Big banks are sworn to secrecy

THE banking lobby has attacked the Federal Government for requiring senior bank executives to sign confidentiality agreements before being allowed to see draft legislation for the new bank levy.

The Australian Bankers’ Association said the banks are shocked by the move, which prevents the big four lenders and Macquarie Group from discussing the implications of the legislation with their boards, shareholders and customers.

“A bad tax has now become a secret tax,” ABA chief executive Anna Bligh said.

“The government is going to extraordinary lengths to keep this tax hidden from the people who will be most affected by it and from the public.”

The levy on the banks’ liabilities is forecast to raise $6.2 billion for the government over the coming four years.