6min read
PREVIOUS ARTICLE Stocks to watch NEXT ARTICLE Newcrest cuts forecast on Cadia dam breach

Treasurer Scott Morrison insists the government is cracking down on the big banks, despite calls to quarantine them from a tax cut.

Mr Morrison was staunchly defending the coalition’s actions against the banks when asked why they should benefit from company tax relief given evidence heard at the royal commission.

One Nation leader Pauline Hanson is among those wanting any money from tax cuts for the banks quarantined for a compensation fund for victims of their misconduct.

But the treasurer listed a range of measures the government had initiated against the banks, including a levy on the Commonwealth Bank, ANZ Bank, Westpac, National Australia Bank and Macquarie Bank.

‘By the time, which is almost 10 years from now, that the economy-wide tax cuts reach companies at that level, the bank levy will have raised over $16 billion from those five banks,’ he told ABC radio on Thursday.

‘So I don’t think people can think we have missed the banks anywhere here.’

Mr Morrison outlined tougher penalties for misconduct, including longer jail times and increased individual fines.

There is also legislation to forever bar bank executives from working in the industry again and the regulator ASIC has also been given extra funding of $124 million, he said.