Australia needs super profits tax to fund social and affordable homes, construction union says

CFMEU to launch campaign to push Labor to adopt policy of 40% tax on excess profits to cover cost of building 750,000 homes

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The CFMEU wants the government to implement a super profits tax to raise billions for building new social and affordable homes, saying Labor must be much more ambitious" in addressing the housing crisis.

The major construction union will launch a national advertising blitz and push Labor to adopt the policy at the party's national conference next month. The CFMEU secretary, Zach Smith, says a super profits tax of 40% of excess profits would comfortably" cover the cost of building more than 750,000 new social and affordable homes.

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