Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

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.

“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.”

Advertisement
Advertisement

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

Discover some of the top news stories impacting the mortgages space in this weekly wrap-up. ...

The financial watchdogs have remained wary of risks to the housing market as cash rate rises flow through to mortgage customers. ...

Australia’s household wealth has reached $14.9 trillion largely due to house price momentum, yet quarterly growth has continued its recent...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

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