Bank levy added ‘late’

THE $6 billion levy on major banks was dropped into the federal budget at the last minute because the government was short on cash, Labor believes. Shadow treasurer Chris Bowen said the government had not consulted the sector nor taken advice from the Council of Financial Regulators about the impact of the 0.6 per cent levy on the five big banks.

“It was a desperate measure because they were short of cash so they said I know what we’ll do, we’ll dump a bank levy in,” Mr Bowen told Sky News yesterday.