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Alexander Sanchez

A levy to help rural banking is also a tax on innovation

The quest to leave no one behind in the regions cannot come at the expense of working households in the outer suburbs and elsewhere.

If Treasury is now considering an augmentation of the banking levy to fund regional banking presences, then this needs to be nipped straight away. Why?

Because it is effectively a penalty for investment in innovation and customer service.

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Alex Sanchez is an economist and former senior adviser to the Albanese government and formerly General Manager of Policy at the Insurance Council of Australia.

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    Original URL: https://www.afr.com/companies/financial-services/a-levy-to-help-rural-banking-is-also-a-tax-on-innovation-20241114-p5kqmp