Green Party’s proposed 0.06% bank levy may spark industry competition, but the big four Australian-owned banks could also slap the bill onto depositors

“The banking sector is already the biggest taxpaying industry in the country, paying around 22% of all corporate tax. Banks pay their fair share of tax alongside millions of dollars in additional levies to fund regulators. The Government should chase tax avoiders such as digital platforms. For example, last year Google paid only $4.6 million in tax here, despite sending $1.17 billion offshore. That’s less than 1% of what they sent offshore,” Beaumont said.