Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The answer is that it is an explicit and deliberate design feature to ensure that the major bank levy does not apply to the smaller banks, whether they are Australian banks or foreign-owned banks. There is no foreign-owned bank that is a major bank in Australia. We actually believe that the way that this is designed, deliberately, will help to strengthen competition in the banking system.

The CHAIR: The question is that the requests (1) to (5) on sheet 8166 as moved by Senator Xenophon be agreed to.

Bills agreed to.

Bills reported without amendments; report adopted.