The Greens’ Plan for a Victorian Bank Levy
Victorian Greens Treasury and Finance spokesperson Ellen Sandell today announced the Greens’ plan to establish a Victorian Bank Levy that would bring in $1.5 billion of revenue over four years, according to the Parliamentary Budget Office (PBO).
This is the first costing released by the newly-created Victorian PBO.
The Victorian levy will apply to banks operating in Victoria that are liable for the Federal Major Bank Levy. It will be set at 0.015 per cent per quarter of Victoria’s share of bank liabilities, which will be calculated using Victoria’s share of the national economy (currently approximately 23.6 per cent).
Banks should be working for us, but the Royal Commission has shown us that they’ve racked up super profits off the back of shocking behaviour, and our governments are propping them up.
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