ALP push for foreign banks’ inclusion into new bank levy
(17 May 2017 – Australia) The Australia Labor Party has said that it will push for the inclusion of foreign banks into paying the new bank levy being introduced by the Federal Government, calling their exclusion "reverse protectionism".
Others in the Senate support the move, as well as the “Big Four” banks, however the government argues it will hurt competition, and double tax the foreign banks.
In a surprise move, bank executives were forced to sign confidentiality agreements before receiving the draft legislation for the tax.
Australia Bankers' Association chief executive Anna Bligh said: "How can Australia's major banks determine the impacts of this legislation if their senior staff and analysts are in danger of being prosecuted if they speak to stakeholders, the public or the media?"
"A totally unacceptable public policy process has today gone from bad to worse."
Treasurer Scott Morrison said the confidentiality clause had been used before and that it worked for both parties as as the government cannot make public the banks’ responses to the legislation which.
Morrison added that the public and Parliament will have full access once the legislation was finalised.
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