CBA record profit shows government has wrong target for raising revenue

Responding to news that the Commonwealth Bank has posted a record $9 billion profit, Greens Treasury spokesperson Adam Bandt MP today said the government is targeting everyday Australians to raise revenue when they should be looking at the Big 4 Banks. Mr Bandt called on the government to ditch its plan to increase the GST and instead put a levy on the profits of the Big 4 Banks.

“Time after time, we hear news of the Big 4 Banks putting away record profits,” Mr Bandt said.

“Yet the government wants everyday Australians to pay more through an increased GST and cuts to their services and welfare.”

“The Commonwealth Bank’s record profit of $9 billion today shows that the big banks can afford to pay a bit more tax.”

“The big banks are making these record profits in large part because the government underwrites their activities and boosts their bottom lines by billions.”

“The Greens plan for a Public Support Levy on the Big 4 would raise revenue without hurting everyday Australians.”

“It’s time for the government to ditch its plan to make everyday Australians pay more GST and instead get behind the Greens’ plan to put a levy on the Big 4 Banks’ profits.”

Media contact: Adam Pulford, 0429 109 054