Call for Robin Hood Tax

30 March 2010

UnitingJustice Australia has joined a growing international movement calling for the introduction of a tiny tax on financial transactions – the Robin Hood Tax.

This week, UnitingJustice Australia, along with Jubilee Australia, World Vision Australia, Oxfam Australia and Greenpeace Australia Pacific are among over a dozen local organisations to announce their support for the Robin Hood Tax.

The Robin Hood Tax is a tiny tax on banks' financial transactions that could raise hundreds of billions of dollars every year. This revenue could go toward domestic and global causes, such as achieving the Millennium Development Goals and assisting developing countries to adapt to the effects of climate change. The tax would also help to reduce volatility in financial markets, as it most strongly effects short term, speculative transactions.

Globally, it is supported by a broad range of community organisations, including welfare organisations, aid and development groups and churches, and world leaders such as UK Prime Minister Gordon Brown and French President Nicolas Sarkozy.

Rev. Elenie Poulos, National Director of UnitingJustice Australia, said, "Demanding even this tiny social responsibility tax will contribute to shifting the balance of our economy away from the relentless pursuit of profit by a tiny minority and towards the common good. The Robin Hood Tax is a reminder to those who engage in highly risky, speculative financial transactions that their behaviour impacts upon us all through the global economy."

"We are seeking a global economic system which serves first the needs of all people and the planet and we believe the Robin Hood Tax campaign is one step towards achieving this," Rev. Poulos said.

One simple way Australians can do more to fight poverty and climate change, and to prevent future financial crises is to support the Robin Hood Tax for Australia. Signing up to the campaign gives people the opportunity to ask the finance community to finally start giving something back.