Powered by MOMENTUM MEDIA
subscribe to our newsletter
Australians against proposed deposit levy

Australians against proposed deposit levy

A new survey has found that a majority of Australians oppose the federal government’s plans to introduce a deposit levy.

The Essential Poll, commissioned by The Customer Owned Banking Association, found 58 per cent of people oppose the deposit levy, while 65 per cent believe customers will be hit with the tax, rather than shareholders or banking institutions.

The poll also found 60 per cent of Australians want the federal government to accept the Financial System Inquiry recommendation to not introduce a levy.

Advertisement
Advertisement

“Consumers are quite rightly concerned about a new tax on bank accounts, where the tax burden is already quite punishing,” COBA chief executive Mark Degotardi said.

“The poll shows opposition to the levy rises with age and is particularly strong from Australians aged 55 and over, a group that is more focused on their savings and more likely to hold bank deposits.”

Mr Degotardi noted the tax burden on bank accounts is “already unfairly high” and the levy will make it worse.

“COBA is against the levy because it is anti-competitive, adds a new tax to an already heavily taxed savings vehicle, and is at odds with the FSI blueprint for a more competitive and consumer-focused financial system,” he said.

 

Australians against proposed deposit levy
mortgagebusiness

 

Latest News

A big four bank has cut its mortgage rates by up to 36 basis points, becoming the third major lender to reprice its home loan products over ...

The major bank has revealed that its earnings are to be hit by an additional $522 million in customer-remediation costs. ...

Young adults in Australia are saving more than the rest of the population, but anxiety about their current financial situation may be weaken...

FROM THE WEB
podcast

LATEST PODCAST: The Third-Party Lending Report in summary

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?