Politics

Banks face new levy to keep rural branches open

Banks would pay a levy of up to tens of millions dollars each a year if they fail to keep a large enough presence in regional and rural areas.

Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Banks would pay a levy costing up to tens of millions dollars each a year if they don’t keep enough rural and regional branches open, under a radical proposal from Treasurer Jim Chalmers. Treasury stunned bankers this week by suddenly emailing them about a new regional services bank levy that proposes to redistribute revenue to institutions that maintain a larger presence in the bush.

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