Dumping Labor's Bank Deposit Tax

Federal Member for Mitchell, Alex Hawke MP, said the Government will not proceed with Labor’s Bank Deposit Tax.

“Labor’s Bank Deposit Tax would have imposed costs of $1.5 billion on Australians with savings,” Alex Hawke said.

“This Government is in the business of protecting the savings of people from Mitchell – not raiding them. Our action today reflects the Government’s determination to deliver lower, simpler and fairer taxes.

“This decision comes after extensive consultations with stakeholders and the community.

“Labor’s Bank Deposit Tax would have put regional and community banks at a disadvantage relative to the big four banks, further disadvantaging hard working Australians.” 

Alex Hawke said the tax would have penalised Australians for being financially responsible.

“The Coalition Government has also dumped Bill Shorten’s raid on inactive bank accounts.

“In total we said have reduced the overall tax burden on Australians by nearly $7 billion since coming to office.

“We have scrapped the carbon tax, scrapped the mining tax and delivered the biggest tax cut ever to small business.

“Lower, simpler, fairer taxes are a key part of this Government’s plan for a stronger, more prosperous economy.”