Victoria should tax profiteering big banks to help lower the cost-of-living

The Victorian Greens have responded to today’s reports of banks profiteering from interest rates rises by calling for the state government to introduce a state-based big bank levy.

They say a bank levy would raise billions, which could then be invested to help lower the cost-of living.

At the last election the Greens released a Parliamentary Budget Office-costed election policy to put a 0.015% quarterly levy on Victoria’s share of their bank liabilities. 

The PBO found it would raise $4.7 billion over the next ten years.

Quotes attributable to Victorian Greens economic justice spokesperson, Sam Hibbins MP:

“It’s obscene that banks are making super profits whilst interest rates are rising and people struggle with the cost-of-living.

“A state-based big bank levy could raise billions of dollars of revenue to be put toward lowering the cost-of-living for struggling Victorians.”