Former Westpac CEO, David Morgan, is the latest banking fat cat to decry the Turnbull Government’s 0.06% levy on the liabilities of the Big Four banks and Macquarie, labeling it a “naked revenue grab” and inefficient tax policy. From The AFR:
Dr Morgan, who formerly ran Westpac Banking Corp and was also an international adviser to Australia’s landmark Financial System Inquiry, said Treasurer Scott Morrison’s argument that the tax compensated for the major bank’s implicit government guarantee was “relatively weak”.
