Greedy union demands super profits tax for itself

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This is what we have come to and the fake left loves it:

The major construction union will launch a national advertising blitz and push Labor to adopt the policy at the party’s national conference next month.

The CFMEU secretary, Zach Smith, says a super profits tax of 40% of excess profits would “comfortably” cover the cost of building more than 750,000 new social and affordable homes.

“The wealth exists … It exists in the profit columns of a very small and very elite group of corporations. And we just have to funnel just a portion of it in the right direction,” Smith will tell the National Press Club on Tuesday.

Whatever man. The wealth does not exist to service your union mates.

By all means, let us have a super profits tax. The miners are radically undertaxed. The proceeds would be enormous and should be saved for future generations in a sovereign wealth fund given commodities are a non-renewable resource.

They should not be spent upon some half-arsed housing quango to support CFMEU graft.

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Shareholders have more rights to the dough than these union parasites.

Nor do we want to turn Australia into a giant housing development that overpopulates itself so disastrously that its environment is destroyed, its education system ceases to function, its public services are crush-loaded to the point of uselessness, and an underclass of Indians to suppress wages for all but the CFMEU!

Why doesn’t the CFMEU talk about that instead of mounting a rent-seeking campaign no better than the corporations it attacks?

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In the common union tongue: piss off, mate.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.