Levy won’t hurt banks

THE banks’ argument that the new government levy will be passed on to shareholders is a complete furphy.

The long-term trend for bank shares has been positive for decades and this tax will do nothing to alter that.

So, any short-term drop in their share price, just presents a good opportunity to buy into a premium asset at a discount price, which any canny shareholder will be taking advantage of, including most bank executives.

They should stop treating us like children, quit their whinging and pay their dues, like the rest of us. Gary G Smith, Ravenshoe 1642: Canadian city of Montreal is

founded. 1804: Napoleon Bonaparte is proclaimed

Emperor of France. 1830: Edwin Budding of England signs an agreement for manufacture of his invention, the lawnmower. 1951: United Nations moves

headquarters to New York City. 1953: Jacqueline Cochran becomes the first woman to break the sound barrier when she pilots a North American F-86 Canadair over Rogers Dry Lake, California. 1974: India explodes a nuclear bomb in the deserts of Rajasthan state in its first use of an atomic weapon 1975: The Norman Gunston Show, starring the “little Aussie bleeder” played by Garry McDonald (above), debuts on Australian TV. 1990: The two Germanys sign a monetary union treaty, the first step on the road to unification. 1991: Helen Sharman becomes the first Briton to rocket into space aboard a Soviet Soyuz spacecraft. CONDITIONS: Letters must be 150 words or fewer. Send them to PO Box 126, Cairns 4870 or email letters@cairnspost.com.au. They must include your name, home address and telephone number. Letters that can not be verified will not be published. The Cairns Post reserves the right to edit all letters and reproduce them in electronic form. TXT messages should be short. Include your name and suburb. Your TXT messages will be printed in TXT language. Normal call costs apply. Please check The Cairns Post website for our privacy policy at www.cairnspost.com.au