HomeView 2015 Media ReleasesCOBA congratulates Government on deposit tax response

The Customer Owned Banking Association has congratulated the Government on today’s decision to scrap the deposit tax.

The Customer Owned Banking Association has congratulated the Government on today’s decision to scrap the deposit tax.

“Australian savers are the winners from this announcement by the Prime Minister and Treasurer,” COBA CEO Mark Degotardi said.

“The Government’s decision is pro-consumer and pro-competition.

“The decision supports the more competitive and resilient financial system recommended by the independent Financial System Inquiry.

“This outcome is exactly what the FSI intended in its blueprint to make our financial system stronger, without anti-competitive distortions.

“Australian savers now no longer have to worry about an additional burden at a time of low returns on their savings due to record low interest rates.

“The FSI report has already led to significant change on bank capital to make our system stronger and better prepared for future economic challenges.

“We support this positive response by the Government today and look forward to the continued implementation of the independent FSI blueprint.

“The Government should be acknowledged for its ongoing commitment to engage with all stakeholders since the FSI was first announced in 2013.

“COBA and members were vocal about the impacts of the proposed tax on everyday Australian savers and smaller banking institutions.

“Today’s announcement is significant for savers and the customer owned banking sector. It shows the Government is committed to good policy and a competitive and resilient financial system.”

For more information please contact:
Daniel McDougall, Senior Manager – Media and Communication
02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

pdfDownload PDF release here92.41 KB

284x148_man.jpg

Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
Email Mickcontact-arrow

COBA Alerts

To receive notifications about our latest Media Releases, Submissions and other news sent straight to your inbox, subscribe to COBA Alerts.