EDITORIAL: ‘Robin Hood’ super profits raid a twisted fairytale

The Greens aren’t exactly known for their economic good sense.

So it shouldn’t have been too much of a surprise that the flagship economic policy they plan to take to next year’s election is mad, bad and dangerous.

Greens leader Adam Bandt is selling it as a “Robin Hood” raid on ultra-rich corporations.

He wants to take 40 per cent of the “excess profits” of Australia’s most successful businesses. Those in the firing line include iron ore, gold, alumina and copper ore producers.

Their “excess profits” would be funnelled back into cost-of-living measures, including adding dental services to Medicare.

“The Greens will make the big corporations pay so you can fix your teeth,” is how Mr Bandt put it in at the National Press Club.

But this populist revival of the Gillard-era super profits tax isn’t as sweet as he makes it sound. And all and sundry lined up to point out its significant flaws.

Minerals Council of Australia chief executive Tania Constable said it was “economic sabotage” and would “deliver a brutal blow to Australia’s competitive position, undermining investment, jobs, and growth across our critical industries”.

Australian Industry Group boss Innes Willox said it was an “attack on the prosperity of everyday Australians who benefit from our companies doing well”.

The fact is the Greens’ proposal is fairy tale stuff, designed to grab the attention of voters and little else.

So why, if it’s all just a socialist fantasy, even bother talking about it?

Why are these industry leaders wasting their time lining up to criticise the poorly-thought out policies of a minor party?

Why does it even matter?

Because unfortunately, it’s looking increasingly like we’re heading towards a hung Parliament.

And that means that the Greens will suddenly go from easily-ignored rabble-rousers to potential kingmakers.

That will give them — and their ruinous policies — a lot more power.

Among those giving the Greens a reality check were Labor figures.

Treasurer Jim Chalmers ruled out supporting the super profits raid. Finance Minister Katy Gallagher derided the policy as a “thought bubble”.

“The Greens are to common sense in economics what burning books is to literacy,” was NDIS Minister Bill Shorten’s contribution.

The message was designed to be two-fold. First to the Greens: forget it.

And second to voters: don’t worry, we won’t negotiate with terrorists.

But as the party continues to bleed support, the prospect of a second-term Labor majority government becomes more remote.

The Greens know it, and they’re going to take every chance they can get to impose their extreme agenda on Australians.

“We are prepared to work with Labor, are they prepared to work with us? If we find ourselves in a shared power parliament, Labor is going to have to learn to play well with others,” Mr Bandt said.

If it sounds a bit like a threat, that’s because it is.

Labor must find a way to neutralise it fast.

Responsibility for the editorial comment is taken by WAN Editor Christopher Dore.