Banks are the Biggest beneficiaries of Turnbull’s big business tax cut

The big banks at the centre of the rorts, rip-offs and scandals exposed during the Royal Commission will reap $13.2 billion of the Liberals’ $65 billion big business tax handout, Australia  Labour Party revealed today

According to  Labour Shadow Minister for Finance ,Jim Chalmers,  New figures released today show the big four banks will be the biggest beneficiaries of Malcolm Turnbull’s $65 billion handout, and will get one in every four dollars of the tax handout once it’s fully implemented in 2026-27 (around $3.5 billion of $14.2 billion a year).

“For the first time, the amount each bank will receive from the $65 billion giveaway has been estimated, with CBA receiving almost $4 billion, Westpac $3.5 billion, ANZ $3.2 billion and NAB $2.6 billion.” He said

The fresh Opposition analysis builds on work done by The Australia Institute, and is extended to 2027-28 – the last year of the medium term – to cover the same period as the $65 billion tax giveaway.

He said the tax paid by each of the banks in 2016-17 was assumed to grow at the same rate as the economy based on Treasury’s projections.

“It beggars belief that after all of their scandalous behaviour, Turnbull would hand the big banks $13.2 billion to boost their profits.While victims are trying to put their lives back together, Turnbull and Co are rewarding the banks with a huge tax giveaway.” He added.

He said, If Malcolm Turnbull really wanted to get tough on the big banks, he wouldn’t be giving them a huge tax handout at the expense of middle Australia.

“It’s never a good time to shower largesse on the top end of town but especially when the Liberals already preside over record and growing debt and this makes it worse.”, He added

He pointed out , “What this shows is that the Turnbull Government has learned absolutely nothing from the scandalous revelations in the Royal Commission. We’ve had Kelly O’Dwyer out there this morning with a train wreck interview trying to defend the Liberals’ position on giving $13 billion to the big banks. What this shows is that they’ve learned nothing from these scandalous revelations. They still can’t bring themselves to admit that they got it wrong to run a protection racket for so long on the big banks. They still want to give the biggest tax cuts to the big four banks. They’ve learned absolutely nothing from the revelations of rorts and rip-offs in the big banks.”

Labor calls on Malcolm Turnbull to take his $65 billion tax handout for multinationals and the big four banks out of the Budget in just over a fortnight’s time.

 

What the big four banks receive from Turnbull’s $65 billion tax handout ($m):

 

ANZ 3170
CBA 3916
NAB 2599
Westpac 3479
Total 13163

 

On the other hand , In an  interview on the ABC’s Insiders on Sunday, Financial Services Minister Kelly O’Dwyer  was asked 10 times whether she had been wrong to oppose or criticize the case for a royal commission.

Here are the Barrie Cassidy’s full interview with the Minister for Financial Services, Kelly O’Dwyer. Courtesy by ABC’s Insiders.

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