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
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
