Hockey backs Greens’ bank deposit levy model

Greens Treasury spokesperson Adam Bandt MP today welcomed reports that Treasurer Joe Hockey is supporting the Greens’ model for the bank deposit levy and said that the Greens would support passing a well-crafted levy through the Parliament in the next sitting fortnight.

“I’m pleased to hear reports that the Treasurer has listened to the Greens’ call to apply a bank deposit levy only to the Big 4 Banks,” Mr Bandt said.

“We’ve been concerned that the proposals from the previous Labor government and now this government to apply an ‘across the board’ levy to all banks would just be passed on to consumers.”

“For some time, the Greens have called for a levy to apply to the Big 4 Banks only, to raise revenue without the cost being passed on to consumers.”

“If the Big 4 Banks do try to pass this onto consumers, a consumer can just walk down the road to a smaller bank.”

“The Big 4 Banks are making world-leading record profits off the back of implicit help from the taxpayer. They have an advantage compared to their smaller rivals as they’re able to borrow money at a cheap rate because everyone knows that the government will step in if they get into trouble.”

“If the Treasurer wants to apply a proper levy to the Big 4 Banks only, he has the Greens’ full support and we’ll get this through the Parliament within the next sitting fortnight.”

“Putting a proper levy on the Big 4 Banks will help address the revenue crisis we are facing.”

“If the government wants to stop talking about cutting taxes for the wealthy and instead putting a new tax on the Big 4 Banks he knows where the Greens’ offices are.”

Media contact: Adam Pulford, 0429 109 054