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Labor proposes to establish a Financial Rights Fund if it wins the upcoming federal election, which will assist victims of misconduct in the financial services sector. This ‘fairness’ fund will be financed via a new levy on Australia’s largest financial institutions, and is slated to raise $160m annually over four years. This is in addition to the federal government’s existing 0.06% bank levy.
Amongst other things, Labor’s levy would be used to provide consumers with free financial counselling and significantly increase the number of government-funded financial counsellors. From The AFR:
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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.
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