Victorian Bank Levy
The Greens have announced our plan to raise $1.5 billion through a levy on the big banks
Banks should be working for us, but the Royal Commission has shown us that they’ve racked up super profits off the back of shocking behaviour, and our governments are propping them up.
The Greens’ plan for a levy on the big four banks, plus Macquarie bank, will return some of the super-profits of the banks to all Victorians. This means more public money for our schools, hospitals, public transport, and essential services across Victoria.
The Greens’ plan to establish a Victorian Bank Levy would bring in $1.5 billion of revenue over four years, according to the Parliamentary Budget Office (PBO).
This is the first costing released by the newly-created Victorian PBO.
- Australian banks are the most profitable in the world.
- The Big 4 and Macquarie made over $33 billion in profit last year.
- The 5 CEOs of the Big Banks took home $50 million for themselves.
- Because they’re considered ‘too big to fail’, the major banks in Australia receive an implicit government subsidy that the Reserve Bank estimates was worth up to $3.7 billion in 2013 alone.
- The International Monetary Fund (IMF) has recommended a maximum levy on major banks of 0.2 per cent.
- The Greens’ plan for a Victorian Bank Levy, even when combined with the existing Commonwealth Major Bank Levy, will sit well below the IMF’s recommended maximum.
- This plan has been fully costed by the Victorian Parliamentary Budget Office.
The Greens' Plan
- To establish a Victorian Bank Levy on the big four banks plus Macquarie that will be set at 0.015 per cent per quarter of Victoria’s share of bank liabilities (which is their main source of revenue.
- The levy will be calculated using Victoria’s share of the national economy (currently approximately 23.6 per cent).
- Our plan will raise $1.5 billion over the next four years.