Big banks fall prey to confused levy report

Govt will reportedly announce tax to shore up budget as part of pre-election statement; shares in big four tumble on speculation.

The federal government will levy banks to provide insurance for potential future bailouts to shore up the budget bottom line, according to the Australian Financial Review.

At first the AFR reported the levy will form part of the government’s economic statement, and be between 0.5% and 1% on protected deposits with the level set at $100,000. However, it then corrected it to between 0.05% and 0.1%.

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