Levy on major banks should be higher
Any levy on the major banks and Macquarie should be applied by the Commonwealth Government and at a higher rate, ME Bank believes.
The industry superannuation fund owned bank said it agreed with the South Australian Government that the banks that benefited from an implicit guarantee were accruing a benefit materially greater than the current levy, and therefore should pay more.
ME Bank chief executive, Jamie McPhee, said: “The major banks receive a 20 to 30 basis point benefit from Australian taxpayers for being ‘too big to fail’, giving them significant competitive advantages over smaller banks, making Australia’s banking system more concentrated, increasing risk, eroding competition, and reducing customer choice”.
“A highly competitive banking industry over the long-term is in the long-term interests of Australian consumers as is an unquestionably strong banking system, both principles for which ME will continue to advocate,” he said.
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.