ANZ is moving on: CEO

ANZ CHIEF Shayne Elliott says the bank’s olive branch to Canberra over the $6.2 billion bank tax is having an impact with key politicians, just as the sector readies to start paying the tax this week.

Mr Elliott has been derided in some banking circles for taking a conciliatory approach with the Government, compared to others who wanted to mount a “mining tax” style campaign.

But in a letter to ANZ staff Mr Elliott says his approach of accepting the tax and “moving on” is “already improving our relationship with parliament and policy makers”.

The tax officially starts this week as the calendar clicks into the new financial year, although the actual payment does not start until March 21, when banks will also have to pay their instalment for the six months to December.

The big four — plus Sydney based investment bank Macquarie — are being forced to stump up the $6.2 billion over the next four years through the new levy.

Mr Elliott has told staff the bank’s approach is on the right path to mending fences and repairing its image.

“This is already making a difference,” his letter says.