fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

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
Media Releases
Bank support to flood impacted Kimberley region
9 January 2023

“Banks hardship teams have experience working with those impacted by floods and can assist with a range of practical measures.”

Read more
ABA NewsMedia Releases
Don’t let scammers ruin your Christmas
19 December 2022

“At this time of the year, with Christmas upon us, we’re encouraging people to be extra vigilant.”

Read more
Transcript
Transcript – Anna Bligh on 4BC Brisbane – Scams and Cybersecurity
16 December 2022

BILL MCDONALD: You may remember I spoke to Blake Talbot yesterday. Now, he got in touch with the show after falling victim to one of the most elaborate and sophisticated scams I think I may have ever heard of. Now, Blake and his pregnant wife have lost their entire life savings of over $26,000. As… Read more »

Read more