It is a $2b hit to the Federal Budget over 4 years.
http://www.9news.com.au/National/20...Treasurer-Joe-Hockey-scrap-proposed-bank-levy
Prime Minister Tony Abbott and Treasurer Joe Hockey scrap Labor's proposed bank levy
The bank deposit levy proposed by the previous Labor government was set to be a 0.05 percent levy on every deposit up to $250,000 and was scheduled to start on January 1, 2016.
The levy was expected to raise about $500 million a year, and cover the costs associated if a bank needed to be bailed out.
The Abbott government had factored in the revenue in its May budget, which means the budget deficit will grow even further.
I agree , the debt problem isnt our largest problem anymore.
It is this Liberal Government that is our biggest problem.
