AFR botches bank levy numbers

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Here’s a quiet correction that’s been issued but not confessed by the AFR. Here the new bank levy story:

The proposed levy would be between 0.05 per cent and 0.1 per cent. Presently, the government guarantees deposits up to $250,000 without charging the banks.

Here’s the original:

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The proposed levy is between 0.5 per cent and 1 per cent on protected deposits with the level set at $100,000. Presently, banks pay the government a fee to guarantee deposits over $250,000.

What’s a decimal place between friends?

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. 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.