fbpx
Skip to main content
New Financial Assistance Hub

ABA calls for more consultation on major bank tax and release of Regulatory Impact Statement

15 May 2017

Sydney, 15 May 2017: The Australian Bankers’ Association has today called for the Federal Government to release analysis of the impact of the major bank levy on the broader economy, including households and businesses.

“It is an understatement to say that this tax requires a thorough Regulatory Impact Statement (RIS),” ABA Chief Executive Anna Bligh said.

“A poorly-designed tax could have consequences for the nation’s finances and for everyday Australians.

“Under the Government’s own guide to regulation, only the Prime Minister can exempt a government entity from the need to complete a RIS, and we urge Prime Minister Turnbull not to do this,” she said.

In a submission lodged to Treasury today, the ABA said the introduction of the proposed new major bank tax disregarded the Government’s own best practice guidelines.

“The Government has failed to meet its own criteria around transparency and accountability in decisions, evidence-based policy development, and effective administration of regulation,” Ms Bligh said.

“Further Treasury analysis is imperative, including on the modelling of the economic impacts of the tax, and banks should be given at least four weeks to respond to the Treasury analysis, the draft legislation and explanatory memorandum.

“A longer consultation period, including engagement between banks and all affected regulators, will help to avoid unintended consequences on the economy and financial system,” Ms Bligh said.

A copy of the ABA submission is attached.

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Releases
New RBA data shows rapid rise in digital payments
9 December 2024

New data released today from the Reserve Bank of Australia (RBA), shows Australians continue to embrace the ease of mobile wallets when making payments. For the first time, the RBA’s latest monthly retail payments data includes a snapshot of newer payment technology, showing more than 500 million payments were made via mobile wallets in October,… Read more »

Read more
Media Releases
Parliamentary inquiry shines a light on financial abuse
5 December 2024

The Australian Banking Association acknowledges the release today of the inquiry report into the Financial Services Regulatory Framework in Relation to Financial Abuse. CEO Anna Bligh said the ABA and its member banks acknowledge the important work of the Parliamentary Joint Committee on Corporations and Financial Services to further shine a light on financial abuse…. Read more »

Read more
Media Releases
SMS Sender ID Register welcome in ongoing war against scammers
3 December 2024

The ABA welcomes further progress by the Federal Government to establish a mandatory SMS Sender ID register with an enforceable industry standard, in what will be a critical preventative measure in the fight against scammers. ABA CEO Anna Bligh said thwarting SMS impersonation scams would disrupt a key tactic that scammers use to steal money… Read more »

Read more