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Party calls for gouging tax on banks

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Australian Broker | 20 Mar 2013, 07:00 AM Agree 0
A new political party has proposed a "gouging tax" to take on bank profits, saying it will serve as a "speed camera" to keep banks from hurting borrowers
  • Chris Coonan | 20 Mar 2013, 09:58 AM Agree 0
    You gotta be kiddin'. Banks will just increase their fees and margins to cover the impost....hasn't anyone learned this yet. The best way is to move to the competition. We are seeing this now - the majors are finally reducing their margins to compete again....they can when they want to. They have nit had to in the last 5 years when people om mass moved to the majors for security during the GFC - this and Govt deposit guarantee literaly handed the majors 'profit taking' on a plate.
  • Mega GC | 20 Mar 2013, 10:03 AM Agree 0
    What a crock. How about a party that looks at parliamentary pays, super and benefits. Adrian Bradley has found a baton and wants to get on the band wagon
  • Keith B | 20 Mar 2013, 10:08 AM Agree 0
    I don't know what this guy is taking but sure wish he would share it around! What rubbish to build a party platform on a gouging tax!.

    Thank goodness our banks do perform well unlike our trading partners where they are constantly being bailed out by taxpayers.

    If you are so upset with the profits of big banks' go and buy their shares!
  • Country Broker | 20 Mar 2013, 10:11 AM Agree 0
    Obvious they do not undertsand how the banks cost of funds works , I am no lover of any bank but the reality is the cost of funds to a bank is no longer linked to the RBA cash rate movements, all one needs to do is look at the fixed arte movements in the last 6 months .
  • A. Broker | 20 Mar 2013, 10:33 AM Agree 0
    Could be a good thing.
    Bring it on...
  • David | 20 Mar 2013, 10:50 AM Agree 0
    The problem is that the electoral process for the upper house encourages these "single issue" parties. You only need a relatively small percentage of the population to vote for you and if you happen to hit upon the right popularist issue of the day, you're in.
  • Ian Sutton | 20 Mar 2013, 11:25 AM Agree 0
    Well at least it's a proposal that could, in theory, put the brakes on gouging. We obviously need to see more detail, but it's a start..
  • Ian Sutton | 20 Mar 2013, 11:29 AM Agree 0
    ....Country Broker, as far as I understand it they are not seeking to link this to the RBA cash rate? I think they are trying to stop the banks using funding costs as justification for bumping on rates. That's what this mysterious new panel will presumably do.
  • Broker | 20 Mar 2013, 02:22 PM Agree 0
    Future Prime Minister material, I mean heck why not ,you only have to look what we have now!

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