise $500 million.

The money would fund a $50 per week increase in unemployment payments and the Youth Allowance and a $40 a week increase for single parents.

Cuts to university funding would be reversed and an extra $2 billion would be spent on school funding.

The policies have been costed by the independent Parliamentary Budget Office, the Greens say.

Senator Milne said only the Greens had a sustainable plan for the future.

"We want to see an environment that can sustain us, a society that cares for us and an economy that responds to the major challenges of this century, because the Greens are not just about the next three years, we are about the next 50 to 100 years," she said.

Mr Bandt said the Greens would stand up to the big miners and big banks, which were the world's most profitable.

"We have got a clear choice at this election: we can either go down the road of keeping cutting government services as the old parties want to do or to have guts and to stand up and raise the revenue that this country needs," he said.

The Australian Education Union welcomed the Greens' commitment to public education and their strong advocacy for the Gonski reforms.

Liberal senator Eric Abetz said the Greens were simply repackaging old policies with some costings that were not comprehensive.

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