Australia Should Extend New Levy to Foreign Banks, Lawmaker Says
- Bank levy on foreign firms may raise up to A$800 million
- Xenophon will talk to opposition Labor Party to broaden levy
Commuters ascend a flight of stairs at Martin Place in the central business district of Sydney, Australia, on Monday, Feb. 10, 2014. Australian business confidence rose for the first time in 4 months, according to a National Australia Bank Ltd. report.
Photographer: Brendon Thorne/BloombergAustralia should extend its new bank levy to foreign financial institutions in a bid to recoup more than the planned A$6.2 billion ($4.6 billion), according to cross-bench lawmaker Nick Xenophon.
Applying the tax to foreign banks as well as the nation’s five biggest lenders may recoup as much as A$800 million, which could help fund compensation for victims of financial mismanagement and fraud, Senator Xenophon told the Australian Broadcasting Corp. Sunday. The lawmaker plans to consult with the opposition Labor Party to determine if it will support his position.