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.
Contact: Stephanie Arena 0477 470 677 or Rachel McCormack 0423 407 189 (Nic Frankham is on leave)
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”