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Australia Budget 2017: Treasurer Urges Banks Not to Pass on Large New Tax to Customers

  • As per reports, Australian Treasurer Scott Morrison urged the nation's banks on Wednesday not to burden customers as the tax would be permanent.

    Five biggest banks in Australia were the biggest losers in Mr Morrison's budget on Tuesday when a combined A$6.2bn ($4.6bn; £3.5bn) levy was handed to them. However, industry experts warned that the levy can be redirected to customers by the institutions.

    It has been estimated by the financial services that the annual earnings of the banks would be reduced by 4.5% because of the levy.

    Reports also say that the five biggest banks ANZ Bank, Westpac, National Australia Bank, Commonwealth Bank and Macquarie have not announced anything yet.