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Banking lobby demands impact analysis on new levy

The banking lobby has continued its criticism of the proposed major bank levy, calling on the federal government to release analysis of the impact of the levy on the broader economy.

It has also demanded a four-week consultation period to respond to Treasury’s analysis.

“It is an understatement to say that this tax requires a thorough regulatory impact statement,” Australian Bankers’ Association chief executive Anna Bligh said on Monday.

“Further Treasury analysis is imperative, including on the modelling of the economic impacts of the tax, and banks should be given at least four weeks to respond to the Treasury analysis, the draft legislation and explanatory memorandum.”

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