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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.
“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.