The Australian Financial Review has learned that the government’s economic statement, set to be released Friday, will contain a deposit insurance levy as recommended by the Council of Financial Regulators, which will raise funds to underwrite any Australian bank should it need assistance in the future.
- The proposed levy is between 0.5% and 1% on protected deposits with the level set at $100,000
- Source said the levy would build up funds “over time”,
- Understood the revenue raised would be at least as much as the $5.3 billion that the increased tobacco excise, also to be unveiled on Friday, will raise.
- Banks are not happy, one warning that the levy would be passed on in the form of reduced interest payments on deposits.
Bank deposits ‘taxed’ for bailout fund Australian Financial Review (gated)
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This could potentially weigh on the AUD
