![National Australia Bank CEO Andrew Thorburn said bond investors may see the bank tax as "shocking".](/web/20170512042736im_/http://www.theage.com.au/content/dam/images/g/u/p/u/a/n/image.related.landscape.460x307.gw2cg3.png/1494520004235.jpg)
Banks warn on 'unintended consequences' of new tax hit
The country's biggest banks warn that a $6.2b tax could have "unintended consequences".
Clancy Yeates writes on business specialising in financial services. Clancy is based in our Sydney newsroom.
The country's biggest banks warn that a $6.2b tax could have "unintended consequences".
Banks are warning they will try to pass on some of the government's $6.2 billion bank levy to their millions of customers.
Whenever businesses are hit with a nasty new levy, there is a predictable response: we'll pass it on to customers.
ANZ Bank's bid to become a smaller but higher-returning bank has sparked predictions the lender could return billions in capital to shareholders by buying back its own shares.
The pace of wage growth is so meagre it is likely to curb future growth across the banking industry, ANZ Bank warns.
An attack on costs that has cut thousands of jobs and a focus on better lending has seen ANZ Bank post a healthy jump in its half year profit.
The big question raised by last month's slowdown in Sydney and Melbourne's housing markets is whether this is a blip on the radar.
Australia's powerful banking regulator has fired another warning shot at the commercial property sector, saying it will further investigate lending standards and consider "additional guidance" if necessary.
After banks rode a housing debt binge, regulator curbs will make it harder for lenders to grow.
The combined profits of Australia's big four banks likely exceeded $15 billion in the first half, as lenders started to benefit from a round of late 2016 interest rate hikes and strong home loan growth.
Search pagination
Save articles for later.
Subscribe for unlimited access to news. Login to save articles.
Return to the homepage by clicking on the site logo.