The Greens want to tax trusts and those earning more than $1 million in order to alleviate budget concerns without punishing the genuinely needy.
Fairfax reports the Greens have commissioned an updated independent costing of the proposals put forward by the Parliamentary Budget Office. Taxing the 550,000 trusts currently in operation would raise $3.3 billion over four years from July 1 this year, according to PBO modelling.
While farmers’ trusts will be exempt from the proposed measures, the Greens also want to raise another $1 billion by taxing the incomes of millionaires by another 5%.
“The wealthy elite should take a haircut, not those who rely on bulk-billing to see a doctor,” Greens MP Adam Bandt told Fairfax. “If Joe Hockey and Tony Abbott let their millionaire friends off scot-free while attacking pensions and essential services, they will have declared ‘class war’ on the country and divided Australia.”
Transurban in trading halt
Transurban Group has been placed in a trading halt, ahead of an expected announcement related to its acquisition of Queensland Motorways.
A statement from the ASX said the trading halt will remain in place until start of trade on Thursday 1 May or when the announcement is made.
According to Business Spectator, Transurban is expected to reveal details of a $2 billion-plus equity raising related to the acquisition, which will be treated in part as a catch-up for other acquisitions and operational changes.
Shares up on open
The S&P/ASX200 benchmark was up 8.4 points to 5526.2 at 11:55 AEST. Last night the Dow Jones closed down 0.08%, falling 12.72 points to 16,501.65.