rba quietly increases banks’ bailout buffer , page-12

This "bank tax" has been discussed here before.

We're talking about our government placing a second tax on our big four and not expecting the banks to either fight it or pass the tax on labeled as a 'NGT' (new government tax).

If voters agreed with the government would voters wish to pay the new tax in higher bank interest rates or chrages? That's what would happen.

Our big four are laws unto themselves. They control interest rate policy and have made the RBA domestically redundant.

Wayne Swan mooted this new tax concept years back as part of a socialist platform to level out our society. It proved impossible to whip up interest so hence the mining industry coped the MRRT in all it's useless glory.

Journalists will periodically trot out this bank tax story when there's nothing else of interest.