The Australian Greens have reintroduced a proposal to impose a 10% annual tax on the net wealth of the country’s billionaires if a minority government is elected in the upcoming federal election.

This initiative, described by the party as a means of funding essential public services such as Medicare and public transport, targets Australia's wealthiest individuals, currently numbering 150 as per recent estimates.

Greens leader Adam Bandt emphasized the urgency of the proposal, citing a 'once in a generation chance' to address significant wealth concentration, referencing the $584.5 billion amassed by the wealthiest over the past six years.

The implementation of this billionaire tax is projected to generate $23 billion throughout the budget forward estimates and up to $50 billion over a decade.

Bandt stated, 'In a wealthy country like ours, everyone should be able to afford the basics: a home, food, and world-class health and education.

Instead, billionaires are making out like bandits while everyone else is being squeezed.

It’s time we turned the tables and made billionaires pay their fair share to fund the services people need.'

Economic justice spokesperson for the Greens, Nick McKim, criticized the wealth disparity, spotlighting mining magnate Gina Rinehart, whose net worth is reported at $40.6 billion, amidst growing concerns over a nationwide cost-of-living crisis.

McKim remarked, 'There has been an obscene accumulation of wealth in this country in recent years.

A billionaires' tax will start to turn that around and help everyday Australians.'

The Greens' proposal aims for implementation by July 1. This is not the first time such a measure has been discussed; during the 2022 federal election, a similar concept was introduced focusing on a six percent tax aimed at addressing housing affordability.

Historically, the Greens have aimed to leverage their influence in minority governments for policy changes, having previously contributed to health policy changes during Julia Gillard's Labor minority government, which included the introduction of dental coverage in children's Medicare.

The proposal faces scrutiny regarding enforcement and potential avenues for tax avoidance.

Critics have expressed concerns that billionaires may evade the tax through under-reporting or philanthropic contributions.

As Australia approaches the federal election, recent polling indicates a likelihood of a minority government, with fluctuations in voter support suggesting a shift towards coalition parties.

The Australian Financial Review Freshwater Poll reported changes in seat projections, indicating a possible shift to a Coalition-led minority government.

The discussion surrounding taxation of the wealthy is gaining traction as Australia confronts economic challenges, including rising living costs and public service funding needs.