Precise Investors

Tuesday, December 7, 2021
Latest News

Few expect the nation’s major banks to absorb proposed levy

Only seven per cent of Australians expect the nation’s major banks will absorb the Turnbull government’s proposed bank levy.

The latest Essential Research poll found almost four-in-five Australians expect the levy will be passed on to bank customers through higher fees, charges or interest rates despite government pressure on them to absorb the cost.

The poll’s findings come as smaller banks and lenders face a more challenging funding environment after a global credit rating agency downgraded 23 financial institutions, fearing an increased risk of a correction in house prices at a time of high indebtedness.

Shadow treasurer Chris Bowen blamed the government for failing to address rising private debt and property prices. He says customers of smaller banks will pay the ultimate price as increased borrowing costs are passed on to mortgage interest rates.


The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply