North Coast Unions Consider 'Robin Hood' Tax Proposal


Some of the largest unions in NSW are taking a ‘Robin Hood’ tax proposal to world leaders at the G-20 summit in Brisbane this weekend.

The NSW Nurses Association and Public Sector Union members met in Coffs Harbour and Lismore in the past few days to debate the proposal.

It involves a small tax on financial transactions, like trades in derivatives and hedge-funds.

The Nurses Union Michael Whaites said it is a fairer way to raise revenue than a GST increase. He said it takes from the rich and gives to the poor.

“Every Mum and Dad, every family, every pensioner will be paying more for the things that they need to live every day, like their food, their cost of living,” he said.

“Whereas a financial transactions tax is a tiny tax on the huge profits the banks are making.

“We’re talking 5 cents in every 100 dollars on the trade in derivatives and hedge-funds.

“The sort of high-volume trades that bankers and finance marketeers are making every second of every day.

“So we’re looking at taxing a tiny amount on the profits and transactions they make.”

The Robin Hood Tax campaign is a global idea that has support throughout Europe, Canada, USA South America and South Africa. The campaign has attracted high profile support from Peter Singer, Professor John Langmore and Julian Morrow. Plus finance experts such as former Treasurer Ralph Willis and former Deputy Governor of the Reserve Bank Stephen Grenville.

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