18 May 2017
Sydney, 17 May 2017: In an extraordinary move the Federal Government has today forced senior executives of the five major banks to sign confidentiality agreements before releasing the draft major bank tax legislation for examination.
Australian Bankers’ Association Chief Executive Anna Bligh said the banks were shocked by this move, which prevents banks from consulting with their Boards, customers and their shareholders on the implications of this legislation.
“A bad tax has now become a secret tax,” Ms Bligh said.
“The Government is going to extraordinary lengths to keep this tax hidden from the people who will be most affected by it and from the public.
“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,” she said.
“This new major bank tax that will raise more than $6 billion over the next four years will have profound effects on banks, their customers and shareholders. The Government has now made it illegal for the Bill to be tested in the public sphere.
“This is likely to lead to highly flawed legislation, and further risks unintended consequences on the economy and financial system,” Ms Bligh said.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
E&OETV InterviewSky News Business Weekend with Ross Greenwood21 June 2026 Topics: Economic contribution of banks Ross Greenwood: Well Australia’s banks, love them or loathe them, they are a necessity. We need them strong to provide the security for lenders and depositors. We need them well-regulated to keep them from again putting profit ahead of their… Read more »
ABA CEO Simon Birmingham delivered the following introductory remarks ahead of a panel on the value of banking to the Australian economy, launching new Mandala research, at the 2026 ABA Banking Conference. Our piece of work that has been released today, Mandala providing the intellectual backdrop and analysis to support us in this, the essential… Read more »
Surging household ownership of Australian banks, record lending to first home buyers and strong competition helping mortgage holders save up to $2,000 a year are some of the findings of a new report released today. ‘The essential infrastructure: How Australian banks power the economy’ produced by Mandala on behalf of the ABA finds: ABA CEO Simon… Read more »