Contributing editor of The Politics and The Monthly online Rachel Withers, on an idea to fix the housing crisis that’s gaining traction and why it could break through the paralysis in Canberra.
CFMEU, the nation’s construction union, has proposed a 40% tax on big businesses, saying it could fund a solution to the housing crisis. CFMEU National Secretary Zach Smith explains the proposal.
CFMEU National Secretary Zach Smith says commissioned research shows the current shortfall in affordable housing is 750,000 homes.
To help fix the housing crisis. The construction union proposal is likely to stir up trouble in Labor’s ranks.
To fix the housing crisis. The union wants a super profits tax imposed on companies making more than $100 million a year to fund the building of new homes
The CFMEU is proposing a super profits tax on the largest companies in the country to fund the construction of affordable and social housing.
The top construction union boss says more than half a trillion dollars is needed to meet Australia’s demand for social and affordable housing, and the only way to raise the funds is to introduce what he calls a “circuit-breaker” tax on super profits.
Speaking to Nadia Mitsopolous on ABC Radio Perth Smith said that only the very highest performing businesses will be impacted.
Australia is in the grips of a housing crisis, so is the answer a tax on corporate super-profits?