[Greens-Media] Time to take Tobin tax seriously - Greens call to PM

[Bennett, Ebony (Sen B. Brown)]

Friday, 17 October 2008

Time to take Tobin tax seriously - Greens call to PM

Australian Greens Leader Bob Brown has written to Prime Minister Kevin Rudd asking him to put the Tobin tax on the international agenda for making financial regulation more responsible to global needs.

The Tobin tax - a levy of one basis point (one one hundredth of one per cent) - on international financial deals could raise $100 billion per annum, and, for example, ensure every poverty-stricken child on the planet had clean water, enough food and a school to attend," Senator Brown said.

The tax is named after US economist Professor James Tobin who suggested it in 1972. Tobin saw the tax as a means of slowing down the speculative movements of capital that can destabilise economies - a calming measure during a crisis.

"The Prime Minister is proposing that an APRA-derived formula for keeping executive salaries in control will need international agreement. I am asking on him to have the Tobin tax put on the international agenda as well," Senator Brown said.

Further information: Ebony Bennett 0409 164 603




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Ebony Bennett
Media Advisor 
Senator Bob Brown | Leader of the Australian Greens 
e: ebony.bennett at aph.gov.au 
m: 0409 164 603 | p: (02) 6277 3170 | f: (02) 6277 3185
w: www.bobbrown.org.au <http://www.bobbrown.org.au/>   <http://www.greens.org.au>