Big Four Banks
New analysis by The Australia Institute shows that based on the big four banks’ reporting, the company tax cut would be a $39.49 billion gift over the first decade of the cut to just these four companies.
|
Big Four Banks |
$ million |
|
Profit 2017-18 |
44,262 |
|
Benefit from company tax cut based on 2017-18 profit |
2,173 |
|
Benefit from company tax cut based on expected 2026-27 profit |
3,214 |
|
Benefit from company tax cut for next decade 2019-20 to 2028-29 |
15,715 |
|
Benefit from company tax cut for decade beginning 2026-27 |
39,489 |
The big four banks’ profits use CBA results released 8 Aug 2018. The others are estimated by using the first half results to 31 March and the second half of 2016-17 ending September 2017.
When the full cuts come in (2026-27) the lost company tax revenue just to these four companies would be the equivalent of employing 43,522 nurses, 39,214 school teachers or 32,499 police officers.
(Based on the average payments for different occupations in May 2016 and updating for the actual and projected wage price index, and projecting forward the big four banks’ profits.)
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
Richard Denniss: National Press Club Address
On Wednesday, 31 January 2024, Richard Denniss and Allegra Spender MP addressed the National Press Club for a debate on the Stage 3 tax reforms. **Check against delivery** [See below for transcripts] Tax is good. Tax is an investment in our society and the highest taxed countries in the world also happen to be the
RN Breakfast: Redesigning the Stage 3 Tax Cuts
Richard Denniss joins ABC RN Breakfast with Patricia Karvelas to discuss redesigning the Stage 3 tax cuts.
National Press Club Address – Yanis Varoufakis
Yanis Varoufakis addressed the National Press Club in Canberra on Wednesday 13 March, 2024.