Push to widen levy

alister.thomson@news.com.au 2018 COMMONWEALTH GAMES HOST CITY Council marking Queensland Small Business Week.

Mr Bouris said the levy on the big five banks, which will raise $6.2 billion over four years for budget repair, was a “clever political move” but wrong.

The six-basis-point levy that will come into effect from July 1 was revealed in last week’s Federal Budget

Mr Bouris said it should extend to Australian and foreign companies granted a licence by the Government to operate if their revenue exceeds $1 billion.

“That is because it is the licence which helps them earn. They should pay the six basis points, not just singling out the banks,” he said.

Mr Bouris said the funds raised should be funnelled into the National Disability Insurance Scheme managed fund.

He said the Federal Government was engaged in populism, which would leave consumers worse off.

“What is going to happen is the banks will pass it on and the Government won’t be to blame, the banks will be to blame,” he said.

“So it is giving the Government another round of being through a able to put the boot into the banks,” he said.

Mr Bouris also took aim at increases in the Medicare Levy and income tax.

The top tax rate is 45 per cent on earnings above $180,000, which moves to 47.5 per cent when the new 2.5 per cent Medicare Levy is added.

“That just puts the general income tax rate on an individual far too high,” he said.