Dear Treasurer Morrison,
Please just end the charade and give your “bank levy” the name it rightly deserves – the Banking Services Rent Tax (BSRT).
Much like the effort of one of you predecessors, the Hon. Wayne Swan, who introduced the Mineral Resources Rent Tax (MRRT), your BSRT has not been subject to prior consultation, has limited policy foundation and is aimed at nothing more than raising tax revenues.
It is mostly likely an idea from the same people who came up with MRRT and who think Australian banks are too profitable.
Robert Carling from the Centre for Independent Studies summarises it neatly:
The levy encapsulates the twin themes of the budget: hunger for more revenue and a craven appeal to populism.
Sounds familiar no?
Please treat we the citizens with the respect we deserve and just say this is a revenue measure. It is not a Swanny “savings” and it is not budget repair because, there is no repairing this budget.
And whilst there may be some delightful schadenfreude in that the NAB will be hit and it is Chaired by Ken Henry AC, the brains behind the MRRT, the delight won’t last long. This tax will be passed on to we the savers, borrowers and investors (including superannuants).
Congratulations Treasurer Morrison. You have just had your own “go early, go hard, go households” moment. Welcome to the pantheon of Labor Treasurers.