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Nobel prize-winning economist Joseph Stiglitz calls for windfall profits tax in Australia | Australia news

The Nobel prize-winning economist Joseph Stiglitz has called for a windfall profits tax, arguing the idea is a “no-brainer” that has been taken off the table due to the influence of big companies.

Stiglitz made the comments to reporters during a tour of Australia after personally lobbying the treasurer, Jim Chalmers, to introduce the tax and warning that excessive interest rate rises could push Europe, the US, and then Australia into recession.

At a press conference on Monday the treasurer, Jim Chalmers, again ruled out a windfall profits tax despite a new report from the progressive thinktank Australia Institute finding rising profits are helping to drive inflation.

Stiglitz said a windfall profits tax was a “no-brainer” as companies made “huge windfall profits” during the Covid pandemic, and as the Russian invasion of Ukraine had increased energy prices.

“It makes a great…

Read more at www.theguardian.com

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