19 May 2017
Sydney, 19 May 2017: The Federal Government must open up the major bank levy for public scrutiny, the Australian Bankers’ Association said today.
“The four major banks have met Treasury’s extraordinarily tight timeframe to lodge their submissions this morning under strict confidentiality,” ABA Chief Executive Anna Bligh said.
“It is now time for the Government to reveal when it will release the legislation to the public – after all, this tax will affect millions of Australians who own shares in banks or are bank customers.
“At the moment we can’t quantify the impact of this tax on banks, and the flow on effects to customers, because the legislation has not been in the public domain.
“The ABA calls on the Government to provide more clarity as to when the public will be able to see the major bank levy legislation,” she said.
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“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.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.