Arab Today, arab today australia plan to tax bank deposits
Last Updated : GMT 07:30:49
Arab Today, arab today
Arab Today, arab today

Australia plan to tax bank deposits

Arab Today, arab today

Arab Today, arab today Australia plan to tax bank deposits

Sydney - AFP

Australia plans to slap a levy on bank deposits to help boost its coffers with the money raised used to protect savings against a bank collapse, sparking criticism from the industry. It was widely reported that a 0.05 percent tax on deposits up to Aus$250,000 (US$223,255) will be collected from 2016, raising a forecast Aus$733 million in its first 18 months. The controversial move will be part of Treasurer Chris Bowen\'s economic statement due for release Friday ahead of national elections that Prime Kevin Rudd could call as soon as this weekend. Rumours of the move sent bank stocks tumbling late Thursday although they recovered some ground in morning trade. Bowen told Channel Seven television the money raised will go into a new Financial Stability Fund, but will be counted as revenue in the budget. \"It\'ll be quarantined from the rest of the budget and just put aside in case there\'s ever a need with a bank getting into trouble in Australia,\" he said. \"It hasn\'t happened in Australia for quite a while, but we can\'t be complacent.\" He said the levy had been recommended by the Reserve Bank of Australia, the International Monetary Fund and the Australian Prudential Regulation Authority, but the banking industry said it was not necessary. Australian Bankers Association chief Steven Munchenberg said Australians\' savings were already well protected by the country\'s robust and secure banking system. \"This is simply a cost on Australians that is not really going to deliver any benefits in terms of what is already a very stable and safe system,\" he said, and indicated the extra costs borne by banks would most likely be passed onto customers. Canberra is trying to plug an estimated Aus$18 billion deficit forecast for this financial year and return the budget to surplus in 2016-17 and the economic statement will also include a hike in tobacco taxes by 12.5 percent per year over the next four years. The move, revealed on Thursday, is set to raise Aus$5.3 billion. Confirmation that the statement will be issued on Friday has added to speculation that Rudd could call an election this weekend for September 7, having already set out new polices on key issues including asylum-seekers and Labor party reform. Polls must be held before the end of November. \"We are in election season. The election is due. It\'ll be called soon enough,\" said Bowen when questioned on a date.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia plan to tax bank deposits Arab Today, arab today australia plan to tax bank deposits

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia plan to tax bank deposits Arab Today, arab today australia plan to tax bank deposits

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday