Tax hit for Westpac

WESTPAC chief Brian Hartzer says the bank may have increased its dividend had the federal government not hit the sector with a $6.2 billion tax bill.

Speaking as Westpac yesterday posted a $7.99 billion net profit for the year to September, Mr Hartzer said there was a “possibility” the bank might have paid a higher final dividend. In May, the government stunned the industry by unveiling plans to raise $6.2 billion over four years by applying a new levy to the major four banks and Macquarie.