Banks

It’s hard to know where to start on the South Australian bank tax. It is just that bad. The massive new impost on the four major banks and the ­Macquarie Group was announced by SA Treasurer Tom Kout­san­tonis in the state budget ­released last week. The Treasurer believes the tax will raise $370 million over the next four years. But as

The Government’s proposed levy should be abandoned. It is a tax on all Australians which will increase the cost of buying a house and starting a business, was designed without consultation, and is predicated on highly illiberal grounds. The IPA’s Daniel Wild suggests in a submission to the Inquiry into the Major Bank Levy Bill 2017 and the Treasury Laws

Free market think tank the Institute of Public Affairs today released a research brief outlining why the Government should abandon its proposed changes to the banking sector. The brief argues that the proposed changes are illiberal and exemplify bad policy process; the bank tax will be paid for by all Australians; and the wage and price controls will distort the

The Government announced major changes to the banking sector in the 2017-18 Budget, including: • A tax of 0.06% on the liabilities of the four major banks plus Macquarie. • Forty per cent of a banking executive’s variable remuneration must be deferred for at least four years. • The Australian Prudential Regulatory Authority (APRA) will be given powers to require