Treasurer Jim Chambers has again ruled out the idea of introducing a windfall profits tax, despite Nobel prize-winning economist Joseph Stiglitz having personally lobbying Chalmers to adopt such a tax.
Stiglitz contends that a windfall profits tax is a “no-brainer”, claiming that it would discourage companies from putting up their prices. He also says that “wages are not really the source of the inflation” in Australia, but rather excessive war profits from big business:
Stiglitz said a windfall profits tax was a “no-brainer” as companies made “huge windfall profits” during the Covid pandemic, and as the Russian invasion of Ukraine had increased energy prices.
