61 percent of Australians approve of a bank super profits tax
A national poll shows that 61 percent of Australians approve of a bank super profits tax.
“Clearly the Australian people think those profits are extravagant and see the benefit in the banks paying back a higher rate of tax,” said Ben Oquist, executive director of Canberra-based think-tank The Australia Institute.
Clearly the Australian people think those profits are extravagant and see the benefit in the banks paying back a higher rate of tax.
“Australia has the most profitable banks in the world, representing 2.9% of the nation’s GDP. A super profits tax on the excessive profits of banks makes good economic sense, and would be a fair and effective policy.”
While the Big-Banks levy announced in the Budget is a good start, it’s not a bank super profits tax which would be far more efficient and would raise more revenue. The levy is calculated as 0.06% of the total amount the Big Banks have loaned.
The poll, conducted in October 2016, asked:
A ‘bank super-profits tax’ would collect a higher rate of tax from banks on top of existing taxes, but levied only on especially high bank profits. Would you approve or disapprove of a banking super-profits tax?
61 percent of respondents approved. 25 percent strongly approved. Only 19 percent disapproved. Results were comparable across most states, all voting intention and all income brackets.
Detailed results of poll
Detailed results of poll
For the full polling brief, visit Australians support a super profits tax on banks.
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
Super-powered nukes: Is your superannuation funding weapons of mass destruction?
When you choose your superannuation fund, you’re probably not thinking about weapons of mass destruction. But it might surprise you to learn that if you’re with one of Australia’s largest funds, your money is going into the production of nuclear weapons. Research published last month by Quit Nukes and The Australia Institute found that 13
5 ways and 63 billion reasons to improve Australia’s tax system
With a federal election just around the corner, new analysis from The Australia Institute reveals 63 billion reasons why our next Parliament should improve the nation’s tax system.
Corporate profits increase inflation | Fact Sheet
The prices of many goods and services have increased dramatically across Australia since 2021. This has resulted in hardship for many households—along with $100 billion in increased profits for major companies. These corporate profits have been a key factor driving inflation.