Given the small percentages involved, South Australia’s bank levy won’t interfere with the federal government’s levy, and would arguably be compatible with it.
Articles on bank levy
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Applying the GST to banking has much sounder economic underpinnings than the current levy, would have raised much more revenue, and would have applied to all banks rather than just the big banks.
Contrary to what Labor and the banks have predicted, revenue from the bank levy will likely be higher, even with deductions.
The government’s best ideas for how to grow wages and incomes do not inspire confidence.
Treasurer Scott Morrison said Australia’s banks have a return on equity about twice that of banks in other advanced economies. Is that right?
Countries that have similar banking levies have seen them passed on to customers.
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Productivity Growth Program Director, Grattan Institute
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Associate Professor of Law, Adelaide University
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Dean of Business School, University of Southern Queensland
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Professor, Department of Economics, The University of Melbourne
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Scientia Professor of Economics, UNSW
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Emeritus Professor of Economics (Griffith University) and Teaching Associate (University of Queensland), Griffith University
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Emeritus Professor of Finance, The University of Melbourne
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Vice Chancellor's Fellow at Victoria University and Adjunct Professor of Economics, Victoria University