Original article by James Frost, John Kehoe
The Australian Financial Review – Page: 4 : 26-Feb-19
Prime Minister Scott Morrison says Labor’s plan to impose a new levy on banks raises the question of what sector it will target next, while Greens senator Peter Whish-Wilson says it should not apply to smaller banks as it will affect their competitiveness. Consumer Action Law Centre CEO Gerard Brody has welcomed Labor’s plan to use some of the proceeds from the levy to finance additional financial counsellors but argues that it should be broadened to include sectors such as telcos and utilities. Labor’s tax is slated to raise $640m over four years.
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, CONSUMER ACTION LAW CENTRE, LAW COUNCIL OF AUSTRALIA, STANDARD AND POOR’S ASX 100 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, SUNCORP GROUP LIMITED – ASX SUN, MACQUARIE GROUP LIMITED – ASX MQG