Time to tax big banks more: Bandt
With our big banks the most profitable in the world and the government struggling to raise revenue, it is time for Australia to follow other countries’ lead and impose a levy that would net Commonwealth coffers $11bn, said Greens Deputy Leader and banking spokesperson, Adam Bandt.
"The big banks can make these record profits because the government underwrites their activities and boosts their bottom lines by billions," Mr Bandt said.
"Under Labor, the big 4 banks are making more from mortgages, dominating more of the market and enjoying record profits. Everything Labor has done has made it easier for the big 4 banks to make bigger profits off the backs of consumers."
"It is time the banks stopped fleecing consumers and businesses and instead paid a public support levy, which would also assist with the structural problems in the Budget.”
"For many years, especially since the GFC, the big four banks have benefited from an implicit ‘too big to fail' policy, as the IMF has made clear."
"It is time the big four banks paid a fair contribution for the public support they receive."
“Other industries, like manufacturing or tourism, would love to have the government underwriting their business so they could borrow more cheaply. The banks are getting an unfair leg-up."
The Greens have proposed a 20 basis points levy on bank assets in excess of $100 billion. It has been costed by the Parliamentary Budget Office and would raise $11 billion over the forward estimates. The levy mirrors similar levies in Europe that raise on average approximately 0.2% of GDP and is based on International Monetary Fund proposals.