As expected, the major banks are preparing to launch a media war against the Turnbull government’s proposed $6.2 billion bank levy, as outlined in Treasurer Scott Morrison’s May 9 federal budget speech.
Australian Bankers’ Association head Anna Bligh was furious. She said a campaign was being considered, claiming the government was playing “fast and loose” with the nation’s financial system.
The Big Four banks, ANZ, Commonwealth, National Australia Bank and Westpac, plus Macquarie Bank were hit by a surprise proposal for a $6.2 billion levy over four years in the federal budget on May 9.
Under the new measures, banks with liabilities of more than $100 billion will be taxed 0.06% on those “liabilities”.
Speculation about a new levy on the big banks sparked a run on banking shares, wiping $14 billion from their market value. Shares in the Big Four banks fell by between 2.1% and 3.6%.
The appointment of former Queensland Labor premier Anna Bligh as CEO of the Australian Bankers' Association (ABA) is a desperate public relations ploy by the Big Four Australian banks to head off a looming royal commission into their crimes and misdeeds.
It seems unlikely to succeed, given the anger in the community against the Big Four — the Commonwealth, National Australia Bank, Westpac and ANZ — and their systematic gouging of the general public.
