Published:
Australian banks to be hit by a $6.2b tax hike
The country's Big Four will have to pay up to $400m each every year.
According to The Guardian, big banks will be hit with a $6.2bn levy and businesses employing foreign workers will pay $1.2bn in two massive revenue-raising measures from corporate Australia unveiled in the budget.
Banks and financial institutions will also be policed by a new consumer body and subject to other accountability measures, as the government attempts to find a credible alternative to persistent demands for a banking royal commission.
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