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Plan to tax bank deposits

The federal government has announced that it is planning to place a tax on bank deposits in its next budget, which will be handed down in May. According to media reports, the tax will take the form of an insurance levy; the government offers consumers a savings guarantee of up to $250 000 to protect them in the event of a bank collapsing. To support this insurance guarantee, accounts holding more than $250 000 will incur a 0.05% levy.

Banking representatives are warning that the cost of the tax may be passed on to consumers. Further criticism of the scheme comes from assertations that the likelihood of an Australian bank collapsing is extraordinarily remote. The new banking tax is expected to raise $500 000 each year.

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