Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. The big four banks have reported to the Australian Stock Exchange that they will pay $965 million over 12 months for the bank tax. Isn't it the case that this falls well short of the 12-month figure in the budget of $1.6 billion for the bank tax? When will the Treasurer just admit that he has a $2 billion black hole?

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

The estimates for the major bank levy are set out in the budget papers. It may come as news to the shadow Treasurer, but banks do not get to decide how much tax they pay. The ATO works that out. That is who works it out. The shadow Treasurer may think that he can just send his tax return back and say: 'This is what I've decided to pay this year. I'm sorry, the ATO might have a different view about that, but this is what I reckon I should pay.'

The shadow Treasurer seems to have conniptions over the major bank tax levy. He seems to be completely exercised about the fact that we would actually bring into this place a major bank levy that gets the banks to pay some tax. The levy he brought in was a tax on bank deposits; it was a tax on every single pensioner's bank account in this country. That was the bank tax that the shadow Treasurer supported.

Dr Chalmers interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Rankin is warned!

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

That was the bank tax that those on this side of the House abolished and refused to support. Our major bank levy addresses this issue and assures the major banks and the special position they hold in our financial system. Let's not forget that the four major banks and Macquarie each were able to retain their credit rating after the budget when, sadly, regional banks were not able to maintain theirs. One of the reasons for that is because of the special place they hold in our financial system.

The shadow Treasurer may want to sit there with no clothes on when it comes to issues like this because—

Honourable members interjecting—

It is a horrible thought! I apologise to the House at the suggestion of that image! But, at the same time, he represents a party that brought in a $12 billion mining tax that did not barely raise a sniffle. For that, they should hang their heads in shame.