Chalmers dismisses Bandt’s tax grab, rejects Greens-Labor minority govt

Jim Chalmers has dismissed the Greens’ $514bn corporate tax grab as a “policy designed to get attention”, while asserting that Labor is determined to ward off minority government and avoid any deals with left-wing minor party at the next election.

Treasurer Jim Chalmers slammed the Greens’ proposal to bolster corporate taxes. Picture: NewsWire / John Gass

Jim Chalmers has dismissed the Greens’ $514bn corporate tax grab as a “policy designed to get attention”, while asserting that Labor is determined to ward off minority government and avoid any deals with the left-wing minor party at the next election.

Speaking at the National Press Club on Wednesday, Adam Bandt outlined the Greens’ company tax package, targeting miners, oil and gas giants, supermarkets and other heavyweight corporations with a trio of tax hikes.

Dr Chalmers’ rejected the proposal and said Labor was determined to win the next election outright. “Our objective is to govern as a majority after the next election,” he said.

“The Greens, their primary task is to make up numbers and put out press releases – we actually have to run the place – run the economy and run the country.”

Also ruling out any deals with the minor party was Defence Minister Richard Marles, who argued a Labor majority government was in the nation’s economic interests.

“The Labor Party is not about doing deals with the Greens – we are focused on winning a majority at the next election in our own right,” he said.

Amid stubbornly persistent ­inflation and anaemic economic growth, with interest rate cuts not expected until next year, polls suggest the Albanese government is at risk of falling into a minority at the next election. This may force it to cobble together support from the Greens and independents.

Mr Bandt on Wednesday said he would not push for a Greens cabinet minister in return for support of a minority Labor government.

Dr Chalmers urged the Greens to support separate government legislation designed to reduce the amount of debt deductions multinational entities can claim, and limit tax concessions on high-value superannuation accounts.

“If the Greens really cared about more fairness in the tax system, they’d support, unequiv­ocally, our efforts to make multinational corporations pay their fair share of tax, our efforts to make the taxes on people with more than $3m in superannuation fairer.” With the Greens withholding their support, both bills remain stuck in the Senate.

Business groups also criticised the Greens’ tax plan, claiming it would cruel investment and stifle job creation.

“The proposal reflects a complete lack of understanding of how our economy functions and how long-term prosperity is generated,” Australian Industry Group chief executive Innes Willox said.

“The Greens have proposed policy changes that would leave Australia and Australians poorer and with lower living standards.”