Green Party pharmacare plan would cost $27 BILLION in 1st year

The Greens say introducing universal pharmacare would cost $26.7 billion next year — the biggest new spending item in a costed platform released today.

The party is the first to release a platform with price tags for its pledges as reviewed by the parliamentary budget officer.

Green Leader Elizabeth May says pharmacare has a large cost, but is essential.

To help pay for promises such as pharmacare, eliminating tuition and establishing universal child care, the Greens are proposing new sources of revenue, largely aimed at businesses and the financial sector.

The costed platform shows that by 2024-25, a financial transactions tax would bring in $18 billion a year, increasing the corporate tax rate from 15 per cent to 21 per cent would mean $16 billion in revenue, and closing a capital gains loophole would raise $15 billion.

The Greens propose to balance the budget by that year, though May says if economic circumstances demand increased spending, they would respond to that.