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August 3, 2021

Banks should pay, not customers

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Dave Norris, Pottsville

I refer to the Rudd government’s proposal to place a levy on bank profits, which the banks have said they will pass on to consumers.

The Greens have announced that they will use their numbers in parliament so that any bank levy won’t be passed on to consumers. They also say it’s a mistake to widen the levy beyond the big four banks, which are the most profitable in the world. If the levy is limited to the big four banks and they try to pass it on to consumers, people will be able to go to a smaller bank that isn’t charging the levy. Competitive pressures will force the big four banks not pass the levy on.

The Greens have been pushing for a super profits bank levy for over two years, and in March this year proposed a 20 basis points levy on bank assets in excess of $100 billion. The proposal is costed by the Parliamentary Budget Office and would raise $11 billion over four years. The levy mirrors similar levies in Europe that raise on average approximately 0.2 per cent of GDP. An updated costing of the levy was released as part of the Greens’ election platform launch on July 14 to raise $8.4 billion over the next three years.

This will help reduce debt and deficit without impacting on families.


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