Media release – CFMEU, 25 July 2023
Solve housing crisis with super profits tax: CFMEU launches national campaign
The CFMEU has urged the Albanese Government to solve Australia’s housing crisis with a super profits tax to fund the rapid construction of social and affordable housing.
The union commissioned independent research from Oxford Economics Australia to investigate whether a super profits tax could fund Australia’s social and affordable housing needs.
The report found Australia has a gap of 750,700 social and affordable dwellings.
Closing that gap by 2041 would cost $511 billion, which could comfortably be covered by a super profits tax applying to the excess earnings of corporate giants operating in Australia.
CFMEU National Secretary Zach Smith will launch the End the Housing Crisis, Tax Super Profits campaign at the National Press Club in Canberra on Tuesday.
The campaign will include national advertising and the CFMEU will move a motion at ALP National Conference in August to change the party’s policy platform.
“The enormous scale of Australia’s housing crisis demands bold solutions,” Mr Smith said.
“When I get around the country speaking to members, the number one issue is always housing.
“A super profits tax is the fairest way to raise the billions of dollars needed to guarantee every Australian has the basic right of shelter.
“Oxford Economics Australia has found we can close the yawning housing gap without discouraging investment or creating distortions in the market.
“By taking back just a slice of exorbitant profits gouged from hard-working Australians, we can transform society to benefit all.
“This plan won’t affect 99.7 per cent of businesses because the tax only kicks in when corporations make astronomical profits.
“The federal government has the opportunity to define its legacy as ending homelessness, boosting productivity and lifting millions out of poverty.
“Let’s be the generation that didn’t let this crisis become the norm. Tax super profits, fix the housing crisis.”
Media release – Everybody’s Home, 25 July 2023
Everybody’s Home backs call for one million homes
National housing campaign Everybody’s Home has backed calls by the CFMEU for the federal government to fund the construction of almost one million social and affordable homes over the next two decades.
The Construction, Forestry, Maritime, Mining And Energy Union (CFMEU) has today called for the introduction of a tax on super profits to end the housing crisis.
Everybody’s Home spokesperson Maiy Azize said the government needs a comprehensive plan to end the social housing shortfall and the scale of investment required means nothing should be off the table.
“What we’ve seen proposed today is the type of bold ambition and leadership this country needs.
“The reality is that Australia is facing a social housing shortfall of 640,000 homes. We need to be building at least 25,000 homes each year to end that shortfall.
“The government needs to be lifting its vision beyond the next decade and looking at every option if we’re to have any hope of turning this crisis around.
“The answer is not just wholesale supply, because we’ve never had more homes per adult in this country yet housing has never been less affordable. The answer must be social and affordable supply – that requires planning, leadership and investment by the federal government.
“Our recent report Brutal Reality confirms a growing number of Australians are experiencing severe rental stress and homelessness, and they are demanding more from governments.
“We will continue to call on the federal government to invest more in social housing because we know that it makes housing more affordable for everyone.”
