The Greens policy to overtax successful companies will force up prices on everyday essentials, cut Australian jobs and investment, and decimate millions of Australians' superannuation savings, according to the Business Council.
BCA chief executive Bran Black said the policy would deliver pain for all Australians, and he called on the Government and Opposition to rule it out.
"This would make Australia one of the worst places in the world to run a business and Australians will pay the price with fewer jobs and less investment in the basic services they depend on," Mr Black said.
"It would make our company tax rate the highest in the OECD, with Colombia, Latvia and Costa Rica more attractive places to invest, hire, and pay tax."
"Six in every seven Australians are employed by private business and if the Greens think those jobs don't matter, they're dead wrong-we need to run this economy for all Australians.
"We call on the Government and the Coalition to rule this policy out right away."
Mr Black said consumers, workers, superannuation account holders and shareholders would all pay the price for this policy.
"There is no such thing as a free lunch and this policy would lead to a mix of fewer jobs, lower returns for shareholders and higher prices for consumers."
"There are 16 million Australians with a super account, with most invested in the businesses that the Greens want to target."
Mr Black said instead of reducing economic growth prospects, the BCA is calling for policies which grow the economy by making investment more attractive.
"We all want to tackle the cost-of-living but targeting businesses with huge taxes isn't the way to do it."
"We need policies that help create jobs, keep prices down, and ensure our communities continue to flourish, without putting unnecessary strain on our economy."
Mr Black said claims by the Greens that companies were price gouging and profits were driving inflation were not based on facts.
"The independent federal Treasury and the Reserve Bank of Australia have said there was no evidence to back up the Greens claim that company profits are driving inflation."
