Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

Thank you, Prime Minister. I refer the Shadow Treasurer to his comments when he had his bank tax which was going to raise $2 billion—actually $1.5 billion at the time. They seem a little concerned about the tax we are putting in, which will raise more than three times that to support schools and hospitals and all of this important expenditure. When he was asked a question about it being passed on, when it was less than what it is today, he said: 'Well, it's a matter for them. In an open market economy they have to make a decision. It could be that the banks decide to absorb that much of the cost or make themselves more attractive to customers.'

When they are in opposition they are happy to go around and make these comments about these topics, but when they were in government not only did they not put extra funding into the ACCC, which will be tasked with monitoring everything that the banks do in relation to this matter—there were no extra powers, there was no extra money, there was nothing for the ACCC when the Shadow Treasurer, then Treasurer, put a tax on pensioners' bank accounts and deposits of $5,000 or $100. That is who the Labor Party wanted to tax when it came to the banks. They did not want to tax the banks; they wanted to tax depositors. It was called a bank deposit tax. It raised less than a third of the revenue that this government is raising by properly taxing the banks to ensure that the privileged position that they hold in our financial system—

Ms Husar interjecting—

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