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Bank levy passes in the Senate

20 Juin 2017

The agreement came in a report on Monday from the Senate economics legislation committee after a short inquiry into the budget proposal, which has been resisted fiercely by the big banks.

He was "distressed" that the government did not amend the legislation to adopt the recommendations of a government-dominated Senate committee.

The Turnbull government's levy to raise $6 billion from Australia's five biggest banks has cleared federal parliament despite concerns from within the coalition.

The committee recommended a review be conducted in two years to examine "the efficacy of the policy in fulfilling its stated objectives; the effect on competition in the Australian banking market; and whether the levy is required in perpetuity, including the need for a further review at the time the stated objective of the levy is achieved; that is when the budget has been repaired".

Second, the report recommended Treasury should closely examine technical aspects to the bills to determine if changes are required to avoid double taxation.

Clinton Group Inc. Purchases Shares of 96049 Sally Beauty Holdings, Inc. (SBH)
Flinton Capital Management LLC bought a new stake in Sally Beauty Holdings during the fourth quarter valued at $101,000. Following the completion of the purchase, the director now owns 39,802 shares in the company, valued at $730,366.70.

The ABA and the banks caught by the levy also called on the government to consider making the tax a temporary measure to be lifted once the budget returns to surplus.

MB has supported the banks levy from the very beginning primarily because it would recoup some of the estimated $5 billion in annual taxpayer subsidies provided to the banks annually through the implicit guarantee, as well as contributing meaningfully to Budget fix.

The Government's imposition of a levy on the major banks plus Macquarie represents "all fizz, no pop" which won't deliver genuine improvements to the culture and behaviour of banks, according to the Finance Sector Union (FSU).

Labor has not ruled out supporting the Xenophon amendments, but the NXT leader saidon Monday he believed Labor's support was unlikely.

Bank levy passes in the Senate