Submission to the Major Bank Levy Bill 2017

by Jim Minifie


Submission to the Major Bank Levy Bill 2017

At least part of the burden of the new levy on Australia’s big banks is likely to fall on borrowers, according to Grattan Institute’s Productivity Growth Program Director Jim Minifie. In this submission to the Senate Economics Committee, he says the Federal Government has failed to make the case for the levy on the big banks, announced in the 2017 budget. He argues that, in the absence of such a case, the levy can be seen as an opportunistic grab for cash. And he says the Major Bank Levy Bill 2017 should not be passed into law before a sound justification for it is presented to the Parliament and the people.