Daily Bulletin

The Conversation

  • Written by Michelle Grattan, Professorial Fellow, University of Canberra

Despite the hefty tax imposts in Tuesday’s budget, Finance Minister Mathias Cormann still insists the fiscal problem was a spending rather than a revenue one.

Cornman says the problem was clearly “on the spending side” but while the government had made significant progress it couldn’t get all the savings measures through the Senate.

“We’ve made some judgements that to the extent that we couldn’t, that the only other way, regrettably, that we were able to make up ground was on the revenue side of the budget.”

Cornman insisted the new bank tax should have no impact on the banks’ customers.

“It a fair proportionate contribution we believe. The way we have designed it it excludes mortgages, day to day accounts. There is no reason for banks to pass on this cost.”

But Anna Bligh, CEO of the Australian Bankers’ Association, says many Australians will be financially hit by the tax.

She has urged politicians to be less “cavalier” in their bank bashing and says the tax singles them out, and curbs competitiveness.

“I think most Australians care very deeply about having a financial system and banking system that is strong that is well regulated and which attracts investment from international investors”

In a National Press Club address on Wednesday, Treasurer Scott Morrison argued banks need to “pony up and help fix the budget” by absorbing fees from the tax.

But Bligh rejected this as simplistic: “taxes cannot be absorbed, they have to be paid” .

Authors: Michelle Grattan, Professorial Fellow, University of Canberra

Read more http://theconversation.com/politics-podcast-mathias-cormann-and-anna-bligh-on-the-new-bank-tax-77506

Writers Wanted

What would Amy Coney Barrett, Trump's pick for the Supreme Court, mean for abortion rights in the US?


Body fat deep below the surface is a toxic risk, especially for your heart


The Conversation


Did BLM Really Change the US Police Work?

The Black Lives Matter (BLM) movement has proven that the power of the state rests in the hands of the people it governs. Following the death of 46-year-old black American George Floyd in a case of ...

a Guest Writer - avatar a Guest Writer

Scott Morrison: the right man at the right time

Australia is not at war with another nation or ideology in August 2020 but the nation is in conflict. There are serious threats from China and there are many challenges flowing from the pandemic tha...

Greg Rogers - avatar Greg Rogers

Prime Minister National Cabinet Statement

The National Cabinet met today to discuss Australia’s COVID-19 response, the Victoria outbreak, easing restrictions, helping Australians prepare to go back to work in a COVID-safe environment an...

Scott Morrison - avatar Scott Morrison

Business News

5 Ways a Printed Marquee Can Help You Sell More at Markets

If you’re a local business owner, you probably already know that outdoor markets are a great way to reach customers and sell your product. If you already have permanent premises, they allow you ...

News Company - avatar News Company

5 Essential Tools for Working Remotely in 2020

The average, modern office worker spends 8 hours a day, 5 days a week in a company building. Since the start of COVID, however, many of these companies have allowed workers to work from home due...

News Company - avatar News Company

What happens to all those pallets?

Pallets — they're not something everyday people often give much thought to. But they're an integral part of any business which receives or distributes large quantities of goods. But once the goo...

News Company - avatar News Company

News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion