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 the big four banks and others included in the S&P/ASX 100 index, based on their market capitalisation. 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 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.