Labor’s fuel crisis budget will pick a side: ordinary people or corporate profits
Labor’s fuel crisis budget will pick a side: ordinary people or corporate profits | Australian Greens Skip to main content Search Get Involved Join Donate Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Media releases Take action Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement About the Greens Become a member Jobs Green Magazine All news Get Involved Join Donate Search Our plan Toggle Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Toggle Federal MPs State/territory MPs Officeholders Media releases Take action Toggle Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement Toggle About the Greens Become a member Jobs Green Magazine All news Labor’s fuel crisis budget will pick a side: ordinary people or corporate profits 2026-05-07 As the illegal war in the Middle East fuels inflation and economic inequality, Labor's budget must choose a side: deliver for people, or deliver for corporate profits and the wealthiest few.
This budget represents a tipping point for Labor. In the UK and the USA, we’ve seen what happens when people’s trust in Parliament is eroded by successive decisions that prioritise the profits of big corporations and the wealth of the 1% over the urgent needs of ordinary people. Labor’s decision to cut the NDIS, the largest cut to a government program this century, while continually refusing to tax the profits of gas corporations who are anticipating eye-watering profits in this fuel crisis, undermines the government’s narrative that they are looking to tackle inequality in this budget.
A 25% tax on gas exports would raise $17bn, and would also have the deflationary impact of incentivising the domestic sale of gas and pushing domestic gas prices down, rather than exporting it offshore and incurring the export levy. The Greens have called for reform to the tax breaks for wealthy property investors in successive parliaments. Reforming negative gearing and the CGT discount was a Greens demand during the 2023 debate over Labor’s HAFF Bill .
Former Greens Leader Adam Bandt delivered two NPC addresses on the topic, first in 2023 and again during the 2025 election campaign . In this parliament, Senator Nick McKim led a Senate inquiry that found the capital gains discount skews home ownership towards investors. This is a critical piece of reform and the test will be whether Labor’s plans are enough to stop the housing crisis getting worse.
The Greens are calling on Labor to: Stop the NDIS cuts Tax the exports of gas corporations, and reinvest the $17 billion in cost of living support we all need Rein in the massive tax handouts for wealthy property investors Stop the billions of dollars going to AUKUS for submarines that Australia may never receive Dedicate new money to electrification, with a focus on renters and people who live in apartments Lines attributable to Senator Larissa Waters, Leader of the Australian Greens: “This budget will determine this Labor government’s legacy: will they continue to deliver for the corporations driving inflation and ripping us all off?
“Will they continue to let gas exporters and big corporations pay no tax, to funnel billions into defence, while cutting services for disabled people, hurting renters and abandoning people who need it most? “If the government works with the Greens to tax corporations making obscene windfall profits, and then invests in the things we all need to live a good life, it will show millions of people that Parliament can improve their lives.
“But if Labor continues their moral failure of kicking people off the NDIS to balance the budget, saying there’s no money for essential services while committing $53 billion for war and weapons to appease Trump, it will just fuel people’s anger at a system that doesn’t work for them. “This will be the defining budget of Anthony Albanese and Jim Chalmer’s careers.
The moment calls for courage, not cowardice, and for Labor to stand up to their corporate donors. “The Greens would work with Labor to tax the corporations making obscene windfall profits and use that money to pay for the things we all need to live a good life.” Attributable to Senator Nick McKim, Greens spokesperson for Economic Justice: “The Greens have consistently called for property investor tax breaks to be reined in, and Labor now has a once in a generation opportunity for genuine progressive tax reform.” “Labor should have reformed negative gearing and the CGT discount years ago, but thanks to their refusal to listen to sense, we’ve seen runaway house prices continue during both terms of the Albanese government.
“Everyday people are not responsible for the war, but Labor supported it, and now people are footing the bill with higher prices and successive interest rate rises. “The 1% aren’t paying more because they don’t have mortgages, but they are certainly enjoying the extra interest on their investments.” Attributable to Senator Barbara Pocock, Greens spokesperson for Finance, Housing & Homelessness: “Renters and mortgage holders are on the front line to fight inflation while Labor delivers massive profits to the banks,” said Senator Pocock.
“People know when the system is working for the 1% and big corporations and not for the rest of us. “For decades the major banks have made enormous profits price-gouging on people’s mortgages, contributing to the pain of inflation. Labor needs to tax the banks, not hardworking people.
“Labor needs to deliver bold, ambitious tax reform that puts home buyers and renters first. It must do away with tax incentives for those who need it least and build more public housing.” Facebook for the Australian Greens YouTube for the Australian Greens X for the Australian Greens Instagram for the Australian Greens Bluesky for the Australian Greens Privacy Members website Your safety Contact us Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action In your language 2025 policy platform Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Federal portfolios Federal media releases Take action Volunteer Donate Issues & campaigns Upcoming events Greens Shop Leave a bequest Green Magazine All news Our movement About the Greens Become a member Jobs Members website State/territory parties Contact us The Greens acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture.
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