Government summons senior bank execs

The Turnbull government has given bank executives 24 hours to prepare commentary about the Budget’s proposed bank levy

Government summons senior bank execs



The government has called senior banking executives from the five biggest banks to Sydney for a briefing on the proposed bank tax introduced at yesterday’s Federal Budget.

These five banks include CBA, Westpac, ANZ, NAB and Macquarie.

Bank sources speaking to The Australian said they had been given 24 hours to prepare commentary on the measure and learn about the design features of the tax.

“In effect it’s a f ... you message from the government,” one source told the paper.

Banks are likely to send three representatives to the briefing from areas such as finance, treasury and tax. The executives will be briefed by Treasury officials.

This comes ahead of a tight deadline with the levy looking to be implemented by 1 July this year.

Sources told The Australian that none of the bank chiefs heard confirmation from the government about the tax until an hour before Scott Morrison delivered his speech at 7.30pm.

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