fbpx
Skip to main content
Tropical Cyclone Seroja: Emergency Assistance

Bad tax inexplicably now a secret tax

18 May 2017

Sydney, 17 May 2017: In an extraordinary move the Federal Government has today forced senior executives of the five major banks to sign confidentiality agreements before releasing the draft major bank tax legislation for examination.

Australian Bankers’ Association Chief Executive Anna Bligh said the banks were shocked by this move, which prevents banks from consulting with their Boards, customers and their shareholders on the implications of this legislation.

“A bad tax has now become a secret tax,” Ms Bligh said.

“The Government is going to extraordinary lengths to keep this tax hidden from the people who will be most affected by it and from the public.

“How can Australia’s major banks determine the impacts of this legislation if their senior staff and analysts are in danger of being prosecuted if they speak to stakeholders, the public or the media?

“A totally unacceptable public policy process has today gone from bad to worse,” she said.

“This new major bank tax that will raise more than $6 billion over the next four years will have profound effects on banks, their customers and shareholders. The Government has now made it illegal for the Bill to be tested in the public sphere.

“This is likely to lead to highly flawed legislation, and further risks unintended consequences on the economy and financial system,” Ms Bligh said.

ENDS

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

@austbankers

bankers.asn.au

Latest news

1 / 3
Support available for customers affected by Tropical Cyclone Seroja
15 April 2021

Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja. Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri. Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were… Read more »

Read more
Media Releases
Banks unite to help customers experiencing financial abuse
4 April 2021

Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.

Read more
Media Releases
Banks call for consistent laws to prevent elder abuse
31 March 2021

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.

Read more