The Australian federal government's proposed levy on Australia's five biggest banks has passed the federal parliament yesterday (19).
The bank levy, announced in the May budget, will apply to A-N-Z, Westpac, National Australia Bank, Commonwealth and Macquarie and is expected to raise more than six-billion-dollars over four years.
The bank levy was pushed through with no amendments (19 June), with support not only from Labor, but also with Greens party.
The levy is set to be charged from July 1.
But the banks have warned they could pass the cost on to customers.
