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Banks must decide how to pay for additional tax, potentially hitting customers

Neil Mitchell

One area of the economy being hit by the Federal Budget is the financial sector. 

A $6.2 billion tax levy over the next four years is set to target the nation’s big banks. 

Treasurer Scott Morrison told Neil Mitchell banks have ‘no right’ to pass on the costs to their customers.

But Anna Bligh, CEO of the Australian Bankers’ Association and former Labor Premier of Queensland said this is a ‘cash grab.’

‘It has come out of the blue,’ she told Neil.   

‘This is nothing more than a naked grab for cash from a sector of the economy the government believes is an easy target.’

Much speculation has been made about how customers will be affected by the new levy, and whether banks will absorb it. 

Ms. Bligh says it is up to them to decide. 

‘Every bank will have to make their own decision about how they will pay this additional tax.

‘But there are only a limited number of places they can draw it from.’ 

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Neil Mitchell
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