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."
Read the Oxford Economics Australia report here.
Contact details:
Matt Coughlan 0400 561 480 / [email protected]