NAB’s multi-billion dollar profit shows big four can pay bank levy

Greens Treasury spokesperson Adam Bandt MP today said NAB’s increased profit of $6.3 billion shows the big four banks can afford to pay a bank levy in recognition of their implicit public support. Mr Bandt called on Treasurer Scott Morrison to bring a bank levy for the big four banks only.

“NAB today has recorded a $6.3 billion profit and the big four banks combined are expected to post record profits topping $30 billion this year,” Mr Bandt said.

“Because the big banks are considered ‘too big to fail’, they’re able to borrow money more cheaply than their smaller competitors.”

“This gives them an advantage. If they get into trouble, the public is expected to step in and bail them out.”

“It’s time that the big four banks pay for the privilege of this governmental support through a bank levy on the big four only.”

“This would add a new revenue stream into the Budget of around $3 billion per year that could help fund the schools, hospitals and services that our communities need.”

“Instead of continuing his predecessor’s attacks on single parents, the Treasurer should bring in a bank levy on the big four banks.”

Media contact: Adam Pulford, 0429 109 054