The Greens have written to Treasurer Tim Pallas urging him to introduce a new Bank Tax in this year’s Victorian Budget.
The Greens want to tax banks with a 0.05 per cent quarterly levy on the back of Labor’s hikes to land tax which is putting renting and home ownership further out of reach for Victorians.
Treasurer Pallas has flagged that the upcoming State Budget will be ‘very very tight,’ and just last week, he refused to rule out introducing any new or increased taxes. The Greens Bank Tax – predicted to generate $1.25 billion revenue – may appeal to the Victorian Labor Government, desperate to repair their botched Budget.
Australian Banking Association chief executive Anna Bligh said a state-based baking levy was an “ill-thought-out” and “reckless” proposal.
Shadow Treasurer, Brad Rowswell, said: “Victorians need taxes axed not new and increased taxes imposed on them during this cost-of-living crisis. Treasurer Pallas must rule out a new Greens-Labor Bank Tax.
“Labor have completely botched the Budget and they are desperately looking for new ways to tax Victorians more to pay for their own waste and mismanagement. The last thing we need is for Jacinta Allan to levy a new tax which has come straight from the Greens’ economic playbook.
“A Greens-Labor Bank Tax will be passed on to Victorians who have already been crushed by Labor’s taxes. They’ll suffer through increased mortgage repayments and rents at a time when they can least afford it.
“More taxes mean more pain for families and businesses who are already being crushed by Labor’s tax regime.”
