CFMEU proposes super profit tax to address housing shortfall

In a bold move aimed at addressing the critical shortage of public and affordable housing in Australia, the Construction, Forestry, Maritime, Mining, and Energy Union (CFMEU) has proposed a new tax on excess profits earned by corporations. The campaign, announced by CFMEU Secretary Zach Smith, seeks to raise funds for the construction of much-needed homes across the nation.

During his address at the National Press Club, Smith revealed that the proposed tax would impose a permanent 40 per cent levy on super profits earned by companies, projecting an estimated annual revenue of $29 billion. This substantial amount would pave the way for the construction of an additional 53,000 new homes each year. The ambitious plan aims to bridge the current shortfall of 750,000 homes by the year 2041, a mere 18 years away.