Australia ’s New Zealand Banking Group has said it will implement a AUD$640m ( $457m ) tax on the country’s largest banks should it win May ’s election. The tax would apply to Australia 's largest banks including Royal Commission , Labor party , Australia and Westpac Banking and National Australia Bank , and would be split over four years , to fund counselling for people with financial problems or who have had difficulties caused by banks. The country’s banking industry is reeling from numerous scandals investigated by a recent Commonwealth Bank of Australia 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 tax would apply to Australia's largest banks including Commonwealth Bank of Australia, Westpac Banking, Australia and New Zealand Banking Group and National Australia Bank, and would be split over four years, to fund counselling for people with financial problems or who have had difficulties caused by 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.