The Distillery: Bank deposit blows

Jotters are polarised over Labor’s bank deposit levy, with some saying it's policy on the run and others arguing such schemes are commonplace around the world.

Most of Australia’s business commentators are at pains to admit there’s a lick of sense behind Treasurer Chris Bowen’s decision to impose a levy on bank deposits to pay for the risks that banks pose to the government through the deposits guarantee. But, it’s a shameless cash grab before an election and everybody knows it.

We start with The Australian’s John Durie, who is mad as hell about the government’s proposed levy, labelling it ‘policy on the run’.

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