IMF (15 items)

Levy and team Turnbull stretches industry all round

Australia's four largest banks are the political and fiscal bullseye for a savvy tax of IMF design. Labelled a levy, the tax is projected to cost the industry A$6.2 billion over four years. This is a shade less than five per cent of the combined cash profits of ANZ, CBA, NAB and Westpac over the year to March 2017.To patrol the inevitable and redundant flap over who bears the cost the Australian Competition and Consumer Commission will undertake a residential mortgage pricing inquiry slated, for now, to last until June 2018. read more

Comment: Three priorities for any banking inquiry

"If there is to be a banking royal commission, may it shine the spotlight on three of Banking Day's favourite topics," we asked, taking an optimistic view, back in early April (see Labor's banking inquiry shemozzle).One of our top topics, we wrote, may be "a study bound to be disconcerting for all those that have hooked their reputations to the BS and bulldust story of Australian exceptionalism during the great recession." Banking Day has called before for a "DFAT-style 'select documents' release to foster understanding of the shaky history of Australian banking." read more

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