15th May 2017

Treasurer concedes no customer protection from bank levy costs being passed on

No customer levy protection
Debbie McTaggart

After landing a bank levy bombshell in Tuesday’s Budget, Treasurer Scott Morrison has declared that there is little that can be done to stop the banks passing the tax on to customers.

Speaking on the ABC’s Insiders program yesterday morning, the Treasurer conceded that despite Prime Minister Malcolm Turnbull stating last week that banks could face consequences, the banks had form raising their rates despite the cash rate remaining static.

“In the same way that banks have put up interest rates, even when there hasn’t been a move in the Reserve Bank cash rate,” Mr Morrison said. “I mean, banks will find any way they can to charge their customers more with fees and charges.”

Hitting back at the banks for their claims that the levy was not a fair tax on business, Mr Morrison said, “To suggest this is somehow the end of financial civilisation as we know it is one of the biggest overreaches in a whinge about a tax I’ve ever seen.”



Just hours after the announcement, Australian Bankers’ Association Chief Executive Anna Bligh stated that the banks would have to find some way to pass the costs on, in the same way any other business would. Ms Bligh has also written to the Treasurer asking him to release details of Treasury modelling for the $6.2 billion tax before its intended implementation on 1 July 2017.

In a media release dated 12 May, Ms Bligh said of the tax, “The major banks are terribly concerned about the risk of major unintended consequences of this new tax, and there is an urgent need for more detailed information so we can properly assess its impacts.

“This process is already breaking all the rules and conventions about major taxation implementation, including no prior consultation, no exposure draft legislation for public comment, and an extraordinarily brief timetable before a hastily designed tax is presented to the Parliament.

“Disastrous unintended consequences could flow from this rush.”

Mr Turnbull however believes that the banks concerned should simply wear the tax and that they have enjoyed the support of the Government for too long.  Speaking to Sky News last week, Mr Turnbull said, “They don't need to pass this on, they're very profitable and the ACCC will be watching them very, very carefully indeed.

“Banks benefit from the implicit support of the government, they are as they say too big to fail.

“It's fair they make a contribution... it helps us bring the budget back into balance.”

Whether the Australian Competition and Consumer Commission (ACCC) will be able to act on any interest rises as a result of the levy remains to be seen, however, Mr Turnbull said that customers could always choose to change to a smaller bank that wasn’t subject to the levy.

“It's a competitive market and there are other banks that are not caught by the levy, there will be plenty of opportunities for people to go elsewhere if the banks choose to raise mortgage rates.”

It seems that while the banks may not be happy with the Treasurer and the Government, the voting public have largely given Budget 2017 the thumbs up. The latest Fairfax Ipsos poll reports that 42 per cent of voters think the Budget is fair, with 39 per cent saying it was not.

Read more at skynews.com.au
Read more at theguardian.com

Opinion: Bank unrest the Government’s own making

While everyone (unless you're a banker) agrees that the big four banks plus Macquarie make more than enough money for their shareholders, often at the expense of their customers, it’s worth noting that much of their growth is the direct result of the ACCC allowing the absorption of smaller banks and privatisation.

Westpac was allowed to take over the Bank of Queensland, the Bank of Melbourne and St George Bank, while the then Government privatised the Commonwealth Bank between 1991 and 1996. Even the smaller banks have been allowed to merge, with Adelaide and Bendigo banks becoming one in 2007.

It’s hardly surprising then that the big banks are now so large that they simply can't be reined in, or heed what the Government now says.

But who ends up paying? The customer of course. While the Government may wave the big stick of the ACCC, it can hardly be said that this has had any previous success with large financial organisations. And as for the suggestion that customers simply change banks, ask anyone who has recently tried to move a mortgage just how difficult it is.

Those who have had their mortgages for some years may now struggle to secure another loan, despite being able to meet their repayments. Lending criteria changed post the GFC, largely at the behest of the Australian Prudential Regulation Authority (APRA), which now requires banks to hold more capital against their mortgage books to prevent defaults. So those who were granted a mortgage five or six years ago, may now be considered too risky.

And let’s not forget that people’s circumstances change over time. Maybe they no longer have the salary they once did. Or perhaps they’re now approaching retirement and considered not such an attractive option for lenders.

The reality for many households is that changing banks simply isn’t an option unless you live that idealised version of life that the Governments seems to believe is commonplace.

What do you think? Have you ever tried to change banks? Did you find it easy? Do you think that the banks will simply increase their rates to cover the costs of the levy and possibly even more?

Related articles:
Banks upset at surprise tax
One-stop financial complaints shop





COMMENTS

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Old Geezer
15th May 2017
10:10am
Banks make their profits form customers so any tax or expense has to be accounted for in their pricing. Customers will pay this levy.
Rae
15th May 2017
11:03am
Yes OG. Pull a few billion out from stagnant wages here and a few billion out there. Keep it up budget after budget and then act very shocked when demand collapses. Of course this government doesn't believe in demand side of things does it?

Banks apparently need tens of billions of profits to maintain those over valued share prices. Fat pickle indeed.
Old Geezer
15th May 2017
11:16am
No company likes cutting it's dividend and remember the board judicial duty is to shareholders not anyone else.
john
15th May 2017
11:34am
Unfortunately its a moral question more than any thing else, we all know the mechanics of the bank thievery, cold hard mechanics .

OG knows all about that .

No idea of what is actually being thought or said, by the people.

But its difficult to see and hear staring down a narrow tunnel.
TREBOR
15th May 2017
12:29pm
Easy - legislation passed to remove any fees from bank accounts with incomes/outgoings less than a certain amount, or for those on benefits or pensions.

It's high time for the Trebor Party policy of no fees for the poorest...
Old Geezer
15th May 2017
12:35pm
Poor people wouldn't have enough money to have to worry about fees anyway.
Trees
15th May 2017
1:33pm
Oh you never fail to rear your ugly head with ugly comments do you Old Geezer, oh god you make me laugh - the comment about poor people hahaha - you twat
Old Geezer
15th May 2017
1:53pm
Well Trees it makes no sense that poor people have oodles of money. They are no longer poor. Who is the twat here?
TREBOR
15th May 2017
2:18pm
So - exactly which fees cost more for the rich people?

None.

So proportionately the poorer person is worse off - again - under this failed paradigm of 'user pays', which should more properly be titled 'conscript pays'....
Trees
15th May 2017
2:26pm
Well obviously Old Geezer if they had pots of money they would be rich - you actually put that in writing!!?? hahahahahaha look up the meaning of twat it fits you to a T
Old Geezer
15th May 2017
2:38pm
So if they are poor then they have no money so they can't pay any fees anyway. You certainly makes no sense at all Trees.
Trees
15th May 2017
4:32pm
Because you are "poor" & you may not pay fees does not mean you don't care that this is happening or that you can't have an opinion.

So when you said "Poor people wouldn't have enough money to have to worry about fees anyway" just remember there are a lot of decent people who don't just think about themselves, they speak up because they worry about the affect on their family, friends the country.

Statements like yours about "poor" people is derogatory & mean.
Old Geezer
15th May 2017
4:40pm
All I can say is that no wonder they are poor wasting their time on such insignificant things when they could be making money instead.
Trees
15th May 2017
5:10pm
Think I might have you pegged now Old Geezer - self centred & pompous.
It is never a waste of time caring about other people even it does not improve your personal money situation.
Wstaton
15th May 2017
5:58pm
Let's not forget that the big 4 have double the profits by percentage than most of the overseas banks. Why? Because of the government guarantee that makes them safe. Who will pay to make them safe? You and I of course the taxpayers.

I know what, remove it and give it to the smaller banks and credit unions. That will fix them.
MICK
15th May 2017
6:06pm
This Budget policy may well have been made with the results well understood. Doesn't affect the banks who will pass on the charge so effectively this is another new tax.
It will be interesting to see how this pans out.
niemakawa
16th May 2017
12:39am
And they should.
niemakawa
16th May 2017
12:54am
@OG there are no poor people as such, just that they prefer to bludge and then they wonder why they cannot pay their bills. Time to bring these people into line and make them earn a living.
TREBOR
16th May 2017
10:50am
Wun Mill-yun jobs or two, niemie? Where are all those jobs coming from?
Old Geezer
16th May 2017
11:20am
I over heard a young couple with a family struggling to make ends meet. She said to him that if they had any money left after doing their Christmas shopping they might be able to pay some of those bills.

Wealthy people pay bills first and then use what's left for Christmas shopping whereas poor people do it the other way around.

No wonder people stay poor.
niemakawa
16th May 2017
2:21pm
@OG very true. These same people expect the taxpayer to pick up the tab. They care not about priorities, selfish bunch.
TREBOR
16th May 2017
2:46pm
Amazing how you have an anecdote all the time that always says the same things, OG. Tighten up your act and don't give up your day job.
HKW
18th May 2017
1:58pm
Rae, OG working for the banks or is a troll employed by them watching public reacting to this news and reporting back to them... ; )
HKW
18th May 2017
2:04pm
OG is probably also a shareholder and wants his chunk in huge checks from the shares, therefore he has is unscrupulous.

He doesn't consider that out there are families earning the average wage and they don't like either when the banks steals GOOD chunk of money from their savings in the form of fees.
Mojobomber
15th May 2017
10:22am
The Government gets their money. They always knew the banks would pass the cost on. Sneaky way of getting money out of us without calling it a tax.
jackie
15th May 2017
10:41am
This just shows that banks run the world especially its governments.
Patriot
15th May 2017
11:10am
jackie
"A Hole-in-One" with that remark!
Bankers are outright CRIMINALS.
We should do the same as they did in Iceland: "Lock them up in Jail & Throw away the key".
Icelanders - after it got rid of the Banksters - are no Free People who OWN THEIR HOMES (& Dignity) OUTRIGHT
Paddles
15th May 2017
4:40pm
Mojobomber

Thank you..............you have saved me having to type a whole lot of verbiage that probably wouldn't be understood by many who contribute (?) to this site
sunnyOz
15th May 2017
5:52pm
Agree - the Got doesn't give a hoot WHO pays this extra money. Charge the banks but it will be us mugs who pay it in the end.
Janus
15th May 2017
10:25am
Simple solution, especially for the Forgotten People (retirees): go to a smaller bank. Often cheaper fees, or none at all, nice service, and so on. I gave up on all of the big banks - tried them all, closed the all soon after, when they cheat, lie, overcharge and generally rip you off.

HEY! politicians! Us retirees are still here! We haven't all died yet! And we haven't forgotten how you ripped off thousands of us when you raised the pensions bar by lowering the cut-off limit!

Sick to death of this silly treasurer and his knee-jerk thought-bubble policies. NEXT!
Old Geezer
15th May 2017
10:33am
He really didn't think this one through at all.
Trees
15th May 2017
11:05am
Absolutely right Janus - we can't change this tax being passed onto us, we can only change where we bank.

So how many do you think will change to small banks? or will the majority of people just complain & cop the fees passed down via the new tax?

And then if many change will the banks ramp up their fees even more or will the absorb some of the pain?
marto
15th May 2017
11:15am
I am with you Janus cannot wait for the next election it will be the WA election all over again
could not have happened to
to a better bunch of Bastards
john
15th May 2017
11:36am
Janus, you like smaller banks? Then don't go to BOQ man!
Kaz
15th May 2017
11:44am
I bank with ING. No fees at all. However I no longer have a mortgage so it will be harder for some. I also support two pensioners who I could get to change from commbank...
Old Geezer
15th May 2017
11:53am
So you support profits going overseas banking with ING into the hands of the wealthiest people in the world with no levy to pay for government services. I guess that is the ultimate aim of the One World Order
Trees
15th May 2017
12:50pm
Actually Old Geezer we are small fry & we are being hit left right & centre as always. So if a small bank offers a solution to being slugged by the big 5 banks its a good option. If we stay with the big 5 we are letting ourselves be walked over.

As for profits going overseas that is probably true, I don't know a lot about the banks but its not like big business isn't taking its profits overseas & that is being tolerated by the Government.

All of the banks big & small are out to make a profit, we pay, so if you are like me you want to minimise the impact which means support a smaller bank to get a better return - then yes I will.
Old Geezer
15th May 2017
1:18pm
As long as you are getting a better deal not just think you are. How is your interest calculated? Fees are they hidden? You need to calculate your bottom line not just rely upon their spiel.

I'll give an example using electricity discounts. Is 20% better than 5% off? I have no idea until I calculate it and look at my bottom line.
Trees
15th May 2017
1:45pm
Don't you presume I am simple Old Geezer, I can read, I can understand which portion of deal is discounted & which is not to make it look better than another institutions, I understand different types of interest, so all good here, my bottom line is looking pretty good thanks
Old Geezer
15th May 2017
1:59pm
Well Trees ask your credit union to give you a better interest rate. I do and get one which can be up to 0.5% extra.
Trees
15th May 2017
2:32pm
That's awesome Old Geezer very happy you can achieve a better return on your money. You bank with Credit Union's after you pooh poohed them in another comment a while ago?
Old Geezer
15th May 2017
4:12pm
I was stating that I ask the banks for a better deal and get one.

I did use a credit union once and had a problem and quite frankly all the trouble it caused me I wouldn't touch them ever again. To have a customer front the board and ask for a resolution is just taking thing a little too far.
Trees
15th May 2017
4:35pm
Thank you for the clarification because you stated that you asked a credit union if you re-red your statement.
Of course you have a problem with a credit union, why does that not surprise me
niemakawa
16th May 2017
12:45am
Pity trees is still around
Trees
16th May 2017
3:29pm
oh poor niemakawa - too classy for you ha??
niemakawa
16th May 2017
3:36pm
@Trees, you are out of your depth here, better you stick to tree hugging as it seems that is your forte.
maxchugg
20th May 2017
10:35am
Old Geezer, your comments indicate that you have several bank accounts plus at least one account with a credit union, and seem reasonably versed in the way the banks give preferential treatment to their wealthy depositors at the expense of those less fortunate.
You appear to show patriotism when you berate someone for banking with ING, which tempts me to ignore Rumpole's first rule, "Never ask a question if you don't know the answer", so my question is:
Do you drive a Mercedes-Benz?
Newslug
15th May 2017
10:34am
It's ironic that one of the most economically in that premiers in Queensland history should now be Spruiking about the economy on behalf of the banks. Queenslanders well remember the $7 billion she wasted in her dogged attempt to ignore public opinion and build the ill-fatedTraviston dam and extensive infrastructure to supply water from the dam to Brisbane to cover for her incompetent government's failure to properly manage The cities own water supply. This would have been at the expense of residents of the Sunshine Coast who had their dam "stolen" by her government to ensure her ineptitude could be Ameliorated.thank goodness the Fedral environment Minister Peter Garrett stepped in and stopped her silliness even though billions of taxpayers dollars had already been wasted on the project despite the majority of people arguing against her plan which never could have worked. So she runs away to New South Wales ignoring the train wreck she's left behind in Queensland and it seems the banks have also forgotten that she has not much sense when it comes to dollars and cents ! This says very little for the competence of our banks or their inability to investigate her previous employment. Who does she know To land such a good job with such big money as she will be been paid and for which she seems to do so little is it any wonder with this kind of spending the banks want to keep increasing their charges? Sorry Anna we from Queensland all remember the days when you were involved in handling our purse strings
Old Geezer
15th May 2017
11:01am
So what ahs all that got to do with banks?
Sen.Cit.88
15th May 2017
12:04pm
I also remember her as Qld ALP Premier; a period of very bad management. Now she speaks for the Banks; so OG that's what it has to do with the banks
Sen.Cit.88
15th May 2017
12:11pm
Former Queensland premier Anna Bligh has been appointed CEO of the Australian Bankers' Association (ABA), an industry group representing 25 banks across the country.
TREBOR
15th May 2017
12:33pm
Just another nice little sinecure for an old political mate, with little to no work attached. Someone will pick up the bill.... and that will be the end users every time.
Triss
15th May 2017
9:32pm
It must be wonderful for banks, etc to employ ex PMs. They come with their own offices with a couple of extra staff that the bank gets free, phones, newspapers, travelling expenses, all paid for by the taxpayer. Plus her huge pension. When do we get to say 'Enough. Stop the corruption'.
Mojobomber
15th May 2017
10:40am
I don't bank with the Big 4, or suddenly its 5, not sure what the new one is. I am with Bank Australia (MECU) and CUA. Makes no difference. If you have superannuation or investments, guess where you money is probably invested? Yep, the big 4. or 5. Cannot win, the rich get their ice in the summer and the poor get their ice in winter.
Old Geezer
15th May 2017
11:01am
Macquarie is the 5th one. The levy will be extended to all banking institutions so it does not matter who you bank with you will pay the levy.
TREBOR
15th May 2017
1:44pm
Ah - the Fifth Horseman of the Apocalypse....
Newslug
15th May 2017
10:40am
Janus. The smaller banks and credit unions are all and written by the major banks which means they can through foul means or fair, Force the credit union is to increase their charges. The smaller banks may offer loans but the money comes from the larger banks so the big banks have us by the short and Curleys regardless of where you put your money
Patriot
15th May 2017
11:13am
Newslug,
Credit unions are the "Slaves to the Banksters".
They CANNOT create money out of nothing (as the Big Banks do) but have to borrow it from the Big Banks.
As they (Big 4 or 5) are increasing their lending rates, so MUST the CUs in order to survive.
Trees
15th May 2017
3:56pm
If what you say is absolutely correct Patriot & the smaller banks/credit unions have competitive rates now for borrowing & they are forced to pass on an increase because they borrow from the big banks - then if they are charging less interest on a loan now & they have to increase that rate - then would it not be likely the small banks/credit unions are still charging less than the big banks?
Would that be because they are more customer focused & are not so greedy in their profits than the big banks?
So.... wouldn't credit unions & small banks still be best to deal with?
Patriot
15th May 2017
4:42pm
Trees
Highly likely you're correct on that.
Credit unions are just more efficient & honest than the banks.
Old Geezer
15th May 2017
4:42pm
Big banks will just add the levy into the cost of borrowing from them so you can't win.
Trees
15th May 2017
5:51pm
Yes you may not be able to win but you can try & minimise the impact, what I was alluding to was that Cr unions offer better interest rates now so its stands to reason they will still do so even when the big banks pass on the rate increase.
Wstaton
15th May 2017
6:16pm
And why do the credit unions have to borrow from the big banks? Because the big banks can borrow from overseas at a much lower rate than the credit unions. Why is this? Because of the government garauntee that the credit unions and smal banks don'nt get.
TREBOR
16th May 2017
9:42am
Yeah - but doesn't that mean private banks are more efficient? **rolls on floor laughing**
HS
15th May 2017
10:48am
Of course, the government could reintroduce the regulation of the banks and the finance industry if it really wanted to, for a period of next 5 to 10 years on top of a Royal Commission into bank's crooked practises and unconsciable conducts.
Newslug
15th May 2017
10:56am
Hey Jess can you imagine the reaction of the banks spokesman Anna Bligh to such a move? Bligh a former Queensland Labour premier would go into meltdown if the government were to reverse a former Labour Prime Minister 's regulation of the banks the very thought of her reaction is just too delicious to contemplate how I wish the government would do it
Newslug
15th May 2017
10:56am
Hey Jess can you imagine the reaction of the banks spokesman Anna Bligh to such a move? Bligh a former Queensland Labour premier would go into meltdown if the government were to reverse a former Labour Prime Minister 's regulation of the banks the very thought of her reaction is just too delicious to contemplate how I wish the government would do it
Old Geezer
15th May 2017
11:06am
Most of the complaints against banks are because people got greedy and now need some one to take the blame.

They forget that the bigger the reward the bigger the risk when they see those big past return numbers and what a slice of them no matter what. They are simply gambling nothing more.
Patriot
15th May 2017
11:18am
HS,
That would mean that our Elected representatives would upset their 'REAL MASTERS" and might have to learn to "just survive" on a mere $200.000,00 per year.
Poor Ditties!!!!!
Falling out of favour with the "Shadow Government" is not a lucrative business for those who are currently (as just about all - except a few - are) on "Their Teat"!
Stroudie
15th May 2017
11:04am
Try & obtain a new credit card when you are retired !
Old Geezer
15th May 2017
11:14am
No problem I got offered one with no fees and enough points for a return flight to Perth from Brisbane.
Newslug
15th May 2017
11:17am
Yeast routine I was denied accredit card after I retired. Happily I've managed to
Live without it for the past 8 years suits me that's less interest they get from me
Old Geezer
15th May 2017
11:39am
You have to talk to the right people not those who work on the flawed model of getting income from a JOB (just over broke). Who would you rather lend to someone with zilch in the bank and a job or someone with lots of assets but no job?
Sundays
15th May 2017
2:18pm
Yes when I retired the bank employee told me not get rid of my credit card as based on income I would have trouble getting another one even though it is always paid in full. Those of us not fully self funded OG are bound by the bank rules
TREBOR
15th May 2017
2:22pm
I re-floated a loan the other day - on 'review' (automated) it was knocked back - even though the projected repayment was less monthly than the original. Reason was that I am now retired and have no additional income.... work that out if you can.

I think the real reason behind all this is that the banks are running scared of having over-extended themselves on serial house ownership on insufficient hard equity..... and are not looking down the barrel of a major disaster.... so it's all hands on deck....
nena
15th May 2017
11:12am
This man, Morrison, and the Liberal party are a liability for the Nation, fire them!!!
Old Geezer
15th May 2017
11:14am
Nothing better left to take their place.
Newslug
15th May 2017
11:19am
The other mob, labour allowed this mess to develop when pail cheating deregulated the banks
Patriot
15th May 2017
11:20am
nena
I generally address them with somewhat different names.
I will not reveal them in these pages as I would be manned from this site for this & the next 200 incarnations.
Patriot
15th May 2017
11:21am
OG
Does not happen often we agree.
This time WE DO.
Therefore, let's enjoy the moment???
Wstaton
15th May 2017
6:23pm
Yes Nena and who flogged of the CBA that would have been an ideal tool to keep the other banks in line today if these silly politicians hadn't done it.
mogo51
15th May 2017
11:16am
Whilst the tax is to be applauded IMO, it should be followed by pressure from Government - who issues banking licenses, they do! Banks make obscene profits and gauge customers all the time, shareholders are well looked after, they should cop the costs involved as intended.
TREBOR
15th May 2017
12:39pm
Actually the intent was that this would be passed on to the end users. Everything this bunch of acrobats in Cambra do is like looking through a glass panel (not a glass onion)... (clowns to the Left of me, jokers to the Right... here I am, stuck in the middle with you)....

They must think we were all born yesterday.

What this shows most clearly is the absolute mess government and business are in, in this nation, and the dire need for massive overhaul of all aspects of governance. So now we get to run the risk of a fascist style control or a super-socialist style control... as our only way to survive as a nation.
Lark Force
15th May 2017
11:19am
Ian Verrenders ABC article says it all.
http://www.abc.net.au/news/story-streams/federal-budget-2017/2017-05-15/why-scott-morrisons-bank-levy-doesnt-go-far-enough/8525620
nena
15th May 2017
11:20am
For once I agree with the Labor party, we need a Royal commission to make these Banks get back to ethics and MAKE THEM work for all of us no just for them and the shareholders. First: serve the people with honesty and ethics then...if any thing is left, after your huge incomes, share it abut all of you, PARASITES.
Jurassicgeek
15th May 2017
11:20am
I cant imagine why he thought the banks would not pass it on... Of course they would ..after all they are banks!...thats what banks do!!..and now we will be at the mercy of the banks again...er still!.....oh well whats new? ...a tax without a name..
Patriot
15th May 2017
11:22am
Jurassicgeek
HE KNEW ALL ALONG!
The tactic he's taking does fool some though!
HKW
15th May 2017
11:22am
The world Governments and the banks collaborate - they have their part in it and their huge shares.
Governments are corrupted, useful stooges of corporations.
They know what they are doing; they are involved in OUR enslavement.

http://www.publicbankinginstitute.org

https://www.youtube.com/watch?v=JkEC8zlGcNw

Governments should be able to create their own money independently of private banks and so should be done.
But it is to control and enslave the masses.
It is getting worse.

If we don't RAISE UP Australia they will DEPOPULATE us !!
Patriot
15th May 2017
11:26am
HWK,
This government - in accordance with the Australian Constitution - CAN & MUST create money to the benefit of ALL Australians not just a few ELITISTS!!!
mike
15th May 2017
11:23am
Are Turnbulll and Morrison complete idiots or are they working to a foreign agenda. The Australian banks kept our economy stable whilst the rest of the world collapsed. Most of the US banks collapsed during the subprime but it hardly affected Australia. Our money was safe. Firstly it was decided that the people of Australia had to be disarmed. Why ? A number of conspiracy theories appeared. Then Hockeys attack on the retirees and disabled, saying there was no money for pensions, but they found $400million for Indonesia, $320million for Afganistan, $50Million for Pakistan, and $200million to pay the pharmacists for loss of income because they stopped pensioner discounted scripts. Then the banks were forced to increase the amount of cash in hand in the tills, in case there was a run on Australian banks. This is at a time when money was expensive to raise, and the banks were forced to keep in their tills, not earning an income, in case of a run on the banks. Seriously, was Morrison REALLY that stupid. Now their is another attack on our banks and our economy, the banks are forced to pay a $6.9Billion dollar levy, at a time when money is expensive to raise. IDIOT Morrison is telling the public to desert the big banks and move to smaller LESS safe banks. Is he trying to destroy our major banks and our economy?. Our economy was very strong the last 5 years, better than the US and the Eoropean Union. We weathered the Sub Prime crisis. So why is Morrison and Turnbull trying to destroy our banks and our economy. Is he reakky that stupid, or is he under orders from foreign interests?
Newslug
15th May 2017
11:27am
Not so sure many Aussies. Lost most of their superannuation in the gfc. All that helped Australia was that we were encouraged to buy stuff we didn't need with money the government didn't have!
Newslug
15th May 2017
11:27am
Not so sure many Aussies. Lost most of their superannuation in the gfc. All that helped Australia was that we were encouraged to buy stuff we didn't need with money the government didn't have!
Old Geezer
15th May 2017
11:40am
Anyone that didn't sell during the GFC would be laughing today.
john
15th May 2017
11:44am
We're getting affected now Mike. And our banks unless coerced would have done the same thing as the rest of the worlds' banks and like the billionaire criminals during sub prime , would have looked after their own backsides, never ever doubt that!
They did what they were told by the government of the time, and the government kept people spending, when people don't spend business goes over, people had a little help.
There are lots of whingers that reckoned that was a bad idea, it was a great idea, only political leanings have people rubbish something that is a good idea, heaven knows whats between their ears!

Our banks would have behaved just the same, if the circumstance was as bad here. We were buffeted against it a bit , not totally but a bit, the 900 bucks saved the country.
But we're feeling a bit of the fall out from years ago around the world now!
john
15th May 2017
11:46am
PS Mike, I think your getting your history mixed up brother.
Slimmer Cat
15th May 2017
2:46pm
The $900 handout helped the bottom line in South Korea as most was spent on large screen TVs.
Old Geezer
15th May 2017
7:21pm
Gee that reminds me I still haven't bought my TV with that money as the old one is still going strong.
Triss
15th May 2017
9:41pm
Actually, Slimmer Cat, it didn't. Tell me how many homes you went into and can prove that $900 was spent on new TVs. Oh, you didn't need to go into people's homes, the newspapers said it.
Perhaps you could change your name from Slimmer Cat to Parrot.
Old Geezer
16th May 2017
10:58am
Jerry told me how well he did out of those using the $900 to buy new TVs.
TREBOR
16th May 2017
2:49pm
Well - that should make Jerry and the other retailers happy, eh? Which was precisely the point.... to stimulate spending and thus keep the economy alive.
niemakawa
16th May 2017
2:52pm
OG is correct. Sales of TV's in particular went after the "windfall". I spent mine at the casino, and doubled my money in the process.
invisible sock
15th May 2017
11:45am
Any loss of profit can be easily rectified.
All they have to do is hire a few more shonky financial advisers to prey on the vulnerable.
Keith64
15th May 2017
12:14pm
I was not surprised that the banks like any other business whined about being hit with anew tax but I was surprised to read in the Comment that Westpac had taken over Bank of Queensland, I thought that it was a stand alone listed company.
TREBOR
15th May 2017
12:27pm
He didn't concede that - he always knew it, and was just hoping, along with his party mates, that it would slip through unnoticed. Just another way of levying taxes on the common herd, while the big boys will 'negotiate' with the banks to not pay fees etc, and thus will not actively contribute to this new pot of gold for the government.
Budwah
15th May 2017
12:34pm
Surely it would not be difficult for the Government to pass legislation so that the banks could not pass on to customers this bank tax.
Old Geezer
15th May 2017
12:41pm
Why?
Budwah
15th May 2017
12:45pm
Why Not?
TREBOR
15th May 2017
12:52pm
The biggest hurdle is getting over their own deep-seated, almost genetic, lack of impulse to actually do something of that nature... they'd rather strut the stage in Cambra hurling invective at one another like school children than come out of their safety zone and actually do something positive for the people first.

The view is that they have far bigger fish to fry than the plight of the ordinary person out there.... just more krest'yanskiy to send into the front lines at Stalingrad... acceptable casualties and besides, since they are all leaners anyway, it's their own fault and perhaps their benefits should be cut firs to motivate them to fight for the Motherland, and then there are the pensioners... send them in the second wave against the Fascists....

Now that's the attitude that will make Mother Australia great again.........
Not a Bludger
15th May 2017
12:35pm
I, for one, am very happy with the big 4 banks - they are strong and well managed by any world standard - and they contribute strongly to my (and your) super.

This mindless, cult-like bashing of the banks by both leftie politicians and members of the public needs to be reined in - journos, particularly, should be providing balance in their reportage.

If you don't like the Big4 + MacQ, go somewhere else - Simple - and stop bitching.
Old Geezer
15th May 2017
12:44pm
I agree. Not only are they the back bone of our super but they also pay their tax here in Australia which benefits all Australians whereas the foreign banks like ING don't.
Trees
15th May 2017
2:34pm
Genuine question here - why are the banks the backbone of our super?
Rae
15th May 2017
5:22pm
The banks make up 25% to 30% of the Australian Shares Index of which most balanced superannuation accumulation accounts hold a fair portion. So you are receiving dividends from the banks and share price capital gains in the form of superannuation returns.

The banks profits actively supports our sharemarket and currency.

This was an entirely foolish or reckless move by the government.
Popularism at the expense of the economy.
Trees
15th May 2017
5:32pm
Thank you Rae, appreciate your straight forward reply.
fred
15th May 2017
6:35pm
at last some contributors that really know what and how the foolish decision by the Government will impact on Australian Shareholders returns , almost every employee or retired persons with Superannuation and not forgetting mortgage holders that will inevitably face higher interest in repayments . The left leaning critics and the media never think it through and just bag or bash the banks who will have little choice than to pass the bank tax on to everyone . Money does not grow on trees last time I looked . Money is the product of profitability of our highly successful banks and other successful business Why would the government be stupid enough to kill off profits on which they collect tax at a rate far in excess of the levy . It makes no sense
Rae
16th May 2017
7:25am
Not sure fred. I suspect the young advisor economists are a product of the Chicago School of supply side nonsense.

Why would a government deliberately sell income earning assets at discount, or deliberately justify policies which lower wages decade after decade and thus deny themselves of taxes?

Why would you lower taxes in a boom and raise them into deflation? Or throw a Carbon tax and Mining tax, on multinationals, back after it's been implemented.

And Why would you sell half the gold store at the very historical bottom of prices?

Why would they hit savers very hard and pull billions out of the real economy that is on the verge of recession.

No common sense, or awareness of consequences, just ideology and taught beliefs.

Or they are deliberate Traitors.
TREBOR
16th May 2017
9:47am
"Ummmm - lock in C), Rae... they are all traitors as well as complete fools.."

"You're sure - for one mill-yun dulahs - you want.. C?"

"Ummmm - actually I'll change, Rae... make it D) .. They are all traitors as well as complete fools driven by ideology. Yes.. Lock it in!"

(Sorry - I'm on the list to face Eddy some time on Hot Seat.. maybe.. if ever they get to me)...
Dave R
15th May 2017
12:41pm
I think I just accidentally reported OG when I meant to reply. Anyway what I tried to post is that banks look after themselves, principally their own directors and senior executives first and shareholders second.
TREBOR
15th May 2017
1:40pm
The horror... yes - there is no duty to anyone else, especially to their account holders.

What an absolute disgrace and total throwback to the robber baron days... next we'll re-introduce the company store - people can go work in a resource extraction project in return for lodging and access to the company store... no wages.. no responsibilities re home ownership etc.. $2 a day and all found....
niemakawa
16th May 2017
12:47am
Do you not look after you own interests?
TREBOR
16th May 2017
9:49am
Not exclusively when I have a responsibility to others.... even wee children are taught to share...... to not accept and uphold your responsibility to society is sociopathic and criminal....

The banking Mafia.. Cosa Nostra an' fam'ly bus'ness... jus' bus'ness, you unnerstan'......
floss
15th May 2017
1:00pm
How dumb can you be , they will pass on the tax.If our Treasurer thought other wise he should not be in that job. It was always a smoke and mirrors budget any way.I will only use a Credit Union and have done for many years much cheaper.
Old Geezer
15th May 2017
1:10pm
Too expensive for me as I get way better margins and interest rates with the big banks.
KSS
15th May 2017
1:22pm
You won't be affected then so why the whinge?
Old Geezer
15th May 2017
1:31pm
It's truly amazing when people feel warm and fuzzy they tell themselves they are getting a good deal no matter what.
Aussie
15th May 2017
1:00pm
Well easy answer ... move to foreign Bank ... I am with Citibank and get interest on my money and no maintenance charges even overseas no charges for transfers or ATM's withdraw the only time I pay ATM charges is for the other banks nothing for CITI ... It is great because today 1 dollar is 1 dollar and is money for me ......
Old Geezer
15th May 2017
1:08pm
Citibank have all their fees and charges included in their exchange rate conversions. Also you are putting the profits into an overseas bank that pays no tax in Australia.
TREBOR
15th May 2017
1:42pm
Careful, OG - you are bordering on 'leftist' tendencies there in slowly creeping a finger towards the evils of offshore corporations and the global economy.....
HKW
16th May 2017
10:50am
IF YOU GO and ask the "average" Australian on a Melbourne or Sydney street who owns the banks and large public companies in Australia, most will answer "Australians through superannuation and mutual funds". This belief gives Australians a sense of pride in "Australian private enterprise", and may even assist Australians grudgingly accept high bank charges and interest rates: "after all, we own the banks".

However, if one examines the annual reports of most of the large Australian public companies, names like HSBC, JP Morgan Chase, Citibank, and BNP Paribas are very prominent in the tops 20 shareholders lists. There has been a major shift in the Australian corporate ownership-scape over the last decade. And a silent one at that.
Read more here: https://independentaustralia.net/business/business-display/who-owns-corporate-australia,5033
------------
Australia’s big four are not merely big, they’re massive. Humongous. Their combined assets in 2013 stood at $2.86 trillion—or roughly twice the size of Australia’s national income.
https://blog.creditcardcompare.com.au/big-four-ownership.php

http://www.imf.org/external/pubs/ft/scr/2012/cr12305.pdf

It was all over the media, how one Wall Street crook, Bernie Madoff, masterminded the greatest Ponzi scheme in history. Bernie ripped off investors to the tune of $50 billion, and they're still counting.

Fifty billion! That's more than the current market value of General Motors, Disney, Boeing, and Anheuser-Busch combined. And just one solitary individual—a corrupt, money-grabbing "Madoff"—is the culprit.
Citibank's money-shovelers stole some $200 billion—and then got the idiots at the U.S. Treasury to dole out some $160 billion of our—the suffering taxpayers—hard-earned money into their coffers.
http://www.texemarrs.com/022009/wealth_plundered_by_jews.htm

http://www.anonews.co/rothschild-bank-lists/

Nazi Germany was Financed by the Federal Reserve and the Bank of England

They didn't care about their poorer kinship. It was all about profit.
http://www.globalresearch.ca/history-of-world-war-ii-nazi-germany-was-financed-by-the-federal-reserve-and-the-bank-of-england/5530318

Just follow the money trail....

All wars are bankers wars !
MON
15th May 2017
1:08pm
As expected Anna Bligh forgot she is no longer a Labor politician and came out seemingly on behalf of the banks but clearly making a statement onbehalf of Bill Shorten. Lets be clear; this extra tax or levynon banks is small in real terms, forget the dollars look at the percentage points. Given the favourable treat,ent of banks by his and previous governments the correct thing to have been stated by Anna Bligh was that bank executives will seek efficiency gains within the business to offset the need to pass on any portion of the tax/levy. I have run businesses, not govt departments like Anna, and each year I sought to reduce internal cost by internal process improvement. In any of the 5 major banks there is countless opportunities to improve efficiency with savings falling to the bottom line. Yes, I am a realist, with shares in the major banks, funds invested with the major banks and borrowings with the major banks. I am against a Royal Commission into banks as it is simply a waste of tsx payer and shareholdrr funds to satisfy dumb political motivations, but, if they pass on one basis point of this tax/levy I will support the need for a Royal Commission. Times up Ms Bligh. Grt the bank boys around a big table and tell them the facts of life in business; Work Smarter Boys!
mIKER
15th May 2017
1:10pm
This Budget demonstrates that the Coalition doesn't give a toss about the average Australian, only the top end of town.
The Bank Tax will be passed onto customers and shareholders, it will not be allowed to reduce Bank profits; the Government is well aware of this and will bleat on about the Banks not absorbing it, but if they were serious the legislation would reflect their concern; it won’t, therefore it is a tax not a levy.
The Coalition will also claim the Bank Tax will help reduce the national debt that has doubled under this Government. This may be true, but it is beyond belief that taxpayers are still subsidising property speculators with no changes to NG or CGT, bear in mind this costs taxpayers $13 billion per year, but again it shows that the Coalition couldn't care less about us.
This lack of empathy for the majority is also shown by increasing the Medicare levy. Sure it applies to everyone, but like the Bank Tax, both are proportionally more burdensome to the less well off than the wealthy. Shorten wants to restrict the increased Medicare levy to those earning more than a net $87,000 p.a., but with all those NG and CGT deductions the really wealthy will again fall below Bill's cut off point. Give that more thought Bill! And ScoMo could rethink his whole budget, it isn’t the hugely unfair one of 2014, that was soundly rejected by the Upper House, but it has a long way to go to be called Labor-Lite.
KSS
15th May 2017
1:25pm
So you want the NDIS but you want someone else to pay for it! How very egalitarian of you.
Old Geezer
15th May 2017
1:39pm
I don't want the NDIS. It is a flawed scheme where most of the money goes to those who administer it and to to those who need it. Similar to home care.
Trees
15th May 2017
2:11pm
What would you suggest as an alternative to the NDIS that would be managed better and fairer? or is just that no matter what we have it is always going to be heavy in administration & not filter down to where it is needed?
Old Geezer
15th May 2017
2:16pm
What was wrong with the system we had before the NDIS? It worked very well and no money was wasted.
TREBOR
15th May 2017
2:28pm
Did some reading on the NDIS, since the ex was looking to get something maybe - but she's too old and we all know older people don't have disabilities.... most of it is simply drawing under the one roof a host of already functioning services - which costs a little in the reorganisation, but in theory should yield benefits for the future...

It's called ........... (gasps) .... investment in the future for real benefit to those with need.......

Sorry to raise that dire spectre from the Deep Left to you all - hope some of you don't suffer infarctions or psychological trauma... but be consoled - Morrison came out (sic) and said in his post-Budget live interview that the NDIS was a bi-partisan move.... phew....
Old Geezer
15th May 2017
2:41pm
Trebor a wheelchair costs US$600 but by the time it gets to the person who needs it under the NDIS the cost is $17,000. It either a very poor exchange rate or someone is making a fortune out of the NDIS.
Trees
15th May 2017
4:10pm
So that would be for a fully motorist chair, with 4wd &/or attendent assisted for $17,000 ? US$600 would be a little bit light more like US$2,500-$3,000 but you are right Old Geezer someone is having a lend of the system
jeffr
15th May 2017
4:33pm
For the first time ever I will agree with OG, a friend of mine who has been in the aged care business and is now trying to expand is finding out the true cost of aged care. This true cost is basically the Suppliers GREED on anything he supplies.Yes OG these are mark-ups and not exchange rates. Obscene is a gentle word which does not even start to describe these GREEDY PIGS who are probably worse than some of our politicians. Little exercise for you people.....contact a French Aged Care manufacturer and price 5 standard wheelchairs and5 air mattress. See how much.

Then do the same thing in Australia from a supplier.

We are all being done over...THATS A FACT
Trees
15th May 2017
4:45pm
jeffr first time I ever agreed with Old Geezer as well - still chuckling about it :D
mIKER
15th May 2017
6:09pm
Collecting monies for the NDIS is a furphy. All taxes go into consolidated revenue and are then allocated to whatever the Govt decides it will fund. Don't be fooled by pious posturing about the NDIS.
TREBOR
15th May 2017
6:19pm
Those 'having a lend of the system' are 'private enterprise' and they see a golden pot of rainbow on the back of that government unicorn... same as most other government initiatives.... sorry about the mixed metaphor - perhaps it needs a motorised wheelchair to get going....
Eddy
15th May 2017
1:12pm
Look at it for what it really is, a way of increasing taxation on wage and salary earners (as well as retirees) without actually adjusting up the tax tables. This way Mr Morrison can blame someone else for the increases. As Baldrick would say 'a cunning plan' (I hope you are all fans of Blackadder).
Large corporations and high wealth individuals will negotiate with the banks to maintain their current fee structure and us muggins will pay extra for them as well. It doesn't take an economics degree to realise these consequences. Just like when they repealed the Carbon tax, who got the benefit, not us consumers.
Old Geezer
15th May 2017
1:21pm
Large corporations and high wealth individuals are offered a completely different banking environment than the public. If you haven't realised it yet the more you have the less you get changed.
Trees
15th May 2017
2:23pm
Love Blackadder :)
Obviously Eddy does realise that the less you have the less you get, that's what he said Old Geezer.
Which is why I stand by my statements of moving to smaller banks for less fees, because if you don't have "a lot" of money you need to ensure that you get the best return on what you do have. If that means the profits go off shore then so be it.
For "the poor people" (your words, not mine) saving any amount of fees is to their benefit & obviously because they don't have trillions to invest it won't make much of a dent if the profits go off shore will it.
TREBOR
15th May 2017
2:30pm
Thank you, OG - for alerting us to the need to re-control the banks over their fees structures.... you are truly a gem at times...
Big Al
15th May 2017
1:19pm
I cant understand what all this bank bashing is about. So what if they make big profits - does anyone begrudge BHP or Rio making big profits? It is relative to the amount of money they risk, to make those profits. And the beneficiaries are everyone of us who has a superannuation account. If you bank with one of the big four and you are not happy with their fees and charges, why not change to a regional, such as Bendigo Bank for example? I see no need for a Royal Commission into a business because it is successful. That is plain envy. Now the real issue to me is the salary/bonuses paid to the head honchos. How about a government regulation restricting, or placing a ceiling on executive salaries? No CEO is worth $10 million a year, when the PM of the country is only drawing $500k pa.
TREBOR
15th May 2017
2:32pm
So profit without conscience is a good thing? Welcome on board, Gordon Gecko...

Greed ...... is good!

Government will never regulate to control the salaries of those you mention - not only is that a socio-fascist move that is anathema to our purported free society - but many in government on both sides aspire to one day fill one of those chairs....

Why would they cut off their own feet for their future run?
Sundays
15th May 2017
2:33pm
Yes and how can banks afford such high Executive salaries ? By passing all costs to the consumer, by putting housing interest up and disregarding the rates set by the Reserve Bank. The banks in the U.K. Pay this levy so it should not have come as a surprise to the Australian banks.
TREBOR
15th May 2017
2:34pm
Don't forget Anna Bligh's new little sinecure - the banks pay for that - so in the end so do we....

Nothing new under the sun here....
TREBOR
15th May 2017
2:35pm
Every failed politician gets more and bigger golden parachutes than an Apollo Mission splash-down..... hardly even feel the bump... if at all....
TREBOR
15th May 2017
2:36pm
... and none dare call it corruption......
Slimmer Cat
15th May 2017
3:30pm
Sundays, the banks in the UK do pay this tax and it has risen 9 times since it was introduced HOWEVER there is no comparison between our banks and the banks in the UK which all had to be bailed out during the GFC or they would have gone to the wall taking the country with them.
Wstaton
15th May 2017
6:54pm
I do agree withe bank bashing Big Al and any other company when the big profits are made partly bigause of the subsidies they get paid by the taxpayer. As far as I am concerned if a business cannot stand on it's own two feet then it should go and let a company in who can. The way the system is now is that unsubsidised companies cannot compete.
TREBOR
16th May 2017
9:52am
Funny how the 'uneconomical' car industries that employed thousands had to be let go since subsidies were too high - but banks are sacred cows....
Rodent
15th May 2017
1:20pm
The Print Media today, Age , AFR, The Australian is full of comments and analysis of a Bounce in approval for the Libs based on IPSOS etc with Survey numbers of about 1400 people. Do we seriously believe that such a small sample size is representative of the wider views held by the voting majority? I for one don't, but it was surprising that Liberal voters overwhelming supported the Proposed Tax Increases in the Budget, Banks, Medicare Levy
TREBOR
15th May 2017
2:33pm
A pub survey in Bellevue Hill and Double Bay would get you a good result...
Slimmer Cat
15th May 2017
3:34pm
I wouldn't have thought so TREBOR. There are a lot of homes in Bellevue Hill and Double Bay with elderly people in them who are asset rich and poor.
TREBOR
16th May 2017
12:39am
They can always sell up and move to Bourke, Slimmer... nobody is stopping them, and I'm sure OG and Bonny would give them a lift since they can;t afford a car........
Old Geezer
16th May 2017
11:15am
Don't they get free rail travel to Bourke?
TREBOR
16th May 2017
2:53pm
Yes - the Night and Fog express run by Berejeklian (The Jackal) Trainways... re-settlement to the East Territories - or in this case the West Territories... where Abetz will mach them frei...
The Black Fox
15th May 2017
1:20pm
To Debbie Mc Taggart. I notice the following on the BOQ website - "BOQ is one of Australia’s leading regional banks. We’re also among the few still not owned by one of the big banks." As far as I know BOQ has not been taken over by Westpac as is suggested in your article. BOQ shares are still listed independently on the ASX. If BOQ had been taken over by Westpac this listing would be misguiding to say the least. In fairness to BOQ could you check this out please Debbie and let the readers know?
PlanB
15th May 2017
1:29pm
I watched Morrison being interviewed on Insiders -- what an ignorant rude mongrel he is, talked over Barrie Cassidy and never once answered a question, he is nothing but a dictator and has NFI!
Wstaton
15th May 2017
6:58pm
Since when have politicions ever answer the question that they are asked.
Rodent
15th May 2017
1:37pm
Re Posted -again with minor changes

Meant to post this here, but posted it under Shorten reply

Did you hear the story abut the 0.06% Bank Fee/Tax Levey, if media reports are correct its not that % at all its actually a Flat $1.5 Bil per bank (5) per year for ALL years into the future, not just the 4 years in the budget, and they still don't know who its worked out and on what it applies to. Hope everybody in Parliament reads the Draft Legislation VERY closely next week
Old Geezer
15th May 2017
1:51pm
It is supposed to be a levy on liabilities above $250,000. So see if the term deposit interest tables change or the interest rate tables change.

I see the levy as unconstitutional myself as it is not in the interests of a fair playing field not only for banking but for all companies in Australia.
Rae
16th May 2017
7:32am
Yes OG I thought The Fair and Sustainable Pension Legislation was unconstitutional too. It was retrospective and in some cases bordering on fraud. If you can declare 43% non concessional only 10% then real figures become whatever the government imagines.
floss
15th May 2017
2:11pm
How can a bank be cheaper than a credit union O.G.i know you support the big end of town but your reply was just plane stupid.
Old Geezer
15th May 2017
2:13pm
Nope I get a lot better deal from a bank than I would ever get from a credit union. They have just given me a new credit card with no fees but all the bells and whistles including lots of bonus points too. I am looking forward to my free pane trip which is not just plane stupid.
Rodent
15th May 2017
2:54pm
OK OG which bank is it?
Old Geezer
15th May 2017
4:09pm
3 out of the big 4 do good deals for me. The fourth one wants to but I haven't taken them up as yet. I also have a good relationship the 5th one too. I don't believe in having all my eggs in the one basket and by using 4 banks I have more money guaranteed by the government as well.
TREBOR
16th May 2017
9:53am
OG - Captain Of Industry, OAM and Bar... perhaps more bar than OAM, methinks...
maxchugg
15th May 2017
2:17pm
The current salary of the Commonwealth Bank is reported at $12,300,000.
This is 29 times the salaries of Australian PM and the President of the US.
It is 37 times the salary of Prime Ministers of Britain and New Zealand.
It is 47 times the salary of the Chancellor of Germany.
Australian workers have been enduring a pay freeze for a few years, bank CEOs appear to get hefty rises every year and the banks expect, and get, record annual profits. The budget inflicted additional costs in the form of tax will not affect the bottom line, all additional costs plus an administration fee will be passed on to the customers which will ensure yet another record profit for next financial year and, no doubt, give the CEO yet another pay rise which most employees would be delighted to receive as total annual earnings.
For many years the government could control the banks with competition, since the sale of the Commonwealth Bank they are free to do what they like.
Old Geezer
15th May 2017
2:36pm
Only those envious wold care what their salaries were. I certainly don't.
maxchugg
15th May 2017
3:32pm
Old Geezer, I would be more than happy to trade off a reduction in bank charges for a reduction in the salary of the CEO.
Old Geezer
15th May 2017
4:05pm
I don't pay any bank charges not even a annual credit card fee and they make me lots of money in dividends every year and if that continues then they are worth every penny they get paid.
maxchugg
15th May 2017
5:36pm
Obviously you are wealthy to get that kind of return from the banks.
Retired CEO perhaps?
maxchugg
15th May 2017
5:36pm
Obviously you are wealthy to get that kind of return from the banks.
Retired CEO perhaps?
maxchugg
15th May 2017
5:36pm
Obviously you are wealthy to get that kind of return from the banks.
Retired CEO perhaps?
maxchugg
15th May 2017
2:20pm
Old Geezer, you remind me of this old adage:
Rags Make Paper
Paper Makes Money
Money Makes Banks
Banks Make Loans
Loans Make Beggars
Beggars Make Rags
-----Anon. English 19th C
Old Geezer
15th May 2017
2:35pm
Everyone also knows that loans are like fire great servants but poor masters.

Rags are awesome too as it makes me feel like I have very good use out of my clothes.
BigAl
15th May 2017
2:48pm
Bank bashing is just plain stupid. How many people realize that there were runs on two Australian banks during GFC. All hushed up. We are so lucky to have profitable banks unlike Europe when some of the largest German banks are nearly bankrupt. What would the mob say if they lost all their deposits!! Also more than 5M Australians hold bank shares either directly or as superannuants. Now all of them have had a $500 - $2000 haircut due to falling bank share prices thanks to Sco Mo. And guess what the banks are going to pass the tax through higher interest rates - just what the 800 000 mortgage holders under stress need. Its only a matter of time when $600B in debt goes bust - and guess what where will be the best place to have your money -CBA!!!
Rodent
15th May 2017
3:13pm
OK OG which bank is it that give you a better deal?
Old Geezer
15th May 2017
3:37pm
I get good deals from 3 of the big 4.
Slimmer Cat
15th May 2017
3:38pm
If you have enough money ANY bank will give you a better deal. You have private banker if you have enough money.
Old Geezer
15th May 2017
4:00pm
Yes I have private bankers.
TREBOR
16th May 2017
12:40am
**rolls on floor laughing**
niemakawa
16th May 2017
12:42am
@Trebor many banks offer "private banking" OG knows what he is doing.
TREBOR
16th May 2017
9:56am
Ah - so we have two classes of banking now? No wonder many are describing a Class War here and elsewhere...

If you have a little you are the bee's knees - if you have a tiny amount, you are scum to be fleeced at every turn.....

Thank you and OG for pointing out the dire need for re-control over the banks and withdrawal of their subsidies and dodges. Let them stand on their own two feet and treat everyone equally.

Should be an object lesson for them....
maxchugg
20th May 2017
10:24am
Trebor Amen!
Old Man
15th May 2017
3:36pm
Slugging the banks is merely pandering to popular opinion and the banks will pass any extra taxes on as would any business. Banks have been ripping customers off since they were deregulated and have learned how to cover their tracks. The Reserve Bank hasn't lifted interest rates for quite some time but the banks have managed to increase their interest rates without any let or hindrance. They claim it's all down to "market forces" and there is no way to dispute this excuse. When the extra tax is recouped I'll bet parts of my anatomy that the increase will be stated to be due to "market forces" and has nothing to do with any extra taxes imposed.
downunder
15th May 2017
4:02pm
This treasurer is as useful as an ashtray on a motorbike, nothing more than lots and lots of hot air. Oxygen thief!
Old Geezer
15th May 2017
4:06pm
I have no use for a motorbike or an ashtray so what is your point?
Trees
15th May 2017
5:29pm
That was exactly his point Old Geezer - nobody has any use for ashtray on a motorbike - the treasurer is useless - pretty self explanatory statement I thought
niemakawa
16th May 2017
2:07am
@Trees, so the same can be said for people that cannot manage their money and expect the taxpayer to fund them. These people are useless as well in my book.
TREBOR
16th May 2017
9:58am
What about an ejector seat in a helicopter, OG - do you understand that analogy?

niemie - who says they can't manage their money? They don't have money to manage.....
Rodent
15th May 2017
4:15pm
OG

Like some others on this site I am wondering why you, as a person who has a "Private Banker"- ie High NetWorth individual, with high Income and Assets would even be bothered in an interchange with other "less fortunate" people.

Unless of course you are Bullshitting to everybody?
Old Geezer
15th May 2017
4:30pm
Because I have a mission to stop the welfare mentality that exists in Australia today so that there is a future for my kids and grandkids. This is one of many forums I target.
Trees
15th May 2017
6:09pm
I'm wondering the same thing Rodent - you don't change anything by being condescending Old Geezer, you change things by being constructive & helpful. Why do you 'target' forums to big note your so called wealth (if it exists).
Remember Old Geezer he who blows his horn as much as you do doesn't do it for the greater good, you do it to make others feel bad.
TREBOR
15th May 2017
6:22pm
He's bullshitting....
Old Geezer
15th May 2017
6:23pm
I don't have any problem with people creating wealth and spent time teaching people how to change their mindset so that they could be successful.

I do however how a big issue with people who think that the world owes them a living which are people on welfare including the OAP.
Wstaton
15th May 2017
7:06pm
Gee! People haven't you realised OG is just making it all up. I stopped replying to his comments a while ago. You should do that and just let him comment to empty air.
TREBOR
16th May 2017
12:41am
I always knew you were insane, OG.... and nothing but a troll...
Trees
16th May 2017
12:41am
Touche Wstation :)
Teddyb
15th May 2017
4:24pm
The thing I find totally ironic is that Anna Bligh was Premier of Queensland for the LABOR party, the party for the battler and blue collar people. Now she spruiks for the capitalists of the banking centre, the really white collar end of town.
Old Geezer
15th May 2017
4:31pm
Like most people she does what is required to earn her wages.
TREBOR
15th May 2017
6:24pm
If that's 'earning your wages' - when do I start? Hold a couple of meetings, cop funding from the banks and a lavish lifestyle, and trot out a few banal statements that just happen to support the banks that pay here..

Good work if you can get it..... and definitely not a job you get on merit and work performance....
Wstaton
15th May 2017
7:09pm
Just goes to show they are in it just for the money or in the likes of Turnbull for the power.
niemakawa
16th May 2017
2:02am
@Wstaton, so when you were or maybe still you are employed you did not just do it for the money?, of course you did as does everyone.
KSS
16th May 2017
7:08am
Can't agree niemakawa. There are people who would even pay to do their jobs because they love what they do. Possibly a minority I grant you, but the do exist.
Rae
16th May 2017
7:50am
That Banker's Association is just a fancy Union and Anna Bligh has the skill set to run a union and be the spokesperson.
TREBOR
16th May 2017
10:00am
.. and not much else, as she clearly showed in Queenslund where they do things differently, you mark my word...

Hard work this being a spokesperson.... with the skills set to sit down at a meeting..... laughable.... like Bob Carr - who runs a fabulous committee, just ask him.....
HKW
15th May 2017
4:25pm
Zionist Jews own and run the Federal Reserve Bank and all Central Banks except in Syria, Iran and North Korea... Think hard now...

http://www.rense.com/general85/feddrec.htm

Who Controls the Federal Reserve System? (Part 1)
https://thezog.wordpress.com/who-controls-the-federal-reserve-system-part-1/

The same in Australia....
HKW
15th May 2017
4:35pm
The first MAJOR MYTH, accepted by most people in and outside of the United States, is that the Fed is owned by the Federal government, as implied by its name: the Federal Reserve Bank. In reality, however, it is a private institution whose shareholders are commercial banks; it is the “bankers’ bank.” Like other corporations, it is guided by and committed to the interests of its shareholders—pro forma supervision of the Congress notwithstanding.
The choice of the word “Federal” in the name of the bank thus seems to be a deliberate misnomer—designed to create the impression that it is a public entity.

Read more here: http://www.thedailysheeple.com/who-owns-the-federal-reserve-bank-and-why-is-it-shrouded-in-myths-and-mysteries_122015

Complete List of BANKS Owned/Controlled by the Rothschild Family
https://realitieswatch.com/complete-list-of-banks-ownedcontrolled-by-the-rothschild-family/
Old Geezer
15th May 2017
4:38pm
Yes It was sold in the early hours of the morning when they were all asleep in the Federal Government.
HKW
15th May 2017
4:44pm
Section 10(2) of the Act states:

It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank ... are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to:

(a) the stability of the currency of Australia;

(b) the maintenance of full employment in Australia; and

(c) the economic prosperity and welfare of the people of Australia’.

The power of the RBA over Australia's economy is immense. Public pronouncements by the bank governor can stir stock and currency markets. Those decisions are made by an independent board who get their advice from both formal and undisclosed informal sources. This lack of any transparency in decision making can cause potential conflict.

But who is appointed to the board in order to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia? There is no provision that the RBA board have any representative to specifically look after the public interest. Nor are there any representatives to represent small business or Australian wage earners.
So what is the state of the economic and financial environment the RBA has been stewarding on behalf of the Australian people?

In whose interests is the RBA Board acting for?
https://youtu.be/KSUJIlQ5EiE



Read more here:

https://independentaustralia.net/business/business-display/who-is-the-reserve-bank-really-looking-after,5243
heemskerk99
15th May 2017
8:09pm
was hoping for some intelligent replies to this article it resulted as usual in an other hope gone up in smoke, reading the comments it is not hard to see why Australia has lost the title of the most liveable country in the universe most of the comments including hkw are a moaning, living on welfare, refusing to work in what they describe jobs below their dignity mob, yet they are only to happy to accept welfare paid by the people's taxes who work their heart out and they bemoan that a business the like of a bank or for that matter anyone who works, should be allowed to make a profit and be better off then him or her wanting to sleep in every morning, goes surfing, find it an impost to attend to a job interview, opposes woking for their welfare, doing community work, etc, etc.
hkw start living in the modern world, your comments regarding zionist jews owning all the banks except in syria, iran and north korea states enough about where your interests lie, hope people reading these columns wake up to the poison it is fed by the outside interest to these articles, never forget you make the bed you lie in
HKW
15th May 2017
11:45pm
heemskerk99 - evidently you represent the interest of the 'chosen' ones and hate being exposed.

My bed is being made every day with my own hands instead of you using only the enslaved goy services and yet you still stink ...
TREBOR
16th May 2017
12:46am
Nah - heemie is always like that, but he's not out to insult anyone or put their ideas and views down....

Notice how he twisted it into the Redneck Nightmare of those filthy Unemployed getting a free ride to go surfing... on $253 a week they could pay a good surfboard off in 5-6 weeks...

Dead scared those evil unemployed will rape him in his bed.. which they might just do if his kind succeed in cutting of their only source of subsistence....

Heemie - you need to identify yourself, so that the real people can attend your funeral after you are killed in a home robbery by one of those you seek to starve - I can assure you we will attend your funeral - but not to praise you... I was thinking of a hefty libation on the grave of a good bottle of whiskey after I've drunk it.... filtered it through my kidneys first...
KSS
16th May 2017
7:14am
TREBOR your posts are frequently provocative, often from left-field, occasionally thought provoking. But this one is downright offensive. Plain and simple.
TREBOR
16th May 2017
10:02am
.. just holding up my end of the conversation here.... I rather thought I was thought-provoking most of the time.... but it probably goes over many heads.....

Heemie wades in with both boots covered in cow manure, stomping people - and you expect him to walk free?
TREBOR
16th May 2017
6:36pm
"He who is without knowledge of Scottish jokes is blind."

The old skinflint, on his death bed, turns to his man-servant who he as used unsparingly for decades:-

"Hamish! When I pass on, I want ye t' take that small cask of whiskey I've kept aside for fifty years, aging beyond perfection - and pour it over me grave! Will ye do 't?"

"Aye, m'lod - but ye'd nae mind if Ah filter it through me kidneys first, do ye?"
Wstaton
15th May 2017
6:02pm
How stupid are politicions. Who did they think would end up paying. Same thing with things like the carbon tax and whatever. The energy companies just up the rates to cover it so the end user not the company or shareholders and up paying for it.
Spondonian
15th May 2017
7:28pm
They pass on the tax to customers then hit them with a Royal Commission into their practises. They wont like anyone having a real good look at them . Then withdraw the guarantee that allows them to make more profits by taking higher risks.
TREBOR
15th May 2017
8:37pm
Let me end by adding this:-

In exactly the same vein as the push to have retirees downsize, and the then creation of a double standard by which those with some get more and those without super or with inadequate super get a reduction in pension instead - this entire veiled but laughably transparent attempt by this government to impose another tax by stealth shows precisely in what level of contempt they hold the ordinary person in this once-proud nation.

If ever there was proof of the dire need to change our governing structures to one more 'user-friendly' (as opposed to abuser-friendly) - this is the Budget that surely must rip the scales from the eyes of the majority of ordinary Australians who have a vote.

And by this I mean our current government of two parties playing ping-pong with the voters and those for whom they are entrusted to run this country.
LJW
15th May 2017
9:16pm
Don't the banks remember that the Government has been "subsidising the major banks since 2008 with government guarantees over bank deposits and a cheap $180 billion debt facility that has put them at a competitive advantage and boosted their earnings?" The Federal Government provided "...$120 billion bail-out to the major banks including Macquarie Bank, by way of a taxpayer guarantee over all new debt, at the height of the financial crisis". (Ref abc.net.au). We
It's about time that the banks acknowledged their debt to their customers and to the Federal Government and took this impost on the chin.
TREBOR
16th May 2017
12:32am
.. and I want you to remember one thing, Pilgrims - all these 'privatisation' exchanges of public utilities for private profit, which are costing us soaring coasts of living while downward pressure is being applied to wages - is backed up by government guaranteed loans.

In other words - if the Forty Thieves 'buying' into it can't make it work - the government will pay their loans out - and while all this is going on the forty Thieves are collecting their over-hefty fees and bonuses and lifestyle freebies ...

So is anyone prepared to argue that 'private enterprise is more efficient' again?

In your dreams....

Just saying to add to what you said about the thieving banks, LJW - they are not good business people at all - they need YOUR money paid to YOUR government to back them up in case they fail in their jobs....

Does anyone else in this nation get that consideration? Apart from politicians and public servants and such....
TREBOR
16th May 2017
12:48am
Oh - and in the event of failure of their business skills to actually run a public utility - none of the fees and bonuses etc will be included in any settlement - in other words the forty Thieves will get a free ride, and then a free ride for failure, and will retire with millions...
niemakawa
16th May 2017
12:57am
The Government (AKA the taxpayer) has been subsidiing the lazy unemployed and bludgers year in year out. Now we have a new wave coming with their hands out waiting for an easy life on the dole.
TREBOR
16th May 2017
9:36am
I don't know what you expect them to do, niemie - there are no jobs for them to go to....

This subject isn't about the unemployed - it's about the artificially employed who are vastly overpaid and over-rated and imagine themselves to be rulers of the earth while accepting government guarantee of their 'investment' and 'business'.

'unemployed' AND 'bludgers' - sounds a bit serious - who exactly are these 'bludgers'?
Old Geezer
16th May 2017
11:02am
Trebor there are plenty of jobs. If they unemployed are serious why aren't they out picking the farmers craps with the backpackers. I even did this myself when I was young and it was great fun picking beans and fruit.

No they really don't want jobs. Why? Because they are doing well enough on welfare.
TREBOR
16th May 2017
2:57pm
That one's been trotted out and demolished a thousand times, Old Goebbels - repeating over and over will not alter the reality.
HKW
16th May 2017
12:17am
Educate yourself

A quick review of central banking role as regards currency informs us that a global monetary system dominates and controls all other systems of the world. Like the 800-pound gorilla in the living room, this fact becomes impossible to ignore once you see it.

The global monetary system is a network of 17 central banks worldwide of which the Federal Reserve Bank is the one in the U.S. Central banks are the only banks capable of issuing currency, (a private product we pay to use), issued via “fractional reserve banking,” loaned into existence, and repaid with interest. This formula, called the “expansion multiplier,” in the Federal Reserve’s pamphlet, Modern Money Mechanics, multiplies profits for the architects of the system and their cronies.

Currency trickles down from the governmental level to commercial and local banks when a country’s government borrows money from its central bank. When a business repays a commercial loan plus interest (a.k.a. the debt-service) they pass on their bank-loan charges to their customers as increases to the price of goods and services. Over time, what began as “simple” interest becomes “compound” interest which in-turn increases prices at an ever-faster pace.

As a result, we, the revenue units, must increasingly work harder and pay more for the same basic goods and services for which people in the ’50s and ’60s paid far less. This exponential rise in the cost-of-living has become glaringly obvious in the real estate and insurance industries.

Once in power, more power is needed to remain in existence.

Read more here:
http://www.activistpost.com/2017/05/central-bank-chicanery-revenue-units.html?utm_source=Activist+Post+Subscribers&utm_medium=email&utm_campaign=e60c8a0c93-RSS_EMAIL_CAMPAIGN&utm_term=0_b0c7fb76bd-e60c8a0c93-388160661

" To learn who rules over you, simply find out who you are NOT allowed to criticise"
TREBOR
16th May 2017
12:34am
I sense revolution in the air... now you see why we had The Assassination Of Jesse James Gun Owners By The Coward John Howard, here in Oz.......

Really have to wonder, don't you?
HKW
16th May 2017
10:06am
I just cannot comprehend how brainwashed have most people become.
They don't even know they're already ENSLAVED!
niemakawa
16th May 2017
12:39am
The banks have to recover their costs. So the customer must pay, what is wrong with that!!!
TREBOR
16th May 2017
12:48am
.. the banks.....
niemakawa
16th May 2017
12:50am
Pay your way, why should anyone else?
jeffr
16th May 2017
4:05am
Someone has to pay for the CEO Salaries and Ex Queensland Premiers
TREBOR
16th May 2017
9:38am
And the Anna Bligh jobs running the banker's union...
Frank
17th May 2017
2:10pm
I suppose the Bligh team are better doing that than researching the moon phases and tidal variations while trying to connect some dots leading to global warming. Did all 100 of them join the union?
Lookfar
16th May 2017
9:14am
OG, Banks make their profits from customers so any tax or expense has to be accounted for in their pricing. Customers will pay this levy
Thanks OG for stating the blindingly obvious, as also for pointing out that with the current capitalistic/neoliberal system where corporations are set up to only benefit their share holders, you have nailed it as to why anyone enmeshed in this scheme can do nothing about Global Warming, endemic corruption, evil regimes, destruction not just of occasional wildlife but whole ecological systems, and maybe human life on this our only planet, - aren't you able to feel that this system is wrong? - just because they pay you? - are you so lost and corrupt that you think the world only exists while you do?
Old Geezer
16th May 2017
11:13am
Lookfar you really have no idea of me at all. I have been arrested for protesting for things I thought were wrong in this world. Climate change is real but how much is natural and how much is man made?

I hate to see people suffer both physically and mentally especially when there is no hope of a normal life. Hence I support euthanasia for all including new borns. We don't let animals suffer so why are we so callous to let humans suffer. It is just so cruel.

I'm not a fan of capitalism but it's the best we have as nothing else works as well as it.

No one pays me for my comments.
HKW
16th May 2017
11:21am
@ Old Geezer

" I hate to see people suffer both physically and mentally especially when there is no hope of a normal life. Hence I support euthanasia for all including new borns. "
-----------------
Excellent opportunity for organ harvesting for the filthy rich;
https://www.liveleak.com/view?i=5f1_1494609036

-----------
You are one the 'mentally' sick pretending to be the good-doer..
Old Geezer
16th May 2017
12:43pm
Just opt out of organ donation and then it's not a problem for you.

Nothing wrong with me mentally but I can't same about a lot of others.
HKW
16th May 2017
12:57pm
Old Gezeer,

You are wrong!
This is the first step to giving a green light to those who will abuse rules and regulations and falsify documents or simply conduct organ harvesting illegally. They will always find a loophole, even if one opts out from organ donation.

Sex education was innocently introduced to schools as part of grooming program. Soon they will want to legalise paedophilia too!
Just watch. Are you in support of this too?

Please do not DECEIVE naive Australian public!
Old Geezer
16th May 2017
3:23pm
What a lot of rubbish!

Gee if you are dead then what is the problem with using your organs. They can have my whole body as it's of no use to me once I'm dead.

Nothing wrong with sex education in schools at least it is something practical rather than most of the rubbish they teach the kids.

Paedophilia has been around since the year dot and I see no problem with teaching kids about it either. At least they will have an informed choice on what to do about it and not be scared to tell anyone like what happens now.
HKW
17th May 2017
10:03am
Read comments more carefully, Old Geezer.
The subject was on legalising euthanasia and loopholes that could be found to abuse it in order to harvest organs illegally from people who are NOT DEAD YET! MORON !

You exposed yourself in this comment. Now, I know who you are and whom you really represent.

Your type of people a menace and danger to the society.

You are patrolling this type of forums poisoning peoples mind with your sick views and peddling your Goebbel's propaganda without respect for poorer human beings, whose lives are sucked out by vampires like banks, corporations and the shadow government that you support!
HKW
17th May 2017
11:39am
One more for you Old Geezer -troll, about euthanasia

Fabricated death certificates no way to win public trust on euthanasia

Fabricated death certificates no way to win public trust on euthanasia



Lying about the cause of death on a death certificate is no way for the Victorian Government to win the public’s trust on its controversial assisted suicide laws, according to the Australian Christian Lobby.

Reports this morning that a government euthanasia taskforce will today recommend that death certificates be falsified so that death by the administering of a lethal substance is hidden should concern all Victorians, ACL Victorian Director Dan Flynn said.

“If euthanasia policy cannot be grounded in truth, what other lies will be told to justify life or death decisions if this becomes legal?” Mr Flynn said.

“Public trust in the recording of cause of death is paramount. If doctors and families are allowed to legally conspire to hide the cause of death, how can the elderly and vulnerable have confidence in the system,” Mr Flynn said.

A Dutch woman who was mentally ill was recently held down by family members while a doctor administered a lethal substance.

“There are many examples from Belgium and Holland of euthanasia laws being abused. If death certificates are allowed to be falsified, this will take us into very dangerous ground,” Mr Flynn said.
-----------
http://www.acl.org.au/fabricated_death_certificates_no_way_to_win_public_trust_on_euthanasia?recruiter_id=3606
HKW
19th May 2017
2:20pm
Another one OG,

Do NOT become an organ donor! Although you may wish to help others out of the goodness of your (literal) heart, the sinister truth is that doctors routinely harvest organs from LIVING patients.
A woman named Colleen Burns recently opened her eyes to find herself on an operating table in a hospital in Syracuse, NY. Looking around, she noticed that she was the subject of the operation. It turns out doctors were about to harvest her organs and send them to other waiting surgeons who would transplant them into other patients.

This isn't fiction. It was covered by ABC News and several other news sources. It really happened.

And how did it happen? Doctors falsely pronounced her dead by fraudulently claiming she had suffered "cardiopulmonary arrest" and "irreversible brain damage."

Read more here:
http://www.naturalnews.com/041152_transplant_patients_organ_harvesting_presumed_consent.html
Old Geezer
16th May 2017
10:59am
If interested here is a statement put out by NAB on the ASX.

Wednesday, 10 May 2017
ASX Announcement 2017-18 Federal Budget – bank levy

The Australian Government on 9 May released its 2017-18 Budget which contained a suite of measures aimed at the Australian banking sector.

This includes the introduction of a major bank levy on Authorised Deposit-taking Institutions (ADIs) with licensed entity liabilities of at least $100 billion, commencing 1 July 2017. The levy is forecast to raise $6.2 billion over the four-year forward estimates period, net of interactions with other taxes including corporate income taxes.

It is expected that this levy will apply to the five largest banks in Australia, including National Australia Bank Limited (NAB).

The Australian Government has indicated that: • The levy will be calculated quarterly as 0.015 per cent of an ADI’s licensed entity liabilities as at each Australian Prudential Regulation Authority (APRA) mandated quarterly reporting date (for an annualised rate of 0.06 per cent); • Liabilities subject to the levy will include items such as corporate bonds, commercial paper, certificates of deposit, and Tier 2 capital instruments; and • The levy will not apply to the following liabilities: additional Tier 1 capital and deposits of individuals, businesses and other entities protected by the Financial Claims Scheme.

At this point in time, it is uncertain what the financial impact of the levy will be on NAB.

NAB is considering the information currently available and will undertake further consultation with the Australian Treasury in relation to the details of the proposed levy.
Frank
17th May 2017
9:45am
This is a Labor Tax. I can only imagine that there is a trade off there somewhere?
retroy
18th May 2017
12:58pm
If the Govt can impose a levy on the big 5 banks, why cant they impose a levy on the revenue of multinational companies before they calculate and send management and licencing fees to their parent companies domiciled in tax havens?
The government would be awash with funds if they made these leaches pay a fair share for the privilege of trading in Australia.
We are an idiot country if an Australian has to pay tax and his foreign opposition carrying out a similar business gets away scot free.
JoJozep
3rd Jun 2017
10:32am
Scott Morrison is a smart man. He has managed to increase taxes on every consumer by stealth. The Liberals know if they openly increase taxes, they can kiss their elected position goodbye next election (and after lambasting labour as a big taxing government by the way).

So what did he dream up-? Knowing full well that any Bank Levy will be passed on, and to all appearances, the levy (read tax) on the banks appears to the masses that he is hitting the big end of town and crusading for the poor (read future electors), he has by a master stroke, achieved two opposing goals. These are to increase taxes on everyone but make it look like he is crusading for the common "elector".

He has also cunningly disguised the funding of the NDIS as no tax increase, by increasing the medicare levy and making this appear as an insurance premium and not a tax.

That doesn't wash with me. Politicians should be held to account if they misguide or lie about their intentions and figures they produce. All he (SCOTT MORRISON) is doing is promising the rich they will be least affected, in fact rewarded, for being rich. Dare one ask how rich people became rich? Don't they take advantage of an opportunity and then milk it to extinction, like digging up minerals (owned by all Australians by the way) and sell it at high prices and guess what, pay little or no tax. The government has let this go on ever since a buck could be made, not because of the harm or loss to the environment or future generations. Remember too, if you slip a few million to a political party, you wouldn't be rich unless you got concessions along the way from the party.

So I have to admit Scotty is a smart man, speaking with forked tongue in such a way, he has sucked in the majority of the Australian public. If Australians re-elect these charlatans they deserve what they get, and stop bitching about paying higher taxes.


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