‘Don’t do it’: Scott Morrison tells banks not to pass on budget levy to customers

Budget 2017: Scott Morrison's bitter war on banks escalates – Treasurer Scott Morrison has slapped down a demand by the banks that the new $6.2 billion tax be lifted as soon as the budget was back in surplus, saying the major bank levy would be permanent.

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Those are the fears spelt out by the Commonwealth Bank as Treasurer Scott Morrison stares down the country’s largest banks over the $6.2 billion tax due to start in July.. banks not to pass.

Federal budget 2017: Scott Morrison pleads with big banks not to pass levy on to customers. The levy will raise $6.2 billion over four years but has been slammed as a "very bad idea" by David Murray, the head of the Government’s financial system inquiry.

The Federal Government levy aims to raise $6 billion from lenders with more than $100 billion in liabilities Earlier, the Turnbull government warned the big banks not to lie to their customers if they.

MORE STORIES ‘A test of their honesty’: scott morrison warns banks not to pass on new $6BILLION tax to customers – as he refuses to answer whether the Medicare levy will increase AGAIN

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Research shows the banks will pass the bank levy on to customers. Budget bank levy: too big to fail, not too big to take a hit. Scott Morrison and Malcolm Turnbull have landed themselves in a.

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The Federal Treasurer has urged at least one of Australia’s five big banks to break ranks and declare that they will not pass a new levy onto customers, in the hope the others may follow. scott morrison accused westpac, National Australia Bank, ANZ, Commonwealth Bank and Macquarie of "having a lend of people" over the $6.2 billion, four.

At least one major bank believes Treasury has miscalculated the new levy on banks and says it will not raise the $1.5 billion a year as forecast in last week’s budget.. Scott Morrison is also.

So it’s not a big deal if it’s losing the credit rating and they have a ten basis point hit, but if they’ve got to pay a six basis point tax, well, apparently it’s the end of financial civilisation as we know it. So look the banks don’t want the tax to come on.