A fading China, downgrades, levies, housing bubbles and no growth. Why would you own an Aussie bank? UBS see more to come:
South Australia hits the banks with a further State Bank Levy
In today’s South Australian budget, Treasurer Tom Koutsantonis announced it will be introducing a state based Bank Levy on the Major banks and Macquarie. The SA Bank Levy will be set at 6bp of applicable liabilities per annum, the same as the Federal rate. The amount charged by SA is proportionate to its share of GDP (~6%) and is expected to raise $97m in 2017-18.