Labor to hit banks and financial institutions with $640 million levy

| 25.02,19. 08:18 AM |

Labor to hit banks and financial institutions with $640 million levy

Photo: The levy would target major banks, such as Commonwealth and NAB, as well as smaller institutions. (ABC News: Stephanie Anderson)

Labor leader Bill Shorten is set to announce plans for a $640 million levy on the nation's large banks and financial institutions aimed at supporting people ripped off by the financial sector.

The Federal Opposition argues it is the best way to respond to the findings of the banking royal commission, promoting and funding new services in the financial sector.

The levy would raise $160 million a year over four years, targeting any financial institution in the top 100 companies on the ASX.

That would include the major banks, such as Commonwealth and NAB, as well as smaller institutions, including Bendigo and Adelaide Bank, Suncorp, Macquarie and AMP.

A total of $320 million from the fund would be used to double the number of financial counsellors across the country, from 500 to 1,000, to support Australians in financial strife.

The nation's big banks have already been hit with a tax on their operations, announced under former prime minister Malcolm Turnbull.


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