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New Australian levy blasted as 'stealth tax'

The levy, which is expected to reduce fiscal 2018 earnings at the five banks by 4 to 5%, will impact bank employees, customers and shareholders

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Treasurer Scott Morrison announced the levy - charged at 6 basis points on liabilities over A$100 billion - to help fund a A$75 billion nation-building infrastructure programme, in the budget on Tuesday in Canberra.

Sydney

THE heads of Australia's biggest lenders have slammed the government's A$6.2 billion (S$6.45 billion) bank levy, saying the cost will be borne by shareholders and customers.

Treasurer Scott Morrison announced the levy - charged at 6 basis points on liabilities over A$100

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