Join the Brighter Budget campaign!
After the Abbott Government’s horror 2014 budget, GetUp members came together to get on the front foot to lead the economic debate, on issues ranging from reforming negative gearing to cutting fossil fuel subsidies for polluting industries. Thousands of GetUp members have already pitched in to help fund 8 fairer budget policy alternatives, backed by rigorous modelling and analysis from some of the best policy experts in the business. Along with this commissioned research, we’re conducting strategic polling and launching a public media campaign to put our progressive vision before Australians. As we head into a hotley contested election we’ll all need to work to push these policies into the public arena and the halls of Parliament. Will you join the fight for fairness?
What are the policies?
Here are the policies we launched as part of our Brighter Budget campaign:
– Reform negative gearing. Restrict tax concessions for negative gearing so they only apply to new housing stock. Australia is one of the few countries to allow negative-gearing losses to be offset against income – and no wonder given that fifty percent of this tax break goes to the top two percent of income earners. Reforming negative gearing will encourage investment in new housing stock, put downward pressure on rent and make housing more affordable. Click here to sign the petition.
– Reform superannuation tax concessions. Instead of giving all the tax breaks to those at the top, give the bigger concessions to those who need them most, and in the process ensure everyone can save for their retirement. Click here to sign the petition.
– Introduce the ‘Buffett Rule’. Thanks to tax loopholes and high priced accountants, Kerry Packer famously reduced his effective tax rate so he paid less tax than his gardener. ‘The Buffett Rule’ would put a cap on loopholes for the top 1% of income-earners to ensure they pay at least the same tax rate as middle-income Australians. Click here to sign the petition.
– Scrap the capital gains tax discount. Concessions on capital gains tax predominantly benefit the wealthy, who have a larger proportion of their income from investments. Getting rid of the discount could save about $4 billion.
– Cut fossil fuel subsidies. Right now, the government hands over $11.5 billion a year in industry subsidies that incentivise pollution. We need to cut industry subsidies that aren’t actually helping to create jobs and are just giving a hand out to multi-million dollar companies whose profits go overseas.Click here to sign the petition.
– Impose a super profits tax on banks. The big banks make inflated profits thanks to a lack of competition. A tax on those super profits would help compensate Australians for higher fees and charges.
– Introduce a ‘Tobin Tax’ on high frequency financial transactions. Big investment banks use powerful computers to trade in the financial market at huge volumes. This high frequency trading pushes up share prices for normal mum and dad investors. A tax of less than half a percent on these big investment banks’ transactions would improve market stability and raise over $1 billion a year.
– Place a duty on wealthy estates. Place an inheritance tax on large estates as an important mechanism of wealth redistribution that helps to break cycles of inequality.
JOIN THE CAMPAIGN
Our progressive vision for Australia will highlight the ways our Government can manage the Budget and save billions through powerful revenue-raising measures, without putting the burden on those who can least afford it. Will you add your name?