How it works
The Robin Hood Tax (more formally known as a financial transaction tax) is a tiny tax on financial speculation by investment banks, hedge funds and other finance institutions that would raise billions to tackle poverty and climate change, in Australia and overseas.
It can start as low as 0.005 per cent – and average 0.05 per cent. But when levied on the billions of dollars moving round the global finance system daily through transactions such as foreign exchange, derivatives and share deals, it could raise hundreds of billions of dollars annually.
That can provide for vital investment in much needed and underfunded public services like health and education, resource efforts to conserve our environment, aid the fight against global poverty and climate change. This money can help shape the future of our world.
The tax would not be levied on everyday banking transactions conducted by individuals.
Earlier this year Anglicord CEO Misha Coleman signed a letter to be presented to the Prime Minister of Australia Julia Gillard, urging the Australian government to support a financial transactions tax.
News
- European Commission draws up legislation for EU Tobin tax
- PM pressed on Robin Hood tax [Sydney Morning Herald]
- Robin Hood tax finds dozens of merry men to lobby PM [The Age]
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