Comyn attacks Greens tax
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Commonwealth Bank CEO Matt Comyn has slammed the Greens' proposed profit tax as “insidious populism”.
Comyn has strongly criticised the Greens’ proposed tax policy during a parliamentary inquiry, saying the proposal - which includes a 40 per cent tax on excessive profits for major corporations - is part of a broader critique of profitable businesses in Australia.
Comyn’s remarks came shortly after Commonwealth Bank reported a $9.8 billion full-year cash profit, which, while representing a slight 2 per cent decline from the previous year’s record.
The CEO, appearing before the House of Representatives committee, expressed frustration with ongoing criticism of business profits, particularly targeting the narrative promoted by the Greens.
Comyn argued that the constant portrayal of businesses as unjustly profiting at the expense of consumers was contributing to a growing distrust in institutions.
“Over and over, businesses in Australia are being represented in this false dichotomy that for a company to earn any sort of income or profit it is therefore inferred often or directly related … on a daily basis as somehow being unjustly extracted from consumers,” he said.
He accused critics of engaging in “fact-free rhetoric” and eroding public trust in institutions.
The CEO’s comments were a direct response to the Greens’ proposed “Robin Hood reforms,” which aim to impose a 40 per cent tax on the “excessive profits” of large corporations, coal and mining companies, as well as close loopholes in the petroleum resource rent tax (PRRT).
Greens leader Adam Bandt, who unveiled the policy at the National Press Club, claimed that big corporations have extracted hundreds of billions of dollars from the public since the end of the pandemic, with much of it remaining untaxed.
Bandt also criticised the previous Labor government’s handling of a similar tax proposal, suggesting that Australia had missed out on significant revenue that could have been used for public welfare.
The Greens’ proposal is projected to raise $514 billion over a decade, with $296 billion expected from the tax on corporate profits over $100 million.
But Comyn dismissed claims that profit-gouging by banks had contributed to inflation, saying that such claims were “just not right”.
An inquiry led by Allan Fels earlier this year (PDF) suggested that corporate behaviour, including profit margins, had played a role in rising inflation.