Markets

Macquarie says the bank levy will cost it $66 million

Macquarie Group says the federal government’s new levy will effectively mean its bank business will be paying 41% tax, up from 34%. And Macquarie estimates the annualised cost of the new tax at $66 million pre-tax based on earnings for the full year to March 2017. Chairman Peter Warne, in […]
Macquarie says the bank levy will cost it $66 million
News

The banks say even Treasury doesn’t know how the new levy will work

Australia’s banks say the federal government has kept Treasury in the dark about how a new levy to raise $6.2 billion over four years will work. Treasury officials were unable to answer key questions at a briefing today with banks in Sydney, according to Anna Bligh, CEO of the Australian […]
The banks say even Treasury doesn’t know how the new levy will work