18 June 2017
Sydney, 19 June 2017: The Australian Bankers’ Association has today welcomed the Senate Economics Legislation Committee report on the major bank levy.
“The Committee has made a number of recommendations which recognise that the consultation process was truncated,” ABA Chief Executive Anna Bligh said.
“The ABA supports the Committee’s recommendation for a Parliamentary review in two years’ time to examine the impacts of the tax, including if it is appropriate to introduce a sunset clause once the Budget is in surplus.
“This review was recommended by a number of banks and I’m pleased to see the Committee take the concerns of affected banks seriously,” she said.
“We urge the Federal Government to more fully investigate the issue of double taxation, as recommended by the Committee, to ensure that Australian banks are not disadvantaged when they compete offshore.”
Ms Bligh said the ABA was grateful to the Committee for consulting with industry stakeholders on the levy and fast-tracking its report for consideration by the Parliament.
ENDS
Contact: Stephanie Arena 0477 470 677 or Rachel McCormack 0423 407 189 (Nic Frankham is on leave)
Latest news
E&OE Ali Moore: Yes, if you use a dating app, have you ever thought about how secure it is? And if you ever wondered about the sort of anti-scam regulations that they have to comply with, the big banks say that the rules are not tough enough for dating apps, as well as things like… Read more »
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.