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.