Greens propose to heavily tax Australia's Billionaires.

The Greens are making another big push to tax Australia’s billionaires—and they say it’s all about funding essential public services like Medicare, cheaper public transport, and better bulk-billing access for GPs.

Their plan? A 10% annual tax on the 150 billionaires in Australia, which they claim would generate $23 billion in just a few years and $50 billion over a decade. The party has branded it a Robin Hood tax, aiming to take from the ultra-rich to support everyday Australians.

With a federal election looming, Greens leader Adam Bandt says this is a “once-in-a-generation chance” to rein in the $584.5 billion that Australia’s wealthiest people have accumulated over the past six years.

"In a wealthy country like ours, everyone should be able to afford the basics—a home, food, and world-class healthcare and education," Bandt said.

"Instead, billionaires are making out like bandits while everyone else is being squeezed. It’s time we turned the tables."

The Greens are hoping to gain more influence in a possible minority government, and if that happens, they’ll push hard to make billionaires “pay their fair share.”

Billionaires in the Firing Line

Greens economic justice spokesperson Nick McKim didn’t hold back, singling out mining magnate Gina Rinehart—Australia’s richest person.

"There has been an obscene accumulation of wealth in this country in recent years," he said.

"Gina Rinehart should not have $40.6 billion while people are sleeping in tents and cars. That’s the economic system that Labor and the Liberals are defending."

McKim says the tax would help turn things around, ensuring billionaires "start giving back."

Could the Plan Actually Happen?

The Greens have pushed for similar taxes before. In 2022, they proposed an extra 6% billionaire tax to help tackle housing affordability. And back in 2010, under Julia Gillard’s Labor minority government, they successfully added children’s dental care to Medicare—a key win for the party.

But, as with any big tax plan, there are critics. Some argue that billionaires could find ways to dodge the tax, either by under-reporting earnings or donating to charity to offset their payments.

With recent polls suggesting Australia could be heading for a minority government, the Greens are looking to leverage their influence. According to the Australian Financial Review, the Coalition has been gaining ground, jumping from 57 to 67 seats, while Labor could drop from 78 to 71.

With 29% of voters last year tipping a Coalition-led minority government, it’s shaping up to be a tight race—and the Greens are ready to make their billionaire tax a key bargaining chip.

What do you think—should billionaires be taxed more, or is this plan too risky?