Bank tax contrary to national interest?
Soft GDP figure should be a wake-up call for government which needs to maintain a strong banking industry and rethink the new tax, the Australian Bankers’ Association (ABA) said.
In the March quarter the economy grew by 1.7 per cent year-over-year and while the finance and insurance industry showed a much stronger four per cent growth.
According to ABA’s chief executive, Anna Bligh, in this environment “the Federal Government’s new tax on major banks was contrary to the national interest".
“The latest inflation figures show that the price of financial services has increased by less than overall inflation, and by much less than some essential items like child care, education, and health,” she said.
“You don’t win the race by knobbling your fastest runners. The government needs to rethink this new tax."
AUTHOR
Oksana Patron
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
