Bank levy to have minor impact on average Australians
The Australia Institute has tested two claims made in response to the bank levy announced in the Federal Budget: that the impact of the levy will be passed onto customers, and that it will be borne by shareholders, affecting Australian superannuation savings.
---For paper see PDF below---
In either scenario, the research finds that the levy on the world’s most profitable banks will have minimal impact on ordinary Australians.
“The levy will have only a tiny impact on the average Australian and most of that impact can be avoided by shopping around for a better deal on banking services,” report author and Senior Economist at The Australia Institute, Matt Grudnoff said.
“Our analysis shows if a bank levy was all taken from shareholders it would reduce super returns by only $7 per year or 60 cents a month.”