Stop the big banks getting $4b of your money

Another record profit delivered by one of Australia’s sturdy banks provides another reason for the Gillard government to abandon its planned $4 billion tax break for the industry’s big players, Australian Greens Leader Bob Brown said today (Thursday).

“ANZ’s profit announcement today means that the big four banks have a combined annual profit of more than $25 billion. It’s time for them to give something back to the community rather than for the banks to get further federal support,” Senator Brown said in Canberra.

“The government’s 1 per cent tax cut would net the four banks another $4 billion over the next decade.

“It was a good start this week that the proposed tax cut for the big end of town has been decoupled from the mining tax legislation. The next step is to scrap the tax break altogether.

“We are proposing to the Treasury that if tax cuts are to be made then small businesses should be supported with a 5% tax cut to 25%, instead of gifting largely foreign owned big business a 1% cut to 29%.

“Mining corporations don’t need further largesse. Nor is it the right time to be molly-coddling the banks and depriving taxpayers of revenue that could provide much-needed services such as national dental care, clean energy technology or boosting funding for public transport.”