Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Case mounts against ‘friendless’ tax

Case mounts against ‘friendless’ tax

The Customer Owned Banking Association says opposition is mounting against the government’s proposed deposit levy.

COBA chief executive Mark Degotardi has called on the government to join savers, academics and the Financial System Inquiry in saying no to the “friendless” tax.

“Over-50s lobby group Senior Australia is saying loud and clear: ‘leave savers alone’,” he said.

Advertisement
Advertisement

“University of New South Wales academics describe the deposit tax as ‘dumb policy’.

“The Murray Inquiry, the most significant and wide-ranging inquiry into the financial system in two decades, recommends against the tax.”

Mr Degotardi said the deposit levy is anti-competitive because it hits smaller banks harder than the big four.

He said the levy is also “anti-saver” because it adds to the already unfairly high tax burden on deposits.

“The deposit tax is the last thing savers need at a time when interest rates are at record lows,” Mr Degotardi added.

Case mounts against ‘friendless’ tax
mortgagebusiness

 

Latest News

The major bank has lowered its interest rate floor for mortgage serviceability assessments, becoming the third major bank to amend its polic...

A big four bank has announced the appointment of a new chief executive officer. ...

Digital neo-lender 86 400 has been granted a full authorised deposit-taking institution licence by APRA and expects to launch its mortgage ...

FROM THE WEB
podcast

LATEST PODCAST: A shift in serviceability requirements

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

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.