The AMWU is supporting proposals for a ‘Robin Hood’ tax, so-called because it would fund poverty relief by levying corporate financial transactions.

The tax, also known as a Tobin tax, would take a tiny levy from each of the trillions of financial transactions that happen every year on global markets.

It’s a modern way of taking from the rich to give to the poor.

AMWU National President, Paul Bastian, said the proposed tax could create a pool of funds to alleviate global poverty and tackle climate change.

“If you're an ordinary citizen who pays their taxes, like manufacturing workers across Australia, this tax won't apply to you. It’s a tiny tax on banks. But because of the sheer volume of financial trading it could generate billions of dollars to fund action on climate change and help the poorest people in Australia and overseas. “

Australian expert on banking and finance Ross Buckley has estimated the tax could create over $1 billion a year in Australia and up to $400 billion globally.

Advocates say it would also discourage damaging financial speculation and bolster the overall stability of the banking system.

Mr Bastian said the financial crisis showed that changes were needed to the banking system.

“Our government mobilised billions of dollars to tackle the financial crisis and help Australia avoid recession. They did it because the stakes were high, but the strikes are also high for millions of people living in poverty. Australia should take the lead and urge our international partners to adopt this idea.”

350 economists from more than 35 countries have signed a letter to the G20 calling for the introduction of the tax.

It also has the backing of the chancellor of Germany, the president of France, the prime minister of Britain and the foreign minister of Japan, along with the high-profile investors George Soros and Warren Buffet.

For more information visit the AMWU Facebook page or the Robin Hood Tax Australia page.