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The Productivity Commission’s (PC) final report on Competition in the Australian Financial System has recommended that Australia’s banks “should pay for any support they receive from taxpayers via the Australian government” and, therefore, the 0.06% levy on the liabilities of the Big Four banks and Macquarie should be lifted. From Banking Day:
“This simply reflects commercial reality in the finance sector,” a three-member panel, headed by Peter Harris, chair of the commission, declared in the report, released on Friday.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.