18 June 2017
Sydney, 19 June 2017: The Australian Bankers’ Association has today welcomed the Senate Economics Legislation Committee report on the major bank levy.
“The Committee has made a number of recommendations which recognise that the consultation process was truncated,” ABA Chief Executive Anna Bligh said.
“The ABA supports the Committee’s recommendation for a Parliamentary review in two years’ time to examine the impacts of the tax, including if it is appropriate to introduce a sunset clause once the Budget is in surplus.
“This review was recommended by a number of banks and I’m pleased to see the Committee take the concerns of affected banks seriously,” she said.
“We urge the Federal Government to more fully investigate the issue of double taxation, as recommended by the Committee, to ensure that Australian banks are not disadvantaged when they compete offshore.”
Ms Bligh said the ABA was grateful to the Committee for consulting with industry stakeholders on the levy and fast-tracking its report for consideration by the Parliament.
ENDS
Contact: Stephanie Arena 0477 470 677 or Rachel McCormack 0423 407 189 (Nic Frankham is on leave)
Latest news
The ABA has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »