"They Can And Should Do More" Australian State Slams Banks With $280 Million Tax [zero hedge]
AUSTRALIA&N Z BKG S/ADR (ANZBY)
NASDAQ:AMEX Investor Relations:
en.wikipedia.org/wiki/australia
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Source: zero hedge
Australian bankers are furious after the country’s smallest state levied a “surprise” tax on the country’s five biggest banks that could siphon off $280 million in profits during its first four years on the books, according to Reuters. The tax was imposed by South Australia, which is struggling with the country’s highest unemployment rate and thanks the banks should be doing more to pitch in.The decision, which provoked “howls of outrage from the sector,” represents an added financial burden on the largest banks beyond a $4.2 billion federal tax that was imposed last year - not to mention the country's record-low interest rates. The banks, struggling with low public favorability after a series of scandals and unified support in the country’s legislature, accepted that tax with minimal pushback. However, some are already threatening to pull investment as a form of retaliation.The head of the Australian Bankers Association Anna Bligh called the tax "an outrageous cash grab without pol
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