Australian PM rejects calls to exempt banks from tax cut plan

by Dramelin 8:00 PM 0 comments

Australia`s top banks are the Commonwealth Bank of Australia, Westpac Banking, Australia and New Zealand Banking Group and National Australia Bank. Turnbull on Saturday also reiterated his opposition to a banking Royal Commission, saying the government`s proposed one-stop shop financial services ombudsman would be able to deal fairly with disputes between consumers and financial services providers. In addition, some backbenchers argue that Australia`s banks, whose profits are heavily geared to real estate and the domestic economy, are largely insulated from the kinds of global economicshocks which can seriously harm other industries. "Distinguishing between one sector and another is not a practical measure. I`m not aware of that ever being done in any other jurisdiction.