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Profits mean bank levy must be on Budget agenda: Bandt

Media Release
Adam Bandt 30 Apr 2013

Greens Deputy Leader and banking spokesperson Adam Bandt MP says another record profit from ANZ announced today means the government should look to raise revenue from the big four banks.

The ANZ Bank announced a half-year net profit of $2.94 billion today and Westpac and NAB are expected to announce half-year profits of a similar magnitude. The Commonwealth Bank posted a $3.66 billion net profit in its first half in February.

"If ruled-out options are now back on the table, that should include fixing the mining tax and putting a levy on the big banks."

"Most people would prefer a levy on the big banks, which would raise $11bn, instead of higher taxes or cuts to universities."

"This Budget should be a turning point for the country, where we have a serious debate about how we'll raise the revenue we need so that Australia remains a caring society. Labor shouldn't squib this chance just because they're too scared to stand up to powerful interests."

"The Greens have been saying for some time that we need to secure this country's revenue base. Labor needs to decide whether it has the guts to stand up to the big miners and the big banks, who are making record profits, or whether they will put more pressure on the rest of us."

The Greens have proposed a 20 basis points levy on bank assets in excess of $100 billion. The measure has been costed by the Parliamentary Budget Office and would raise $11 billion over the forward estimates.

The levy mirrors similar levies in Europe that raise on average approximately 0.2% of GDP and is based on International Monetary Fund proposals.


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