Australia’s Labor party has said it will implement a AUD$640m ($457m) tax on the country’s largest banks should it win May’s election. The move is designed to raise revenue for public services and help pay down debt, but critics say it could lead to higher taxes or increased fees at some of the world’s biggest banks. The recommendations included additional funding for financial councillors, given the sector was struggling to meet the increasing demand for its services. The country’s banking industry is reeling from numerous scandals investigated by a recent Royal Commission which recommended measures to help clean up the sector.
Australia’s Labor party has said it will implement a AUD$640m ($457m) tax on the country’s largest banks should it win May’s election. The move is designed to raise revenue for public services and help pay down debt, but critics say it could lead to higher taxes or increased fees at some of the world’s biggest banks. The country’s banking industry is reeling from numerous scandals investigated by a recent Royal Commission which recommended measures to help clean up the sector.