Australian Greens Propose $500 Billion Tax on Big Business

It comes as major retailers post profit losses.

Leader of the Australian Greens Adam Bandt speaks during Question Time at Parliament House in Canberra, Australia on March 30, 2023. Martin Ollman/Getty Images

Greens leader Adam Bandt is proposing a plan to ease Australia’s cost of living by increasing taxes on corporations to the tune of more than $500 billion (US$339 billion).

Under the proposal, some companies could be taxed 40 percent on excess profits.