Australian budget: Bankers say profit levy will hit jobs, growth, set precedent
The higher tax on profits will help neutralise Labor calls for a commission into banking practices.
Investors wiped $A14 billion off the value of Australia’s major banks yesterday ahead of a federal budget levy that will raise about $A1.5 billion a year or $6.2 billion over four years.
The levy applies to five banks — ANZ, Commonwealth, Maquarie, NAB and Westpac — that have liabilities above
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Nevil Gibson
Wed, 10 May 2017
Wed, 10 May 2017
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Australian budget: Bankers say profit levy will hit jobs, growth, set precedent
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