The Australian Greens are proposing a hike in mining company taxes to help pay for an extra $43 billion in social spending.
Millionaires and banks would also be taxed hard with the revenue used to increase unemployment and single parent benefits and well as bolster the education coffers.
The policy was announced by Greens leader Christine Milne at the launch of the party’s election platform on the weekend.
Under the proposal $21.8 billion will be raised by increasing the mining tax and $12 billion by abolishing tax breaks for the fossil fuel industry.
A levy on banks would raise $8.4 billion, while increasing the marginal tax rate on incomes over $1 million to 50 per cent would raise $500 million.
The money would fund a $50 per week increase in unemployment payments and the Youth Allowance and a $40 a week increase for single parents.
Cuts to university funding would be reversed and an extra $2 billion would be spent on school funding.
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