Sunday 23rd of July 2017

morrison is hoping that plundering YOUR pockets via the banks will make you hate them more than ever before...

gagging banks...

Australia's biggest banks say they have been forced to sign a confidentiality agreement before the Government provides executives with draft details of a new $6.2 billion tax.

Key points:
  • Banks say they cannot absorb the Government's proposed levy and that cost will be passed to customers, shareholders
  • ABA chief Anna Bligh says tax is being "hidden" from the public
  • Treasurer says confidentiality order won't stop executives from sharing information within their offices

Banking executives are furious having already criticised the Government for the surprise budget hit, saying Treasury set an unreasonably short deadline for submissions.

Many executives have already indicated they will pass the costs of the levy to customers and shareholders, arguing they cannot absorb the tax as the Government claims they should.

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A bad tax has now become a secret tax...

THE COALITION'S 2017 Budget has unexpectedly proposed a levy on the liabilities of Australia’s biggest banks — the Big Four plus Macquarie Bank.

The levy will be at 0.06% on all funding raised, other than for (guaranteed) deposits under $250,000.

Who will pay the levy? Customers, or shareholders, or employees?

Fairfax’s Elizabeth Knight notes:

“… there is an overwhelming view among investors and analysts that the banks will pass on the cost of the levy to customers rather than cut dividends.”

The presumption is that customers will wear it. That investors and analysts can be so sure, highlights a practice and a structure well embedded.

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customers to pay...

Westpac has warned the Turnbull government’s contentious $6.2bn bank levy will cost the bank $260m after tax this year, saying there is no way it can simply “absorb” it.

It said the cost would have to flow to customers, shareholders, staff, suppliers, “or some combination of all four”.

It warned the Australian Securities Exchange on Monday the cost of the levy was equivalent to around 8c per share and, based on the bank’s 2016 full-year dividends, represented 4.3% of dividends paid.

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not helping the budget...

The Australian Bankers' Association demand a Senate inquiry into the Coalition's proposed $6.2 billion bank levy.

Chief executive Anna Bligh warns it could have unintended or adverse consequences for the economy.


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