Greens propose tax levy for Big 4 banks

Greens propose tax levy for Big 4 banks

The Greens are proposing a new policy for Australia’s big four banks to pay a levy similar to the mining tax, in return for the support they have received from the Government since the Global Financial Crisis.

The Greens say the proposed policy is in line with a recent International Monetary Fund assessment which has found the Big 4 banks – Commonwealth Westpac NAB and ANZ – have a huge price advantage over smaller institutions.

Deputy Greens Leader Adam Bandt says it would impose a levy of 0.2 per cent on all bank assets over $100 billion.

He says it has been costed by the Parliamentary Budget Office, which estimates it would raise $11 billion in revenue over four years.

Mr Bandt says the four banks receive considerable public support, and should give something back.

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Libby Dreyer
Libby Dreyer 1729 posts

Libby has worked as a Senior Journalist at National Radio News since February 2011. She graduated with a Bachelor of Journalism from the University of Canberra in December 2010.

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