CBA announced today that it would be paying a $700m fine to settle its case with Austrac.
Matt Comyn has ticked off another major item on his “to do” list of the legacy controversies he inherited, albeit at a cost of $702.5 million, or nearly twice that which Commonwealth Bank had budgeted and provided for.
Ok. Some of that money will go to Austrac to cover its legal costs in the matter, perhaps the $2.5 million. The rest, the $700 million will flow straight into the Treasury’s coffers.
Here’s a question. What does the Commonwealth Government propose to do with the money?
The fine, or tax by other means, is the probably the largest such fine in Australia’s history and a $700 million single event “windfall” is also pretty big.
So Spartacus asks again. What does the Commonwealth Government propose to do with the money? Here are some options:
- Invest in a building the regulation revolution.
- Increased bonus pool for ABC staff
- Comm-Helicopters to go with the Comm-Cars
- NBN Mark 2 (A Commonwealth Government mobile and 5G wireless agency)
- Debt reduction
Number 5 above is a joke. Least likely of the options offered.
Follow I Am Spartacus on Twitter at @Ey_am_Spartacus