Independent senator Jacqui Lambie is backing a tax on financial market transactions which could raise over $1 billion of revenue.
The Australian Institute is proposing a tax of between 0.01 per cent and 0.4 per cent on transactions, arguing it was a sound economic policy the benefits of which outweighed the costs.
Senator Lambie said the "Tobin Tax", which applies in other countries, should be applied to companies co-located within the stock exchange that used so-called super computers to scalp the system.
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