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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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 billion - to help fund a A$75 billion nation-building infrastructure programme, in the budget on Tuesday in Canberra. Defending the impost, Prime Minister Malcolm Turnbull on Wednesday said the banks are the most profitable in the world and can afford to pay. The government estimated this will raise A$6.2 billion over the next four years
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