The Greens get a big tick of approval this morning:
The Australian Greens have proposed a tax on the big four banks for government insurance that would raise up to an extra $11 billion over the next four years.
The minor party proposes a levy of 0.2 per cent on all bank assets above $100 billion in return for the federal government’s protection to ensure they do not fail.
I can’t comment on the size of the fee though it looks reasonable enough. But this should not be called a tax. It is a fee for services rendered the banks by the Australian tax-payer.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.