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A union push to commit Labor to a tax on "astronomical" profits recorded by banks and other big corporations has been watered down at the party's national conference in Brisbane.
- A CFMEU push to commit Labor to a super profits tax has been watered down at Labor's national conference
- The party instead agreed to recognise the need for more housing, and to review corporate tax laws
- The union says it is not everything they wanted, but it is an important step
Heading into the conference, the construction, forestry, mining and energy union (CFMEU) was leading a push for a "super profits tax" to be debated and possibly committed to by the Labor Party.
CFMEU secretary Zach Smith proposed the tax as a solution to the nation's housing crisis, which he said could fund a shortfall of more than 750,000 affordable homes with an investment of $511 billion by 2041.
He said the amendment would call on Labor to institute a super profits tax, "the proceeds of which would go to fund this ever increasing gap in this country of social and affordable housing".
Instead, the amendment was watered down on the conference floor, only resolving the government to "increase government investment in social and affordable housing with funding from a progressive and sustainable tax system, including corporate tax reform".
Speaking to the ABC ahead of the conference, Mr Smith had cautioned that he expected a campaign for a super profits tax to take years.
On the conference floor, Mr Smith continued to advocate for the tax.
"There is no issue more pressing in our economy and society than the gap in affordable housing," he said.
"We believe a super profits tax is the clearest way to raise the money necessary to build the homes we need."
The amendment was carried by Labor delegates.
Mr Smith said Labor had agreed to recognise it must build more affordable homes, and revise corporate tax laws to achieve that.
"This is not everything that the union is demanding, but it is a very significant first step," Mr Smith said.
"We've been told since the '80s to sit back and let the markets decide ... this is nonsense, the state has a role to play and it must play this role."
Delegate Juliana Todorovic, representing Labor for Housing, told the conference the government should be congratulated for housing commitments it made on Wednesday, but that more must be done.
"We have structured our economy in such a way that the only pathway to economic security in this country is through private property," Ms Todorovic said.
"We've struck some kind of deal with the devil where our society is now divided between those who have safe and secure long-term housing, and those who can only dream of it."
With the union's tax focus on "super profits", there are no amendments listed to debate the legislated "stage-three" tax cuts for middle and high income earners.
The conference will continue for three days, with housing, tax, climate and other issues on the agenda for Thursday.