Investor sells out as fear of bank tax grows

Original article by Andrew White, Michael Owen
The Australian – Page: 1 & 4 : 31-Oct-17

Jupiter Fund Management’s Asian Fund has sold down some of its Australian financial services investments, in part due to concern about South Australia’s proposed bank tax. If the tax is imposed, it has been estimated that it will cost the big four banks and Macquarie $A417 million over four years. The tax is due to be considered by South Australia’s upper house during the week ending 3 November, with the government needing the support of cross-bench MPs to get the tax approved.

CORPORATES
JUPITER MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE, AUSTRALIAN CONSERVATIVES, AUSTRALIAN GREENS, AUSTRALIA. PRODUCTIVITY COMMISSION, DIGNITY PARTY, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, BUSINESS SA, AUSTRALIAN LABOR PARTY

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