The reason for it is that the government has got to be able to prove its economic credentials, so therefore it’s got to maintain the triple-a credit rating here in Australia. If it doesn’t do that then you’d imagine the political forces will mount against it and that’s the reason why it’s gone after the banks in a big way. That suggested tax on the big banks really is very much a soft target. It could not only help to fund some of the victims of financial abuse but also the National Disability Insurance Scheme.
The bank shares today fell, the Commonwealth Bank down by 3.7 percent the other banks similar, but we’ll know all of the detail in a little under an hour and a half time.
Source: 9News/Ross Greenwood