Three Aussie lenders launch fresh attack on new levy on big banks

Sydney

THREE of Australia's biggest lenders on Monday launched a strongly worded attack on the government's new levy on big banks, estimating nearly A$750 million (S$776 million) in additional annual costs between them.

The banks have opposed the tax announced in the federal budget on May 8, with Commonwealth Bank of Australia (CBA), Westpac Banking Corp and National Australia Bank Ltd (NAB) now putting a number on costs they say will be borne by customers and shareholders.

On an annualised basis, the 0.06 per cent levy on deposits would cost about A$220 million after tax for CBA, versus A$260 million per year estimated by Westpac and A$245 million by NAB, the banks said in separa…