This morning on Macrobusiness there was a call for the state governments across Australia to work together to support a Bank Levy that is distributed to the states and not Canberra.
“..The states should get band together urgently and apply a pro-rata levy right across the nation…”
This is the key.
This is really an issue of state self determination and fiscal independence.
We have a federal system of government and the constitution provides an important role for state governments and clear powers in relation to banking. Why shouldn’t the proceeds of a Bank Levy on the top 5 private banks be distributed between the states?
A Bank Levy on the big banks is good
Everyone (except the banks) agrees that a Bank Levy is appropriate so that the 5 large private banks are not getting the support of the full faith and credit of the Australian public for free…
View original post 743 more words