Australians support a super profits tax on banks

A nationally representative poll conducted by The Australia Institute through Research Now asked about attitudes towards implementing a super profits tax on Australian banks.

The poll 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.

“Australia has the most profitable banks in the world, representing 2.9% of the nation’s GDP,” Executive Director of The Australia Institute, Ben Oquist said. (associated research)

“A super profits tax on the excessive profits of banks makes good economic sense, and would be a fair and effective policy.

“Clearly the Australian people think those profits are extravagant and see the benefit in the banks paying back a higher rate of tax.

“For 25 years governments have hoped that new entrants would compete these super-sized profits away, it is time we admitted that we need to tax some of these profits away.

“It would also be beneficial for the government which is beset with a budget revenue problem.

“The banks have long resisted calls for regulations, but their profits have continued to increase. The time has come for government to put this proposal on the table,” Oquist said.

Full report