Australia Bank Shares Decline as Government Levy to Hit ProfitsBy
Levy on big five banks to raise A$6.2 billion over four years
Charge is equal to about 5% of banks’ profits, analysts say
Australia’s biggest banks fell for a second day in Sydney trading on concern earnings will be hit after the government slapped them with a A$6.2 billion ($4.6 billion) levy.
The government will raise the money from the nation’s five largest banks over the next four years by imposing a 6 basis-points levy on liabilities over A$100 billion, Treasurer Scott Morrison said in the budget released Tuesday in Canberra. It won’t apply to superannuation funds or insurance companies…
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