A proposal by the Greens to impose billions in climate and colonial reparations and tax large family inheritances has faced severe backlash. The party’s website reveals an economic agenda that could significantly impact younger Australians, who are already struggling with high rent, property prices, low wages, and increasing HECS repayments.
The Greens’ documents propose a ‘dynastic wealth transfer’ tax, rebranding the traditionally unpopular inheritance tax. This would also extend to financial gifts, such as parental house deposits, to aid children unable to save due to rising property prices.
Additionally, the plan includes $4.5 billion for “climate reparations” and addressing the “impacts of colonialism”.
The policy states, “As a wealthy, colonial country, Australia has a responsibility to contribute its fair share of aid and pay reparations for its role in the climate crisis and ongoing damage caused by western imperialism.” However, specifics on the distribution of these funds remain unclear.
Opposition Defence Spokesman Andrew Hastie criticised the Greens’ economic policies, labelling them “extreme” and “detrimental to our way of life.” He argued that the Greens’ agenda threatens social cohesion and vital institutions, distancing the party from its environmental roots founded by Bob Brown in 1992.
The Greens’ policy documents call for cancelling all debt owed to Australia, hoping to inspire global debt cancellation. They argue that these debts result from colonialism and imperialism and advocate for Australia to lead by example in cancelling them unconditionally.
Greens leader Adam Bandt clarified the party’s stance, emphasising taxing billionaires and ending tax handouts to wealthy property investors.
“Our priority is making sure that renters and mortgage holders can afford to keep a roof over their heads,” Bandt claimed.
The significance of these policies is heightened as polls suggest a potential hung parliament in the upcoming election, possibly forcing a deal between Anthony Albanese’s Labor party and the Greens.
