Greens push for levy on banks

A TAX on banks could rake in $1.5 billion over four years for the state, the Victorian Greens say.

The minor party is pushing for a controversial banking levy, based on the South Australian model proposed by the former Labor government.

“The Greens’ plan for a levy on the big four banks, plus Macquarie Bank, will return some of the super profits of the banks to all Victorians,” Greens’ treasury spokeswoman Ellen Sandell said yesterday.

“This means more public money for our schools, hospitals, public transport, and essential services across Victoria.”

The Greens have had the policy reviewed by the recently-established parliamentary budget office, which costs political policies.

The party’s plan would apply to banks operating in Victoria which are already liable for the federal major bank levy and would be set at 0.015 per cent per quarter of the state’s share of bank liabilities, calculated using Victoria’s share of the national economy.

Premier Daniel Andrews shot down the suggestion, saying he ruled it out when the SA government tried it and his position had not changed.

Australian Banking Association CEO Anna Bligh said the policy was “recklesss and dangerous”, discouraging investment, slowing growth and affecting jobs.