Aussies demand super profits tax on banks

Thursday 22 July 2010

Article by Mozo

Australian voters have come out in favour of a super profits tax on some of the country’s major banks.

A survey by Galaxy found that 59 per cent of voters want to see an extra levy on giant bank profits similar to the government’s proposal for a tax on mining companies, the Herald Sun reported.

The news may interest consumers looking to compare savings accounts in search of the best bank returns. According to the newspaper, the survey findings point towards a "lingering hostility" towards banks and the huge salaries of some executives.

Meanwhile, it was also noted that the poll could put pressure on prime minister Julia Gillard and opposition leader Tony Abbott to endorse the super profits tax idea ahead of the election later this year.

John Roskam, executive director of the Institute of Public Affairs, commented: "The mining super tax was the thin edge of the wedge. It has set a dangerous precedent and it is important that the major political parties avoid taking the easy populist route."

Earlier this week, an article on claimed that a standard savings account is the simplest way for first home buyers to start working towards a home deposit.

This article is brought to you by Mozo – Helping you compare savings accountsADNFCR-1761-ID-19904131-ADNFCR

Compare today's top savings accounts

Back to top