Westpac has confirmed it will pass on the cost of the Federal government's new bank levy to customers, shareholders, staff, suppliers or even all four groups.
The major banks are going on the offensive against the government’s plan to impose a 0.06% levy on some liabilities of Australia’s five biggest banks – Commonwealth, Westpac, NAB, ANZ and Macquarie.
The Seagull spoke to a senior executive, who spoke to The Seagull on the condition of anonymity. "As if we're going to cut our bonuses or the dividend. The customers will pay through higher fees or mortgage rates."
The Seagull put it to the senior executive that the government's bank deposit guarantee effectively boosts the bottom line for the banks at the expense of the taxpayer.
"So," responded the executive. "You want us banks to fail?"
"No," replied The Seagull. "Just stop screwing over Australians."
"We're banks! It's in our DNA!"