Four Big Banks

The Big Four banks, ANZ, Commonwealth, National Australia Bank and Westpac, plus Macquarie Bank were hit by a surprise proposal for a $6.2 billion levy over four years in the federal budget on May 9.

Under the new measures, banks with liabilities of more than $100 billion will be taxed 0.06% on those “liabilities”.

Speculation about a new levy on the big banks sparked a run on banking shares, wiping $14 billion from their market value. Shares in the Big Four banks fell by between 2.1% and 3.6%.

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