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

The Australian Labor Party has expressed its commitment to “clean up” the banking system, including through the introduction of three bi...

The corporate regulator has revealed how it plans to implement 12 recommendations made by Commissioner Hayne in the final royal commission r...

The major bank has revealed the raft of changes it will initially make in response to Commissioner Hayne’s recommendations, including no l...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The current mindset of the mortgage industry

Is enough being done to ensure responsible lending?