NEW NUMBERS SHOW BANKS BIGGEST BENEFICIARIES OF TURNBULL TAX HANDOUT

The big banks at the centre of the rorts, rip-offs and scandals exposed during the Royal Commission will reap $13.2 billion of the Liberals’ $65 billion big business tax handout. 

New figures released today show the big four banks will be the biggest beneficiaries of Malcolm Turnbull’s $65 billion handout, and will get one in every four dollars of the tax handout once it’s fully implemented in 2026-27 (around $3.5 billion of $14.2 billion a year).

 

For the first time, the amount each bank will receive from the $65 billion giveaway has been estimated, with CBA receiving almost $4 billion, Westpac $3.5 billion, ANZ $3.2 billion and NAB $2.6 billion.

 

The fresh Opposition analysis builds on work done by The Australia Institute, and is extended to 2027-28 – the last year of the medium term – to cover the same period as the $65 billion tax giveaway.

 

The tax paid by each of the banks in 2016-17 was assumed to grow at the same rate as the economy based on Treasury’s projections.

 

It beggars belief that after all of their scandalous behaviour, Turnbull would hand the big banks $13.2 billion to boost their profits.

 

While victims are trying to put their lives back together, Turnbull and Co are rewarding the banks with a huge tax giveaway.

 

If Malcolm Turnbull really wanted to get tough on the big banks, he wouldn’t be giving them a huge tax handout at the expense of middle Australia.

 

It’s never a good time to shower largesse on the top end of town but especially when the Liberals already preside over record and growing debt and this makes it worse.

 

Labor calls on Malcolm Turnbull to take his $65 billion tax handout for multinationals and the big four banks out of the Budget in just over a fortnight’s time.

 

 

 | ANZ | 3170
| CBA | 3916
| NAB | 2599
| Westpac | 3479
| Total | 13163