‘Big Four’s’ record profits mean it's time for bank levy: Bandt

Deputy Greens Leader and Finance spokesperson Adam Bandt MP said the Greens’ policy for a bank levy on the ‘big four’ banks has been given added impetus after reports that their profits are the biggest in the developed world for the fourth year running.

“The ‘big four’ banks are making world-leading profits off the back of taxpayer subsidies,” said Mr Bandt.

"It's time to end the age of entitlement for the big banks and make them pay their fair share.

“As the IMF has repeatedly said, the ‘big four’ can borrow credit much cheaper thanks to their taxpayer-backed ‘too big to fail’ status, but the taxpayer is getting nothing in return.

“The Greens’ policy for a 'public support levy' would require banks to pay for the public support they get.

"A 20 basis point levy on bank assets worth over $100 million would generate $11 billion for the public purse.

“Given that the Government’s current Financial System Inquiry is designed “to foster an efficient, competitive and flexible financial system,” the onus is now on it to act on these super profits.

“With London remaining one of the world’s leading financial centres, Australia should look closely at the example set by the UK Government, which has introduced and repeatedly raised a bank levy, raising billions for British taxpayers,” said Mr Bandt.

Costed policy here: Greens bank levy costed by the Parliamentary Budget Office