• Contact
  • Feedback
Banking Day
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Macquarie pleads for levy exemption

16 June 2017 4:00PM
The threshold for the planned levy on bigger banks should be lifted "to exclude Macquarie Bank", or so Macquarie Group calls for in its first public commentary on the levy.The major banks and four others have lodged submissions with the Economics Legislation Committee of the Senate Standing Committees on Economics. The committee will hold a short hearing today in Canberra featuring three CEOs: Nicholas Moore from Macquarie, Mike Hirst from Bendigo and Jamie McPhee from ME. The major banks are sending their chief financial officers.In its submission, Macquarie played up its position as an exporter of financial services and styled the six basis point levy on mainly wholesale liabilities as a "tax on exports".Macquarie also played up its lower profit, at least in its banking business, of ten per cent and its status as a price taker in retail banking.Most bank submissions are an echo of matters aired in the last five weeks since the budget, with the major banks still miffed and smaller banks supportive.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use